Initial Setup: The contract constructor initializes the contract with addresses of the buyer, seller, and an arbiter (who can be a neutral third party to resolve disputes).
Deposit Funds: The buyer deposits funds into the escrow. This transaction needs to be initiated by the buyer.
Approve Transaction: The buyer or the arbiter can approve the release of funds to the seller if they are satisfied with the transaction.
Refund Transaction: The buyer or the arbiter can also refund the funds back to the buyer in case of a dispute that is resolved in the buyer's favor.
Get Balance: Anyone can check the balance stored in the escrow.
Time Lock for Disputes: If a dispute is initiated by the buyer, there's a fixed duration (e.g., 3 days) to resolve it. If the dispute is not resolved within this time frame, the funds are automatically refunded to the buyer.
Multiple Arbiters: The contract now involves multiple arbiters. Decisions require a majority vote from the arbiters to either approve the payment to the seller or refund to the buyer. Each arbiter can only vote once per transaction.
Dispute Mechanism: The buyer can initiate a dispute if they are not satisfied. Once a dispute is initiated, arbiters have a limited time to cast their vote.
Event Logging: Events are logged for significant actions like deposits, approvals, and refunds, which aid in transparency and tracking.
Deploy the Contract: Set the addresses for the buyer, seller, and arbiter.
Deposit: Buyer sends funds to the contract.
Approve/Refund: Depending on the transaction satisfaction, either approve or refund can be called.