High School students demo trustless Bitcoin exchange Pavillion.io
Did you know what you wanted to do when you were just 17-years old? Most people at that age don’t really have a clue what they want to do in the future, but there are at least two high school kids with some very grand ambitions – they want to revolutionize the Bitcoin blockchain.
At the Demo Conference in San Jose, CA., high school students Brendan Duhamel and Jamie Young, the two youngest entrepreneurs at the conference, introduced Pavillion.io, which aims to change the way Bitcoin payments, escrow, and product procurement work.
Pavillion.io allows people to purchase goods and services using Bitcoin, but only pay when the goods have been delivered or the service has been activated. It’s similar to regular escrow, and removes the need to trust the merchant to actually send the goods as promised.
A lot of people are concerned about using Bitcoin as there’s no clear way for buyers to protect themselves. The core principle of Bitcoin is its anonymity, and that makes it difficult, though Pavillion.io thinks it has found a way.
The service is quite easy to use. Just go to the site and fill in the information needed, such as whether or not you’re exchanging money for goods or goods for money, how much Bitcoin you are sending, the description of what you are paying for, determine when the payment will be made, your name and email address as well as the shipping address, and the sender’s name and email address.
“We realized that Bitcoin is what all the cool people in finance in New York are interested in today,” Duhamel said.
Pavillion.io has raised $25,000 in seed funding from Plug and Play Tech Center, and the two young entreprenuers now plan to move to Silicon Valley. The plan is to stay there for one year and decide if focusing on Pavillion.io would be more lucrative than going to college.
“I would really rather do this than go to college,” Young said.
Having a trustless exchange could be the key to making Bitcoin mainstream. This type of transaction can be used by online retailers, and it means consumers no longer have to worry about receiving their goods.
photo credit: btckeychain via photopin cc
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