RxEAL is a highly anticipated solution for the protection of security deposits of rents. It is a platform for the storage of unreliable deposits and dispute resolution, focused on the real estate and automotive industries.
Decentralized dispute resolution with the main focus on real estate and car rental markets valued at hundreds of billions of USD combined.
RxEAL will also be available to other industries that demand untrusted funds for storage and fair dispute resolution.
The Problem
A guarantee deposit is a measure used to cover losses incurred in the event of a loss. rental property. However, handing over the funds to the other party for storage is a matter of trust. The payer cannot be sure that the deposit has been safely stored and the other party will return the deposit. In addition, at the end of the settlement, it may take weeks for a tenant to receive his or her deposit back, and disputes may potentially end up having to be resolved in court, taking even longer periods of time.
the solution
RxEAL eliminate an increasing number of fraud cases in rental transactions associated with the unfair retention of funds from escrow at the end of the rental agreement by providing an Interface for participating in these activities using intelligent contracts that do not require technical expertise. Not only does not just not RxEAL solve the above problem, it also provides much faster and more cost-effective deposit return rates compared to the current chain solutions.
Within the RxEAL platform, users are able to generate intelligent contracts based on terms that both parties have agreed. The contract shall ensure that the deposit amount is securely stored in the Ethereum locking chain throughout the course of the agreement with no possibility of unilaterally modifying the contract or accessing the funds. In the case of litigation concerning the final decision division of the warehouse, our decentralized platform and human resources management. independent arbitration conducted by qualified members who win RXL chips to resolve the dispute.
Industry Overview
Real estate and car rentals are among the world's largest business industries, generating hundreds of billions of millions of people worldwide. US Dollars in turnover.
People constantly need to find the right place to live, work and travel, thus creating a regular demand for real estate and car rental services that are the most popular kinds of rental transactions in the world.
The latest market trends show that people are more inclined to rent real estate, cars or other assets rather than to buy them. There are several reasons for this, of which the most common are:
Regular trips abroad for work or leisure-related recreational purposes; faster pace of life involving frequent changes in the environment; reduced maintenance taxes, insurance, comfort costs; Decrease in the cost-benefits of owning property; economic status and low savings; and real estate, cars and other asset prices.
Based on the performance analysis of two popular online platforms for short-term rental transactions, we can see that about 150 million people are using Airbnb and almost one million of them are hosts generating 3 million real estate. According to Booking Data. com, there are hundreds of millions of reserves made each year that generate billions of US dollars in revenue
Project Overview and Business Model
By combining block chain technology with daily rental transactions they are able to build a completely new way for users with no technical knowledge to take advantage of the benefits offered by smart contracts.
We believe that RxEAL is the answer to growing consumer demand for real estate, car rental and other transactions involving securities deposits. We are providing a safer environment, faster and cheaper solution compared to traditional alternatives.
RxEAL offers a way to protect warehouse escrow deposits for various rental products in the form of crypto currency using smart contracts on the Ethereum block chain as well as a fair dispute resolution process.
Owner creates smart contract and pays RXLfiches for deployment
Customer gets notified of intelligent contract creation
Customer sends funds to a smart contract
In case or dispute of funds are distributed according to the decision of the arbitrators
If there is no dispute, the funds are divided according to contractual conditions
If there is a dispute, additional information to support the parties. claims and the division of proposed funds is submitted to the arbitrators. trial. The initiator of the dispute pays RXL chips to the arbitrators.
To be able to use the services provided by RxEAL users must be in possession of Ethereum portfolios which is considered a prerequisite
As a first step to store a security deposit in a chain of blocks, the landlord creates a draft version of the smart contract list by filling in predefined forms.
according to the terms, both parties previously agreed.
The draft contract is then available for review by the tenant.
If accepted, the intelligent contract is ready for deployment. In order to deploy the contract, the landlord must
pay commission on RXL chips. Once the contract is deployed, the lessee sends ETH or other compatible crypto currency product to their address at the end of the process. The bottoms are stored inside the smartcontract on the Ethereum locking chain.
The platform will provide several ways to interact with the smart contract, for example by offering the lessor an option to split the deposit on the return to cover damages but will require the approval of both sides - no party will be able to unilaterally demodify the terms of the contract.
When the duration of the contract reaches one and no dispute is initiated, the cause of the deposit will be processed according to the division proposed by the landlord or the initial conditions of the contract.
If the tenant does not agree to the division between themselves and the landlord, the dispute can be initiated by paying an arbitration fee on RXL chips. The dispute process involves the provision of information by both parties to support their claims. Our legal experts will prepare the template with all the required information to be provided in a simple and simple understandable way allowing to carry out the dispute review in the shortest possible time.
The dispute will be submitted to arbitrators for review and decision making process. Three verified, independent and randomly assigned arbitrators will review each case and the outcome will be determined by majority decision based on the principle of evidence that each party has provided.
Each arbitrator will receive compensation from the RXL tokens of the arbitration commission section. Become a verified referee the user must pass an online test to demonstrate that they are
qualified to participate in the dispute resolution.
To broaden the customer base and serve customers who are not involved in crypto-currency operations, we will be working to offer a full cycle service, including option to purchase RXL tokens at the customer on behalf of the customer and accepting fiat within our platform.
Blockchain Architecture and Technology Platform
Blockchain Technology
The RxEAL project uses Ethereum locking chain technology to execute sophisticated logic in intelligent contracts on nodes within the network.
The Ethereum network is currently the most advanced intelligent contract
platform with an exceptional team behind it, as well as an extensive library of development frameworks and a growing user base. It is crucial for our platform users to have the highest level of confidence in the underlying network and the knowledge that the project is constantly being improved.
Deposits are stored within the smart contracts and are irrevocable by any person unilaterally unless previously scheduled condition for both parties agreed upon is triggered by a smart contract. This approach eliminates the possibility of breach of contract terms.
RxEAL does not store deposits or have any access to funds held in intelligent contracts on the Ethereum blocking chain. RxEAL is one that provides users with a platform to generate and deploy the intelligent contract interface with no technical cost knowledge required.
Smart contract deposits will be compatible with ETH or Dai ERC20 tokens.
CONCLUSION
To showcase their commitment to the platform and problem, they have launched a Platform demo of the solution, which anyone can try. As the market for the rental business grows and spreads its wings, we will require a reliable platform like RxEAL, which not only helps easy dispute resolution but advances the path for the mass adoption of the cryptocurrency in the industry. It can be thought as the latest addition to the long list of the innovative application based on the blockchain technology. People go through different phases in life and having a secure platform which helps them earn with safety and security is the requirement of each generation.
We cannot help but notice that their project expansion in the countries like The USA and The UK would be the perfect market for the application like RxEAL. "Gain from Tomorrow", which is investing in the right opportunity at the right time helps you reap great rewards. They wish to become the next stop for every rental transaction by providing an ecosystem for the entire rental business. I can say that they are going to bring immediate changes in the rental market if the platform delivers what it promises. So, are you ready to invest in the application and technology of today, which brings trust and transparency in the rental market?
Important links:
Website : https://rxeal.com/
Whitepaper : https://storage.rxeal.com/public/RxEAL_White_Paper.pdf
By Arsenyo
https://bitcointalk.org/index.php?action=profile;u=893090