[bisq-network/proposals] Replace the role of Refund Agent with a new team of Arbitrators that can together publish one of several pre-signed 2 of 2 multisig timelocked payout transactions as proposed by a Mediator (#220)
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Thu May 7 09:12:28 UTC 2020
> This proposal reintroduces a trusted third party (TTP) into the trade protocol.
The current trading protocol does not remove the trusted third party, it just delays its activity, which, together with long timelock peridod, is bad for user experience (more than 10 days to solve altcoin disputes, 20 for fiat) and security (10 days to acknowledge lost funds).
At least this proposal distributes risks.
The only way we know to remove TTP is by 2of2 multisig and high security deposits (overcollateral) to allow Mutual Assured Destruction schemes, where both traders are responsible on completing a trade because both have something to lose at any step of the settlement.
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