How It Works
Let us explain everything in details.
Simple onboarding process.
Register an account with your e-mail address to receive the access to the user dashboard. No KYC is required.
Creating a contract.
Create the smart rental deposit contract by filling in the form with the rental terms and save the pending contract.
Reviewing and accepting the contract.
The participating party receives a notification about the new rental deposit contract for the review and acceptance.
Deploying the contract to the blockhain.
Once the contract has been accepted by both parties, it is ready for deployment. Based on the rental deposit amount, the deployment fee in RXL tokens is calculated.
Transferring the deposit.
When the contract is made live, it is ready to accept the deposit transfer. The received deposit is safely stored on the Ethereum blockhain.
Return of the deposit.
When the contract term comes to an end, the deposit will be processed by the contract according to the initial terms or the split both parties have agreed on.
Frequently Asked Questions
What is RxEAL and how does it work?
RxEAL is an interface designed to create, deploy and interact with smart contracts for rental security deposit storage on the Ethereum blockchain with no technical knowledge.
RxEAL is not an escrow service. Smart contracts and deposits stored inside are mutually owned by you and the other party.
To go through the actual process, refer to the interactive steps above.
How much does it cost?
We charge a small commission to cover the Ethereum network fees and support our platform. The fee structure is as follows:
- 2.3% fee for 0-1500$ equivalent deposits (minimum 4 USD);
- 34.5$ + 0.3% of amount over 1500.01$ for 1500.01+ USD equivalent deposits;
- fixed arbitrator commission of 9$ in case of the dispute.
*All service fees are paid in RXL token.
Where to get the RXL tokens to pay for the service?
RXL tokens can be purchased on supported exchanges or directly within your profile.
What currencies can be used to store the security deposit?
Security deposits are stored in Ethers (ETH).
Additional option for storing security deposits in Dai Stablecoin will be provided in upcoming releases.
Can I make changes to the deployed contract?
Yes, this is one of the RxEAL platform advantages. Both parties can modify the already deployed contract if mutually agreed.
Is RxEAL safe?
The main security benefit arises from the operating principle of the RxEAL platform. RxEAL is an interface designed to create and deploy smart contracts; we do not store deposits nor do we have any access to the funds kept in the smart contracts.
Deposits are stored inside the smart contracts on the nodes within Ethereum network and are irrevocable by any party unilaterally unless a previously programmed condition both parties agreed on is triggered by a smart contract. This approach eliminates the possibility of breaching the contract terms.
Smart contracts are available for public inspection which means that any malicious intent inside the smart contract code would be discovered by the community, competitors or anyone inspecting the contract.
How does volatility affect the deposit when it is locked for a long period of time?
RxEAL will offer an alternative to standard ETH security deposits in form of ERC20 standard compliant Dai Stablecoin.
Dai is a cryptocurrency that maintains stable value against USD. Ultimately, this option will ensure that upon contract termination users will receive the amount relative to the USD that was initially deposited.
What are the requirements to use the service?
In order to use the services provided by RxEAL users are required to be in possession of Ethereum wallets and e-mail address.
What happens to my funds if the RxEAL vanishes?
While RxEAL does not plan to go anywhere, it is always great to have a peace of mind in such cases.
RxEAL does not own or store funds, they are stored in the contract controlled by you and the other participating party. If RxEAL platform was to disappear, you would still be able to call contract functions with owner wallet using simple interface like MyEtherWallet.