Create A Deal
How to create a new deal agreement and allege it to the other party
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How to create a new deal agreement and allege it to the other party
Last updated
Was this helpful?
Use Alright to create a new deal with the terms you agreed. Either party can initiate the process by entering the deal details:
Payment Amount and Asset (e.g. USDC)
"Payment When" - the terms which must be met before payment will be forwarded to the seller
Collateral Amount and Asset (e.g. ALGO)
The other person's wallet address or Non-Fungible Domain (NFD) name
If you are the buyer, click Pay to initiate a deal in which you will be paying the other person. If you are the seller, click Request to initiate a deal in which the other person will be paying you. Alright
Select the asset you want to use for the deal payment. The form defaults to ALGO, but many assets can be used for payment. Click the drop down menu to select from assets in your connected account that are fungible and not frozen. Note that non-fungible tokens (NFTs) are filtered out of this view. Algorand Standard Assets have a unique ID number which is displayed along side the asset unit name and name when selecting the asset, and the ID is also displayed above the asset once selected.Always double-check that you have selected the correct asset.
Use this field to describe the terms of the deal that you just negotiated with your trade partner. This text is stored on chain for the life of the deal so that there is a record of what was agreed. Be specific in how you describe what needs to occur before the payment is forwarded and collateral is released.
Enter the amount of collateral you agreed in ALGO that will be used to secure the deal. Both parties to the deal will need to deposit the same amount of collateral so that incentives are strongly aligned to successfully complete the deal.
The collateral asset is always set to ALGO at this time. Future enhancements to Alright may expand this capability to accept other assets.
You may enter either the Algorand 58-character address of your trade partner or, as a shortcut, their NFD name, which could be an NFD root like silentrhetoric.algo or a segment like dave.alright.algo. If you enter an address, the form will look up any NFDs which have that address as a deposit account and display the NFD name above the field. If you enter an NFD name or segment, the form will look up the deposit address and display a preview of it above the field. Always double-check that you have entered the correct address before signing the deal.
When you are ready to create the deal, click the Pay or Request request depending on the direction of the payment in your deal from your perspective.
You will be prompted to sign the transactions with your connected wallet. They will include:
The payment, which will match the payment amount and asset you entered. Note that the payment transaction will be zero quantity if you are requesting payment in the deal.
The collateral, which will match the collateral amount and asset you entered.
The smart contract application call that contains all the information about your deal.
Once the transaction group is signed by your wallet it will automatically be submitted and confirmed in just a few seconds. The app will refresh and you will see the newly-created deal in your deal list pending your trade partner's acceptance/agreement.
Now that you have a deal pending their confirmation, let the other person know they have a deal waiting for them!
A small registration fee of less than one or even zero ALGO that covers the cost of initializing your account and your trade partner's account in the Alright smart contract. If you and/or they have used Alright before, this fee will be lower or even zero. For more information see the page.
