Escrow Extraction tool
We have released the long-awaited software allowing lenders and borrowers to extract the collateral without Hodl Hodl’s involvement. This means that even if, for some reason, the platform goes down or no longer exists, you can access your funds and even complete your lending deal outside of Lend at Hodl Hodl.
All of this is possible because of the multisig escrow technology behind our lending platform. Lend at Hodl Hodl is a non-custodial P2P platform that lets you control your funds, allowing the parties to hold their keys to escrow.
Each time a contract is created, Lend at Hodl Hodl generates a unique multisig 2 out of 3 escrow address. Distributing the keys to escrow as follows: 1 to the Borrower, the other one to the Lender, and the 3rd to Hodl Hodl. As any escrow transaction only requires 2 signatures, lenders and borrowers do not need Hodl Hodl’s involvement to complete a regular deal, meaning that Hodl Hodl only serves as an intermediary in case some issues occur.
Because of the Blockchains’ open nature, you also do not need Hodl Hodl’s interface to access and control your escrows in extreme use cases. Although you were always able to back up your keys and operate escrow transactions outside the platform, we acknowledge that the process has been complicated for a basic user, and this is why we introduce Doomsday software, a tool that will make that process smooth and easy for every user.
Doomsday software is a single-page application to run a transaction for extracting funds from escrow.
How do I back up my private keys?
Private keys are your encrypted keys to escrow. Users’ private keys are generated on the client’s side using a random number generator and a unique user-created payment password unknown to Hodl Hodl. To be able to access and manipulate your escrow accounts in the future, it’s crucial to back up your private keys.
From now on, each contract on Hodl Hodl’s allows you to back up your escrow data at any point in time, all you have to do is go to your contract’s page and press the “SHOW ESCROW DATA” button.
Make sure to download the file containing all the information you need to run the Escrow Extractor in the future. Please note that this has to be done by both contract parties.
How do I run the Escrow Extractor tool?
The Escrow Extraction tool is an application publicly available in our GitLab repository. In order to run it, go to https://gitlab.com/hodlhodl-public/escrow_extractor/ and download the source code in zip format. Unzip it and follow the steps in the README instruction.
Make sure to establish contact with your counterparty (the holder of the second key to the escrow) and split the roles.
Save your backups and sleep well, knowing that with Hodl Hodl you control your funds. And don’t forget the underlying truth, not your keys, not your coins!
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