How Do I Use Multisig?
All orders use multisignature to keep your Bitcoin safe. Zion Market hold one key and the vendor holds one key. Buyers have the option of adding one or more public keys to their account so that it will be 2-of-3 multisig, otherwise, it will be 2-of-2 multisig.
Note: If a buyer does not have a public key on file, Zion Market will sign the transaction shortly after the payment is received and give the buyer the transaction signed with Zions’s key as a backup. Once the buyer releases escrow the seller will receive the signed transaction for them to complete the 2-of-2 or 2-of-3 multisig.
For orders under $20USD, sellers have the option of enabling Instant Withdrawal. If a buyer does not have a public key on file, Zion Market will create the transaction with 2 server keys and one vendor key. Once the buyer releases escrow Zion Market will sign & broadcast the transaction without the seller needing to sign and broadcast the transaction manually.
What is Instant Withdrawal?
For lower value orders, sellers have the option of enabling Instant Withdrawal. If a buyer does not have a public key on file, Zion Market will create the transaction with 2 server keys and one vendor key. Once the buyer releases escrow Zion Market will sign & broadcast the transaction without the seller needing to sign and broadcast the transaction manually.
What Goods are Forbidden?
- Under no circumstances will Zion Market allow any of this to be sold here:
- Child abuse material
- Any weapons, guns, poison, or anything created to cause harm to a living being
- Fake currency, stolen credit cards, stolen identities or identification documents
If you’d like to sell something that does not have a category already just send a Support message and we’ll add it.
What Is The Commission Rate?
The commission rate is 5% for regular vendor accounts 8% for “Lite” vendor accounts.
The exact commission charged on each transaction may vary by +/- 1% to make tracking payments more difficult.
What Are Personal Bitcoin Addresses?
Personal Bitcoin wallet addresses are the bitcoin addresses in your wallet that you want your BTC to be sent to once the multi-sig transaction has been completed.
What Are Unconfirmed Payments?
Unconfirmed payments are payments that haven’t yet been confirmed by the Bitcoin network. This can happen for several reasons:
The Bitcoin network has a large backlog of unconfirmed payments
The payment was not sent with a fee or an insufficient fee
To speed up the confirmation you can submit the TXID to https://www.viabtc.com/tools/txaccelerator/
What Are Promoted Products?
Promoting your products gives your products more visibility on the homepage, category pages, and search results in case you’re new or trying to increase your marketing.
There are two levels of promoted products:
Level 1 increases the commission rate to 10% and places the product at the top of category or search pages.
Level 2 increases the commission rate to 15% and places the product on the homepage and as well as at the top of category and search pages.
Homepage promoted products are adjusted based on each user’s past purchases and searches so that users see products that interest them most.
The homepage shows a maximum of 15 promoted products. If there are more than 15 Level 2 products, a random assortment of products is chosen every 15 minutes.
Category and search pages show 3 promoted products at the top. If there are more than 3 promoted products then a random set of 3 are displayed.
What Are Prepaid Commissions?
Enabling prepaid commissions greatly increases buyer and vendor anonymity by making it impossible to link a Bitcoin payment with Zion.
The way payments normally work is when the buyer releases escrow, the transaction is released with two payment addresses: A 2-5% commission payment to one of Zion’s addresses and the rest is sent to one of the vendor’s addresses. Typically an attacker will place one order, see where the payment and commission goes, and then use that to group all the payments sent to a market or vendor.
With prepaid commissions, the vendor receives the full amount of the payment once the buyer releases escrow so there is no direct link to the market for the majority of transactions. An attacker can only see the vendor payment address for an order they have placed. Vendors should use multiple BTC payment addresses/wallets or use Zion’s XMR withdrawal option to further reduce their blockchain footprint.
The vendor can either pay into their commission account address directly or the system will send a complete payment from a buyer to top up their commission account.
How Do I Confirm My Account?
Confirmed vendors are vendors with previous experience in other markets who’ve verified their PGP keys with us. Their account is marked as confirmed with a checkbox on their profile pages.
To have your account marked as confirmed you should contact support and send your Grams profile URL and any other functioning links that show your vendor feedback. Zion Market will only mark accounts as confirmed if they have feedback of at least 100 on another market (not cumulative between multiple markets).