Last Update
Mar 27, 2018
RxEAL is a platform for trustless and safe security deposit storage on the Ethereum blockchain. It provides decentralized dispute resolution with the main focus on real estate and automotive rental markets valued at hundreds of billions USD combined. RxEAL will also be available for other industries that demand trustless fund storage and fair dispute resolution.
A security deposit is a measure used to cover any losses suffered by the rental property. However, handing over the funds to the other party for storage is an issue of trust. The paying party cannot be certain that the deposit has been stored safely and that the other party will return the deposit. Furthermore, at the end of the agreement, it can take weeks for a lessee to receive their deposit back, and disputes may potentially end up having to be resolved in court, taking up even longer periods of time.
We believe that RxEAL is a solution for eliminating a growing number of fraud cases in rental transactions associated with unfair withholding of funds from the security deposit at the end of the rental agreement by providing an interface to engage in these activities using smart contracts requiring no technical knowledge. Not only does RxEAL solve the aforementioned problem, it also provides much faster deposit return rates and cost effectiveness compared to current offchain solutions.
Within the RxEAL platform users are able to generate smart contracts based on terms both parties have agreed on. The contract will ensure that the deposit amount is stored securely on the Ethereum blockchain throughout the course of the agreement with no no possibility of unilaterally changing the contract terms or accessing the funds. In the event of a dispute regarding the final division of the deposit, our platform will provide a decentralized and independent arbitrage conducted by qualified members who earn RXL tokens for resolving the dispute.
Deposit funds are stored inside the smart contract during the rental period or until mutually approved action is initiated with no ability for lessor to unilaterally access the deposited funds.
Three verified, independent and randomly assigned arbitrators will review each case and the result will be determined by the decision of the majority based on the evidence each party has provided.
To become a verified arbitrator the user will have to pass an online test to prove they are qualified to participate in the dispute resolution.
Proposed rates are as follows: 2.3% for 0-1500 USD equivalent deposits (minimum 4USD); 34.5 USD + 0.3% for 1500.01+ USD equivalent deposits; fixed arbitrator commission of 9 USD equivalent in case of the dispute.
Unified standard for security deposits when renting property, cars and other assets.
SHA256
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Verified 25%
Attention. There is a risk that unverified members are not actually members of the team
Verified 0%
Attention. There is a risk that unverified members are not actually members of the team
RxEAL is a platform for trustless and safe security deposit storage on real estate using block chain technology which helps in fixing market for the rental security and deposits globally. The platform provides a decentralized dispute resolution with the main focus on real estate and automatize real markets valued at higher mounts easily as it require only requires the users to have the Ethereum wallet with no technical knowledge.
POSITIVE VALUES
Ease transactions: The platform provided by the block chain technology eliminates the growing number of fraud cases in handling rental transactions associated with unfair withholding of the funds for the security deposit at end of the rental agreement by providing an interface through the smart contracts offered by the technology. It promotes easy and faster deposit returns and cost effectiveness as compared to the traditional rental solutions.
Security: The smart contracts once agreed upon and signed ensures that the rental deposits on real estate are securely stored on the Ethereum block chain throughout the course of the agreement with no possibility of changing the terms of agreement in order to access the funds.
On the other hand in case a disputes arises, it is handled by qualified personnel who have adequate experience on the use of the platform ensuring that the deposit is shared accordingly preventing any further losses.
NEGATIVE VALUES
Token functionality: The RxEAL only provides the contributors right to use the real token platform and not any further investments. The owners have no rights for any future advancement for as it doesn’t provide them with the ability to invest their income in owning a property making the project biased
Risks: The contributors adequately understand that the project can fail or be dissolved at a certain point once there is less demand by the public and cannot be beneficial at all times however much they put all their best efforts in the project.
RECOMMENDATIONS
RxEAL is the perfect solution to the increased demands of the growing consumers on real estate, car rentals and other transactions that require security deposits. The project ensures that the contributor’s funds are secure and easily accessible once the agreement contract expire. This adds values to all the parties involved hence resulting to improvement of the Worlds markets making the project viable.
