Proof of Concept
RxEAL has all the potential to become a one-stop-solution for security deposit transactions in ever growing rental markets. By solving the issue of trust, we are providing added value for all involved parties, as well as our services results in a valuable improvement for the world's largest markets.
More people than ever before are involved in real estate, car and other rental transactions. Favorable conditions for travelers, emerging economies and the increasing flow of human resources across borders are causing a rapid growth in the number of transactions.
Parties involved in the reservation of the property and the sum of the security deposit. Despite the fact that the negotiated terms are included in the contract, a significant number of disputes occur afterwards.
Based on the agreement the lessor may not refund the deposited funds or give a partial refund. While the grounds for such a decision may be a substantial number of fraud cases when the party in possession of the funds does not intend to return the deposit and will base their decision on false grounds. Almost half of the dispute cases are raised on the basis that the deposit has not been returned.
Involved parties may try to resolve the dispute in a negotiation process, use mediation services or settle the dispute in court. The process may be long, painful and costly; Therefore, a significant number of people avoid involvement in disputes and agree on the decision that ultimately lose the deposited funds.
Not only is it important to guarantee that the deposit of the deposit is fairly adequate and at the end of the agreement.
Industry Overview
Real estate and car rental are among the largest business in the world generating hundreds of billions of US Dollars in turnover. People are in constant need of finding the right place to live, work and travel, thus, creating a regular demand for real estate properties and rental services that are the most popular types 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 reasons for this, the most common are:
- regular trips abroad for work or leisure related purposes;
- a faster pace of life involving frequent changes of environment;
- reduced maintenance, tax, insurance, amenity costs;
- decrease in cost benefits of owning a property;
- the economic situation and low savings; and
- high real estate, car and other asset prices.
With the rise of cryptocurrencies, companies that have been operating in real estate and car rentals markets for years are adjusting their businesses to meet future consumer needs. In other words, these companies are starting to accept cryptocurrencies as a means of payment; examples include the London-based property company The Collective and United States-based travel company that offers CheapAir car rental services.
According to the international real estate advisor Savills, the global value of all developed real estate is $ 217 trillion and amounted to 2.7 times the world's GDP in 2015. Residential property accounted for 75% of the total 25% of commercial real estate advisors estate. A more detailed breakdown reveals that North America, Europe, China and Hong Kong, Asia and the Pacific make up 89% of total residential real estate value and 95% of the respective revenues.
The global real estate industry had total revenues of $ 3.505.2 billion in 2016 representing a compound annual growth rate (CAGR) of 4% between 2012 and 2016. According to various sources, the rental transactions compiled almost one third of the respective revenues.
It is worth noting that the $ 104.8.5 billion in 2016 a 3.8% ($ 17.7 billion) increase from 2015. Approximately 635,000 new renter households formed in 2016 contributing to the amount of rent spent. Apartment tenants spent nearly $ 50 billion more than tenants of single-family homes in 2016. Furthermore, according to the data available on the US Rental Protection Agencies website, on October 8, 2017, in total there were almost 112 million tenants in the USA, while the number of landlords was almost 23 million.
Based on performance analysis of two popular online platforms for short term transactions, we can see that around 150 million people are using Airbnb and almost 1 million of them are hosts generating 3 million real estate property listings. According to Booking.com data, there are hundreds of millions of bookings made each year which generate billions of US Dollars in revenue. Though these numbers are indeed impressive, they represent only a small section of the total real estate rental market.
At the same time, the global car rental market was valued at approximately $ 58 billion in 2016 and is expected to reach almost $ 125 billion in 2022.
Rental Deposits and Disputes
The deposit amount for real estate rental transactions varies across countries. In most cases, lessors require an amount equal to 1-2 months' rent. According to some reports, the United States is predominantly based on one to two months' rent8 that averages slightly above $ 10009, while in the United Kingdom it is around four weeks rent that averages around £ 800. Meanwhile, the deposit amount in China may vary from one to six months' rent. In the Baltic States on average it is commonly varies from 1-3 months' rent.
According to information available on car rental company websites, deposits are required by companies and people vary from $ 200 to $ 800 for smaller car categories.
Significantly, a closer analysis of dispute case statistics reveals that a number of countries have implemented tenancy deposit protection schemes; examples of these include the United Kingdom, New Zealand and individual states in the US. Although the dispute rate may be 15%, while, according to information provided on the Deposit Protection Service website, only 2% of their clients had disputes.
Project Overview and Business Model
By combining blockchain technology with everyday rental transactions we are able to build an entirely new way for users with no technical knowledge offered by smart contracts. We believe that RxEAL is the answer to the growing demands of consumers engaged in real estate, car rental and other transactions that involve security deposits. We are providing a safer, faster and cheaper solution compared to traditional alternatives.
In order to use the services provided by RxEAL users are required to be in possession of Ethereum wallets which is treated as a prerequisite. We will be providing all the necessary guidance for the users who have not yet satisfied this condition.
As a first step for storing a security deposit on a blockchain, the lessor creates a draft version of the smart contract by filling in predefined forms.
The draft of the contract is then available for review by the lessee. If accepted, the smart contract is ready for deployment. In order to deploy the contract, the lessor must pay commission in RXL tokens. Once the contract is deployed, the lessee sends ETH or another compatible cryptocurrency to its address to finalize the process.
Funds are stored in the smart contract on the Ethereum blockchain until the end of the agreement as terminated. The platform will provide all the way to the contractors. terms.
When the contract term comes to an end and no dispute is initiated, the deposit shall be processed according to the split proposed by the lessor or the initial contract terms. If the lessee does not agree with the arbitrator commission in RXL tokens. The dispute process involves providing information by both parties supporting their claims. Our legal experts will prepare the information to be provided in a simple and understandable manner.
The dispute will be handed to arbitrators for review and the decisionmaking process. Three verified, independent and randomly assigned arbitrators will review each case and the result will be determined by the decision of the majority. Each arbitrator will receive an equal share of the RXL tokens from the arbitrator commission. To become a verified arbitrator the user will have to pass an online test to prove they are qualified to participate in the dispute resolution.
If the parties do not respond to the timeframe, the deposit will be split fulfilling the claim of the dispute initiator. None of the user operations require technical knowledge as they are performed within the RxEAL platform interface. To broaden the customer base and serve clients, including option to purchase RXL tokens on the customer's behalf and accepting fiat currency within our platform.
Fee Model
The proposed fee structure is shown in Table 2.1. All prices are shown in USD equivalent.
This model provides competitive pricing for clients and ensures efficient function and profitability of the company, while at the same time providing a financial initiative for arbitrators. As an example, an arbitrator working 8 hours per day and reviewing one dispute every 30 minutes can earn RXL tokens equivalent to 60 USD daily.
The current pricing model proposal is lessor oriented where lessors use the RXL to pay for the service. We believe that our service provides a competitive advantage for lessors and less than the cost of the lessor's rental product, while lessors would be willing to pay a small premium fee for such service. This pricing model is subject to change if we find another model more suitable and beneficial for our clients. We are also considering offering a custodial scheme where we would hold the deposit and earn interest, therefore, making our service absolutely free.
Solving the Volatility of Cryptocurrency
To maintain the value of the deposit relative to fiat currency In the standard compliant ERC20 Dai Stablecoin standard ERC20 standard. Dai is a cryptocurrency that maintains stable value against USD. Ultimately, this option will guarantee the ETH relative to the value of the USD that was initially deposited. To learn more about Dai please visit: https://makerdao.com/ Considering that the Dai Deposit will notably expand the client base.
Ether Based Deposits
- 2 ETH initially worth $ 600 are deposited into the smart contract. During the course of the contract the ETH value increases by 40% against USD - 2 ETH is now worth $ 840 are distributed back.
- 2. 2 ETH initially worth $ 600 are deposited into the smart contract. During the course of the contract the ETH value decreases by 10% - 2 ETH now worth $ 540 are distributed back. Though ETH value has decreased, the amount of ETH return does not change
Dai Based Deposits
3. 2 ETH initially worth $ 600 are converted to Dai and deposited into the smart contract. During the course of the contract the ETH value increases by 20% against USD - $ 600 can now be exchanged for 1 2/3 ETH. Receiver maintains the same fiat currency value while ETH amount changes to reflect the initial purchasing power of the deposit.
4. 2 ETH initially worth $ 600 are converted to Dai and deposited into the smart contract. During the course of the contract the ETH value decreases by 20% against USD - $ 600 can now be exchanged for 2.5 ETH. Receiver maintains the same fiat currency value while the ETH amount changes to the initial purchasing power of the deposit.
Platform Architecture and Blockchain Technology
In order to provide more detailed information about the project, we have described the technical aspects of the RxEAL platform below.
Blockchain Technology
The RxEAL project utilizes Ethereum blockchain technology in order to execute the sophisticated logic in smart contracts on the nodes within the network.
The Ethereum network is currently the most advanced smart contract platform with an outstanding 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 trust in the underlying network and the knowledge that the project is being constantly improved.
Deposits are stored inside the smart contracts and are irrevocable by any party unilaterally unless a previously launched auxiliary party. This approach eliminates the possibility of violation of the contract terms. RxEAL does not store deposits nor does any access to the funds hold in smart contracts on the Ethereum blockchain. RxEAL is a platform that provides users with an interface to generate and deploy the smart contracts with no technical knowledge required. Deposits to smart contracts will be made in ETH or Dai ERC20 compatible tokens
Platform Architecture
Figure 2.2 shows the current platform architecture solutions our development team is working on.
The user accesses the client application securely via HTTPS with SSL, ensuring secure transmission of any submitted data. The client application securely exchanges data obtained from the database by sending RESTful requests to the API application endpoint. The database instance is interconnected with an Ethereum node that resides on a cloud server and communicates with the smart contract on the Ethereum network. The server further connects with a data carrier service like Oraclize to fetch the external data. The proposed approach is constantly looking for the best available solutions given the fast pace of technology development.
Security and Privacy
Security is a major concern of every internet project involving personal or financial information. In addition to being built on the Ethereum network and utilizing ERC20 standard tokens, the RxEAL platform implements careful security measures for complete customer confidence.
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. This approach negates the incentives for hackers as there is no direct benefit from gaining control of the user account. Careful consideration must be given for information that is available for public inspection on the Ethereum blockchain. Any personal identifiable information will be stored off-chain with the calculated SHA256 hash value for the data stored in a smart contract to ensure that the information stored is immutable and is not publicly accessible.
The non-personally identifiable information that is required for smart contract logic enforcement such as contract duration, deposit amount and public Ethereum wallet addresses, etc., will need to be stored inside a smart contract, thus making it publicly available while providing no links to any personal data. The amount of personal data requested from involved parties for using the RxEAL platform services is reduced.
The RxEAL platform ultimately serves as an immutable deposit storage that can be accessed on smart contract terms. All website traffic runs entirely over HTTPS with SSL for secure data transmission. In addition to password and username encryption, 2-step verification will be available on all accounts as a required measure for sensitive operations. More measures such as WAF (web application firewall), SQL injection protection, offline data storage and other methods will be implemented with our team. RxEAL as secure as possible.
Token, Technical Aspects and Token Economics
RXL token is a crucial element of RxEAL platform and ensures flexibility and control over the project growth. Payments for services, pay-outs to arbitrators and other interactions with platform will be exclusively conducted in RXL. RXL is a fully ERC20 compliant token. The ERC20 standard ensures seamless interaction with decentralized applications and smart contracts on the Ethereum ecosystem and guarantees a fixed standard of security The underlying economic strength of the RXL token is its utility. The RXL token allows exclusive access to services provided by the RxEAL platform, thus making it a utility token, rather than a speculative instrument.
The value of the RXL token directly correlates with the success of the RxEAL platform. Given the fixed token supply, an increase in RxEAL service usage directly leads to an appreciation of the token value by virtue of it being a unit required for paying the service fee of the platform. RXL Tokens may be used personally by the holder, transferred to a third party or traded in exchanges. The RXL token initial conversion rate is: 1ETH = 1200 RXL. Given the token distribution model and the number of tokens available on the market, the initial market capitalization will be equal to the contributed amount for the distributed tokens.
Tokens that are held in reserve or can not be sold on the public market and can not affect the calculation. Only circulating supply is used to determine initial market capitalization rather than the total supply. The maximum initial market capitalization after contribution rounds may be prove conservative once a start-up becomes an established company offering an awaited solution backed by revolutionary blockchain technology given the immense market potential. Using the proposed service pricing model the following token demand forecast can be projected:
Token Demand
Token Sale and Distribution
Token Sale in Numbers
Token Sale Explained
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. The unsold tokens from pre-sale will be transferred to the main sale; therefore, the total number of offered tokens will equal 56% in all scenarios. The minimum stamp is the lower target for the token sale that consists of the pre-sale and the main sale. If 800 ETH are not raised, the sales will be sold. If the soft cap is reached and there are any outstanding tokens left, they will be burned decreasing the total supply.
In case the number of tokens sold is between the minimum cap and the soft cap at the end of the token sale, any outstanding tokens will be offered in a shortened second token sale round. This approach will allow RxEAL to deliver the final contribution of funding for future development and market expansion, thus benefiting the token holders. The token allocation percentages will be recalculated after the second round and tokens will be redistributed to the company reserves, the team and bounty program based on the final total supply. Any outstanding tokens after the second round will be burned.
Upon reaching the hard cap no more contributions will be accepted. All token sale parameters will be programmed inside the smart contract that will be available for public inspection. The smart contract serves as an escrow ensuring all conditions are fulfilled. The accepted currency for the token sale is Ether (ETH).
Token Sale Bonus
Tokens Distribution in Numbers
Tokens Distribution Explained
6% + 50% of RXL tokens will be sold out during the token sale rounds. The amount of the remaining tokens will be calculated based on the token sale results to maintain initial proportions. 30% of RXL tokens are held as company reserves and can be used for fee payments, exchange listings, product development and service release to the public. 10% of RXL tokens are reserved for the team and are frozen for the period of 6 months. 1% of RXL tokens will be distributed among the early company investors. 3% of RXL tokens are allocated for the bounty program and will be distributed according to stakes earned by participants.
Exchange Token
Given the fact that the RXL token is a utility token and its purpose is the use of RxEAL services, we strongly believe that listing tokens on exchanges prior to service will lead to token value depreciation. Considering this, we will be listing RXL on exchanges when we have the product on the market but no later than 3 months starting from the token sale completion.
Distribution of Raised Funds
The base scenario for the fund distribution is shown in Figure 6.1.
The fund distribution will vary based on shifting to product development with lower raised amounts.
Scope of Work
RxEAL will develop the end product according to the paper. Thorough audits and testing will ensure flawless platform operation. A broad range of marketing and administrative activities including the headquarters establishment for the improved operation in the most significant markets will be performed. To date, RxEAL has developed a product concept with user interface presentation, created brand and identity, received and analyzed industry feedback from United States, United Kingdom, Europe and Asia. We have presented the project to institutional and private investors who provided funding and made investment commitments. RxEAL has collaborated with well-known strategic partners: McCann Riga, Scandiweb and is in negotiation process with other notable names to enhance the evolution of the project. Phases and milestones of the projects are shown in Figure 7.1 below. Future activities are presented in different timeframes, merged or adjusted in order to achieve the best business results.
Project Timeline
Business Development Strategy
RxEAL will invest heavily in marketing and sales activities to foster business growth.
Partnership Network
In order to ensure the successful development of the RxEAL platform and to attract new users, we will create partnership agreements with companies that are not limited to real estate agencies, property development companies and car rental companies. Additionally, we plan to join official communities in real estate, rental cars and other fields which the goal is to protect the rights of their members. Main regions for development of the partnership network will be the United States, Asia, Canada, the Middle East, Latin America, Australia, Eastern and Western Europe.
Event Marketing
Participation in industry-related conferences and events is an important part of our business strategy. RxEAL, our future plans, share experience and answer potential questions . Furthermore, we will sponsor key industry conferences and events addressing future of the blockchain ecosystem. We plan to host multiple workshops in order to educate our clients and potential clients about RxEAL platform and blockchain technology benefits.
Search Engine Optimization and Search Result Advertising
Yandex, Baidu and Bing. We will continuously work on search engine optimization activities, and invest in search engine optimization algorithms. With the help of ad campaigns on search networks, we plan to reach an audience that is already looking for deposit storage and dispute resolution services. To achieve the best results and the highest ROI we plan to use services provided by special agencies while simultaneously concentrating our resources on business development related matters.
Online Advertising
In order to target potential clients, we will launch targeted ad campaigns using services such as Google AdSense. We plan to invest in various banner campaigns on industry related websites and news portals.
Social Media Marketing and Advertising
The importance of social media presence has increased greatly; therefore, RxEAL will be actively present on Facebook, Twitter, LinkedIn, YouTube and other popular social networks. Furthermore, advertising campaigns will be launched on LinkedIn, Facebook, Twitter and YouTube. In addition to this, we will use the services of popular YouTube and Twitter bloggers in order to advertise our services.
Content Marketing
In order to provide added value information about our services and to highlight the relevant industry developments, we will maintain a company news blog. Additionally, in cooperation with various news portals, information about the RxEAL platform and our services will be available in the form of press releases and articles.
Cold Calls (B2B)
Cold-calling remains one of the most effective sales tactics, therefore, we plan to enter into service agreements with several call centers located in different regions in order to compile with cultural and business differences across our target regions. Cold-calling will be solely used for B2B purposes. The aim of cold-calling activities is to provide detailed information about RxEAL to our potential clients as well as arrange meetings for individual platform presentation.
Regional Offices
An essential factor for the growth of our business is the presence of target regions, which is why we are establishing local offices in several countries. The main tasks of the regional offices will be partnership network development, promotion of services in local markets, education of potential clients and providing localized support for existing users.
Official Information:
Website: https://rxeal.com/Technical documentation: https://storage.rxeal.com/public/RxEAL_White_Paper.pdfUsername: bantalwarulor bitcointalk profile: https://bitcointalk.org/index.php?action=profile;u=1264308ETH address: 0xF1e159EC7B38DD391F70ccA170DE31DfeBFee18d
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