RxEAL, a new platform for secure rental deposit storage on the Ethereum blockchain, is about to launch its token public presale. RxEAL aims to solve the problem of the growing number of security deposit disputes by providing a simple way to create smart contracts and offering decentralised dispute resolution. Currently, the company’s main focus is on real estate and automotive rental markets. Dmitrijs Orlovs, co-founder and the head of business strategy at RxEAL, answers a few questions about his upcoming ICO and the problems RxEAL plans to solve.
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Why is your main focus currently on real estate?
Real estate is one of the greatest money makers of all time. According to the latest data, the real estate industry is valued at over $3 trillion. People have always invested in real estate and always will, and with the industry going strong in the future, it is in constant need of upgrades and solutions to resolve long-standing problems.
What is the problem that you want to solve?
Today, more people than ever before are involved in rental transactions, caused by factors like the growth of the sharing economy, favorable conditions for travelers and others. Unfortunately, a significant amount of the agreements on these rental transactions end in disputes. More specifically, data tells us that almost 50% of the agreements globally are subject to disputes. In the UK alone, 6 billion Euros are lost annually because of this. These shocking data indicated to us that there is a major error in the form of agreement itself. Most of the dispute cases arise on the basis that deposits have not been returned or the amount returned was lower than expected.
How do you aim to improve the situation?
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 will be stored securely on Ethereum blockchain throughout the course of the agreement. In the event of a dispute, the platform will provide decentralized and independent arbitrage conducted by qualified members who earn RxEAL tokens for resolving the dispute. Our approach eliminates the possibility of breaching the contract terms, hence solving the issue of trust associated with rental deposits. Basically, our mission with RxEAL is to have a world where no security deposit is disputed.
If you are interested in the RxEAL vision, visit their website to read the white paper and learn about the team: https://rxeal.com .
Dates to note:
Public pre-sale: January 15th, 2018 at 12:00 UTC
Public pre-sale ends: February 2nd, 2018 at 12:00 UTC or upon reaching the presale cap.
*Pre-sale participants can buy RXL tokens with a 100% bonus at a fixed rate of 0.00125 ETH.
ICO start date: February 19th, 2018 at 12:00 UTC
End date: March 21st, 2018 at 12:00 UTC or upon reaching the token sale hard cap.