RxEAL is a blockchain start-up that plans to solve the problems that have characterised the rental sector in a great new way. Both the real estate and car rental sectors have had their unique challenges where one of the parties often fails to honour their part of the contract leading to disputes. Many disputes result from the lessor’s failure to refund the deposit when required to do so. In the UK alone, these disputes cost about US$6 billion every year.
How Does RxEAL Work?
RxEAL is a platform for trustless and safe security deposit storage on the Ethereum blockchain. It will eliminate fraud in rental transactions where some lessors unfairly withhold funds meant to serve as security even where the lessee has complied with the terms of the tenancy agreement. Parties to a rental transaction will be able to generate smart contracts on the RxEAL platform. The terms of these contracts will be mutually agreed between the contracting parties. The deposit amount will then be stored securely on the Ethereum blockchain during the course of the transaction. No single party will be able to unilaterally alter the terms of the contract and access the funds. If a dispute regarding the final division of the deposit arises, the RxEAL platform will provide a decentralised and independent arbitrage presided over by independent members who earn RXL tokens in exchange for their services.
The RXL Token
In addition to solving your rental problems, RxEAL allows you to be part of the solution by investing in its tokens. Talking during an interview withTechBullion, Dmitrijs Orlovs, Co-Founder/ Head of Business Strategy & Marketing says that RxEAL crypto ICO is not just any other token launch because “it is creating a product that is applicable in real business world, not only the virtual space, and allows the average user to benefit from blockchain technology without specific technical knowledge. We are working along with other projects that are accelerating the cryptocurrency and blockchain mass adoptions.”
The RXL token will be the currency used on the company’s platform. The pre-ICO commenced on the 15th of January and it will end the 15th of February. The company launches RXL token sale on the 19th of February 2018. When asked about the amount the company intends to raise from the token sale, Dmitrijs says that their current minimum cap for the project to be successful is set to 800ETH. However given the rapid Ether price growth, they intend to revisit this number before the main token sale round. Anything above this number will provide the company with extended runway to expand its business globally at a faster pace and beat the competition.
If you participate in the early token sale, you will be able to benefit from the bonus rates that RXL will be distributed at, which will be less than the base price of 0.0025 ETH. Additionally, as an RXL token holder, you will be able to first use the RxEAL service during the limited access development phase.
Bitcoin Exchange Guide considers RxEAL as a profitable investment based on the viability of the company’s business idea and the legitimacy and expertise of the team behind it. To learn more about RxEAL, visit their homepage here or access their white paper here.