What is an Escrow service?

Escrow Service / Agent– someone that acts as a middle man to secure a deal. Often used when buying houses, cars, or domain names as well as crypto currenices. For example: Person A wants to sell a gold ring to Person B for 1 Bitcoin. Person B sends the Bitcoin to the Escrow, when the Escrow confirms to person A that they have payment then Person A sends the gold ring. When person B gets the gold ring he confirms to the Escrow that everything is ok and then the Escrow releases the bitcoin to the seller, Person A.