RxEAL is a platform for trustless and safe security deposit storage on the Ethereum blockchain. Find out how it works today in our review.
What is RxEAL?
RxEAL, found online at RxEAL.com, provides decentralized dispute resolution focused on the real estate and automotive markets. The goal is to create a platform for trustless and safe security deposit storage on the Ethereum blockchain.
In addition to real estate and automotive applications, RxEAL plans to extend its platform to any other industries that require trustless fund storage and fair dispute resolution.
Basically, RxEAL has created a system where anyone can easily store funds – like a security deposit – in an Ethereum smart contract. Two parties – like a landlord and a renter – can create that smart contract on pre-determined terms with no technical knowledge. RxEAL has a dispute resolution system for any disagreements.
What Problems Does RxEAL Seek to Solve?
The main goal of RxEAL is to create a platform for the secure storage of security deposits.
Security deposits are a measure used to cover any losses suffered by a rental property. In the real world, the security deposit process has major issues. There are issues handing over funds between parties. Your landlord might require a $1,000 security deposit, for example, but might not give the full $1,000 back because there’s a small hole in the hall.
In today’s situation, 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. Disputes may potentially end up having to be resolved in court, taking up even more time.
That’s where RxEAL wants to help: RxEAL wants to eliminate the growing number of fraud cases in rental transactions associated with unfair withholding of security deposit funds.
How Does RxEAL Work?
With RxEAL, security deposits will be secured by smart contracts. These smart contracts will be accessible to anyone – even with limited technical knowledge. The platform also aims to provide faster deposit return rates and cost effectiveness compared to off-chain solutions.
Within the RxEAL platform, users can generate a smart contract based on terms agreed upon by both parties. The contract will ensure that the deposit amount is stored securely on the Ethereum blockchain with no possibility of changing the terms.
What happens if there’s a dispute? When disputes inevitably arise, RxEAL has a decentralized and independent arbitrage system conducted by qualified members who earn RXL tokens in exchange for resolving the dispute.
Here’s the process broken down into step by step form:
- A lessee transfers the security deposit to a mutually controlled smart contract
- Deposit funds are stored inside the smart contract during the rental period or until manually approved action is initiated with no ability for the lessor to unilaterally access the deposited funds
- The deposit is securely stored on the Ethereum blockchain inside the open source, publicly-viewable smart contract
- The security deposit is returned according to the contract conditions; withholdings can only be made on mutual agreement
- Users will be able to access a unified standard for security deposits when renting property, cars, and other popular assets; Ether and Dai Stable Coin will be used for all transactions
- The security deposit is returned as soon as contract terms are met; under normal Ethereum network conditions, it will take up to 10 minutes
- Disputes are resolved quickly by independent and qualified arbitrators within the RxEAL platform
That’s it! It’s an improvement on today’s inefficient, trustless system.
The RxEAL ICO Token Sale
RxEAL has already raised $200,000 USD by institutional and private investors. The next step is to raise ETH and USD through a token sale.
56% of the total supply of RXL tokens will be sold during the token sale (6% during the pre-sale and 50% during the main sale). There’s a total supply of 96,000,000 tokens.
Tokens are sold at a rate of 1 ETH = 1200 RXL during the token sale. There’s a hard cap of 37,975 ETH during the token sale, with a soft cap of 10,000 ETH and a minimum cap of 800 ETH.
Of the remaining tokens, 30% are held as company reserves and can be used for fee payments, exchange listings, product development, and public services; 10% are reserved for the team and frozen for a 6 month period; and 1% will be distributed among early company investors.
The ICO is scheduled for January 15, 2018 to February 5, 2018.
Who’s Behind RxEAL?
RxEAL’s team includes Dmitrijs Orlovs (Co-Founder / Business Strategy & Marketing), Aleksandrs Puzdrans (CO-Founder / Technology & Operations), and Janis Dabols (Co-Founder / Legal & Finance). The executive team is all based in Latvia.
RxEAL was founded in Riga, Latvia in 2017. The company has partnered with Scandiweb, White Label, and McCann Riga to bring its platform to life.
RxEAL ICO Conclusion
RxEAL aims to disrupt the world of security deposits with an Ethereum blockchain-based platform. That platform holds your security deposit in a smart contract based on pre-defined terms and conditions. RxEAL has a dispute resolution mechanism that can be used for any disagreements.
Beyond property rental agreements, RxEAL can be used for any asset rental situations – from car rentals to equipment leases.
To learn more about RxEAL and its ongoing token sale, visit online today at RxEAL.com.