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A fundamental problem for electronic commerce is the buying and selling ofdigital goods between individuals that may not know or trust each other.Traditionally, this problem has been addressed by the use of trustedthird-parties such as credit-card companies, mediated escrows, legaladjudication, or reputation systems. Despite the rise of blockchain protocolsas a way to send payments without trusted third parties, the important problemof exchanging a digital good for payment without trusted third parties has beenpaid much less attention. We refer to this problem as the Buyer and Seller'sDilemma and present for it a dual-deposit escrow trade protocol which usesdouble-sided payment deposits in conjunction with simple cryptographicprimitives, and that can be implemented using a blockchain-based smartcontract. We analyze our protocol as an extensive-form game and prove that theSub-game Perfect Nash Equilibrium for this game is for both the buyer andseller to cooperate and behave honestly. We address this problem under theassumption that the digital good being traded is known and verifiable, with afixed price known to both parties.

Solving the Buyer and Seller's Dilemma: A Dual-Deposit Escrow Smart  Contract for Provably Cheat-Proof Delivery and Payment for a Digital Good  without a Trusted Mediator