The rental industry is continually plagued with stories of fraud especially in transactions associated with the security deposit. A security deposit is fundamentally a payment made by the customer to cover for damages suffered by a rental property during the period it is rented out.
There are often several reported cases of disputes regarding unfair withholding of funds from the security deposit at the end of the rental agreement and RxEAL provides a practical solution to this problem. The RxEAL platform allows for safe and secure deposit storage using the smart contracts protocol on the Ethereum blockchain. It offers a decentralized and independent interface for dispute resolution in the rental industry with primary focus on the automotive and real estate rental markets.
RxEAL Initial Coin Offering
The ICO – Initial Coin Offering is essentially an IPO – Initial Public Offering for cryptocurrency-based start-up projects. In the token sale (ICO) of RxEAL, the platform will sell RxEAL coins referred to as RXL as tokens to contributors and investors in exchange for digital money, in this case, Ethereum. The RXL token will be used to fund and oversee the development of the project. Additionally, payments to arbitrators and team members and eventually every other transaction within platform will be exclusively conducted in RXL.
Update on RxEAL
RxEAL has a total supply of 96 million RXL however only 56% of the total supply being 53,760,000 will be offered for sale in the ICO. The complete financial distribution of the RXL is
- 6% – Token pre-sale
- 50% – Token sale
- 1% – Early investors
- 3% – Bounty program
- 10% – Team members
- 30% – Company reserve
The token sale is divided into two stages, the pre-sale ICO, and the public sale. The pre-sale, open to only big-time investors and contributors in the industry kicked off at 12:00:00 UTC on the 15th of January 2018 and was closed at 12:00:00 UTC on the 5th of February 2018. The tokens were sold at a rate of 2400 RXL for 1 ETH. At the end of the pre-sale, a total of 181.24 ETH (equivalent to $180,000 at the time of the sale) was raised from 312 investors. Tokens remaining from the pre-sale which were not sold off will be added to the public ICO token cap.
The RXL main token sale which was originally slated to start on the 19th of February and run through till the 21st of March 2018 was recently reschedule and is set to start on the 12th of March 2018 at 12:00:00 UTC and will be closed on the 11th of April 2018 at 12:00:00 UTC. For the main public ICO, the tokens will be sold at a rate of 1200 RXL per Ethereum. The minimum cap which is the least amount of money realized from the fundraising that can be used to successfully fund the project was lowered from the original 800 ETH to 300 ETH. This reduction is largely accredited to the fact that the project had already advanced to a certain level of funding from the company’s purse, hence will require less amount of money to be finished off. Nevertheless, with the continuous fluctuations in the price value of Ethereum in the market, this adjustment is subject to change.
RxEAL is transforming and improving the rental industry by incorporating the blockchain technology specifically in the rental markets of automotive and real estate in a bid to provide a trustworthy platform that will facilitate rental transactions for profitability and efficiency.