DeSerT
**Bank-free escrow for international trade, powered by XRPL**
Project Information
At a Glance
Bank-free escrow for international trade, powered by XRPL
Description
International commodity trade relies on bank letters of credit - a $3+ trillion market where every deal takes 4-6 weeks and costs 1-2% in bank fees. Banks act as trusted intermediaries: they hold funds, verify documents, and guarantee payment.
DeSerT replaces this with XRPL Smart Escrows. Funds lock on-chain. Independent validators - logistics operators, inspectors - confirm each stage of delivery by recording credentials on the ledger. When all conditions are met, funds release automatically. No bank, no intermediary, no manual document review.
What makes it special:
- First real-world implementation of XLS-100 Smart Escrows, released 2 days ago
- Multi-stage credential verification - WASM code checks validator confirmations directly on-ledger
- Configurable escrow stages - platform determines required validators based on deal type
- Same trust model as banking, zero intermediary cost - escrow guarantees payment just like a letter of credit, but in seconds, not weeks
Technical Details
Architecture: on-chain WASM (Rust) + xrpl.js backend + web UI
On-chain: 2.7KB WASM deployed via XLS-100 Smart Escrows on groth5 devnet. finish() reads 3 validator addresses from Data field (60 bytes), checks Credential objects (XLS-70) via credential_keylet + cache_ledger_obj. All confirmed - release. Any missing - reject. Validators sign asynchronously. #![no_std], stack-only, wasm32v1-none.
Platform: xrpl.js 4.5.0-smartescrow.4, patched ripple-binary-codec. 7 real on-chain transactions per deal. Validator addresses packed into Data field at EscrowCreate.
Challenges: credential_keylet API undocumented - found in crate source + Ripple KYC example. npm installs wrong binary codec version, breaking FinishFunction - not documented in starter kit.
Stack: Rust/WASM, xrpl.js, xrpl-wasm-stdlib v0.8.0, XRPL groth5 devnet
Team
1Denis Shadrin
Hackathon
HACK THE BLOCK 2026 Paris Blockchain Week XRPL Hackathon
Duration
Apr 11, 6:30 AM - Apr 12, 6:00 PM UTC