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.