JagoCoin™ (JAG) – A better way for escrow.
Jago means master.
The Bajau have been a nomadic, seafaring people for most of their history. Many Bajau still practice that same lifestyle to this day, which explains why they are still commonly called “masters of the sea.” Like the Bajau, JagoCoin, will be the master coin in blockchain.
Bank Wires Waste Time and Money
They make you spend money to send money.
Bank wires have been hurting escrow transfer for far too long with excessive fees, unnecessary delays and the inability to track payments.
Using Blockchain In Escrow
- Escrow services are now playing a major role in the field of Blockchain.
- The network of these chains has been doing their tasks differently. The duty which is not meant for the financial escrow institutions.
- Generally, an escrow does duties as a representative of a concerned account.
- Escrow can always pay obligations, with the help of signature funds, allocated to pay those debts.
- Escrow main duty is to help to dispense money or documents as a neutral third party in different exchanges.
- They do not release their contents until agreed conditions are met.
- These duty acting in the blockchain are not transferring and holding funds for next payment but rather bartering public and private keys to do their function as an escrow.
How Does It Work?
- However, the main importance of securing your private keys cannot be forced.
- If access to a private key is gone, all funds associated with the paired wallet are also gone.
- Funds will not be able to jump into a different Jagocoin wallet because when a private key is merged with a wallet and when it is lost, transactions cannot be verified and identified. Therefore these funds cannot be moved.
- Jagocoin transactions are irreversible, and there is no central system to restore funds.
- As a result, securing private keys is incredibly essential to protecting the Jagocoin associated with that key.
- Single point failure is more common when handling a single private key.
- An alternative to a single private key is to have multiple keys associated with your wallet and have those keys stored separately.
- Multi-signature verification ratio of a Jagocoin wallet is higher in security and requires a function to validate funds.
- M-of-N represents the number of keys needed to verify a transaction. 2-of-3 will be the most common safety measure for multi-signature Jagcoin wallets and is more secure than a single private key.
- BIP-32 is the framework for creating multi-key verification.
- Hierarchical deterministic wallets are designed to create “child” keys from their respective “parent” keys.
- A free parent key can create a public child key, and a private parent key can create a private child key.
- This system enables a parent key to be consistently used without having to compromise the location or the owner of that private key.