RxEal Review: Property Rental Security Deposits On The Blockchain

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Interview with CEO of RxEAL

Can you introduce yourself and your role in RxEAL?

My name is Dmitrijs Orlovs, and I am co-founder and CEO of RxEAL. I am responsible for business development and marketing/ partnership related matters, however, at the current stage of the project I am also covering other daily tasks as it is common practice in all startups. Before RxEAL I have gained valuable experience in the field of tax and finance while working in EY with companies such as General Electric, IBM, Accenture and others. Additionally, I have also managed various projects in the field of IT, engineering and marketing before RxEAL.

What is RxEAL?

RxEAL is a solution for rental security deposit protection.

What problem is RxEAL solving?

RxEAL address the issue of security deposits on real estate being withheld fraudently. On top of that RxEAL may help existing rental companies to add value to their rental products, thus becoming more attractive for clients, consequently fueling business growth by using the latest technology.

What is the difference between holding the deposit in a bank account vs the deposit in RxEAL?

RxEal manages smart contracts it is not a bank, the funds are stored in smart contracts so RxEal does not have access to them.

It should be mentioned that with RxEAL your security deposit becomes an asset growing in value.

What is the utility of RXL tokens?

RXL token will be used as payments for services, pay-outs to arbitrators and other interactions with the platform will be exclusively conducted in RXL.

In what jurisdictions is RxEAL focusing its implementation?

We are planning to expand in the UK and US markets at first. Depending on the token sales results, we will start development of RxEAL regional offices also in Asia, Canada, the Middle East, Latin America, Australia, Eastern and Western Europe.

How will the decentralised arbitrage work in practice and what are the incentives for people to participate in the process?

One of the parties can launch an arbitration process; templates will be provided so arbitrators have all the information to mediate between the two parties.

The arbitration process is managed through registered arbitrators.

How will the independence of the participants in the decentralized arbitrage be proven?

Arbitrators will be assigned to each disputed case randomly by a system and parties involved in a certain dispute will not have exact information about the persons reviewing their case. Thus there are no grounds to judge independence of arbitrators involved in dispute resolution process.

In addition to standard practice where only one arbitrator is resolving the case, decision on RxEAL platform will be made by three independent arbitrators so the risk of the biased decision is significantly reduced.

Moreover, arbitrators will earn RXL tokens for their conducted case reviews. Consequently, we believe that they will not be interested in fraudulent activities.

In what areas will RxEAL expand in the future?

As previously mentioned at the initial stage of the project RxEAL will focus on real estate and automotive rental markets, however, in the future RxEAL will also be available for other industries that demand trustless fund storage and fair dispute resolution, for example, rent of expensive machinery and other assets.

Our mission is to become one-stop solution for every rental transaction, consequently step by step other rental assets will be added to RxEAL platform.

What is the ICO timeline?

Pre-sale dates: 15.01.2018 – 05.02.2018

Token sale dates: 12.03.2018 – 11.05.2018

What are the economics of the ICO?

Total supply of RXL tokens is 96 000 000. During the token sale process, we will offer a total of 56% of RXL tokens. This number consists of 6% presale and 50% main sale tokens.

How can you benefit from the participation in RxEAL pre-sale?

In order to reward early token pre-sale participants, we are offering special bonus rate for RXL tokens. Tokens will be sold at a 50% discount.

For more information please visit: http://rxeal.com

We thank  Dmitrijs Orlovs for the interview.