I'm talking about Hive loan platform developed by @klye, but I didn't see update in some time.
Do you know how long it takes to change your recovery account? Yeah, 30 days. That's a base layer workaround. Not a second layer solution.
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This is the part I don't understand. Could you elaborate on your argument?
Escrow is a layer 1 function. It's basically a neglected utility on the chain. Much like multi-sig also exists on Hive, but also ignored.
@Klye is actually using escrow in that service, in part, to circumvent the dumb parameters we have in place. But of course, escrow has great utilities in real financial applications.
But hey, Hive chose to ignore it when it had it back in 2016. Now, other lending projects, smart contracts, etc. fill that niche.
Thanks for explaining. True, it's layer 1 indeed. Does it cripple the usability though?
As far as I know, @klye's project is the first to attempt to make the escrow function user friendly.
As for multi-sig, I've only seen @fbslo helping people using it if they need it.
Other than that, it's about as useful as using a CLI wallet for most people.