Asset Storage in the Pool

Funds are securely stored in a pool and managed by smart contracts until withdrawal.

Once a check is created, the user's deposited funds are securely stored in the platform's central pool. This pool serves as the repository for all checks and promissory notes, holding the corresponding funds until the check reaches its expiration. The management and security of these funds are governed entirely by smart contracts, which ensure the system operates automatically and securely based on pre-defined conditions.

Smart contracts only allow the release of funds when certain criteria are met. For example, when the check's expiration date arrives or specific payment conditions are fulfilled, the system automatically releases the funds to the check's holder. This mechanism ensures that users cannot manipulate or misuse the funds linked to a check.

The NFT associated with the check acts as the digital representative of these funds. Only the NFT's owner can access the funds and claim the check's value. No one else, aside from the NFT holder, can withdraw or use the funds tied to the check. This high level of security safeguards the platform against fraud and malicious activities.

All transactions are recorded on the blockchain in a transparent manner. As a result, the movement of funds, the status of the check, and the ownership of the NFT are traceable and verifiable by anyone. The immutability of the blockchain ensures the system remains transparent and trustworthy.

In conclusion, the secure storage of assets in the platform's pool guarantees both user security and transaction transparency. Smart contracts and blockchain technology ensure that funds are only released under the correct conditions, providing robust protection against fraud.