Re: [ANN][ICO] 🔵 UTRUST 🔵 The future of online payments is here.
Hello again sorry that I am a little bit annoying today. But I don't fully understand. WP page 18 last paragraph about refunds? So if buyer will be refunded the fees will go to 2 % it's correct?
The way I read it, there will be an additional fee of 2% on top of any other fees. I think that 2% fee is used to (partly) cover the cost of the UTRUST operator.
Yep. That is how it is described in the illustration. The buyer pays 2% resolution escalation fee regardless of whose fault it was. I suspect that is because the smart contract is designed like that it takes a portion of the escrowed money. The seller did not put any money in escrow, so there is no money to take a fee from.
It's not really fair towards the buyer but I do understand why Utrust needs to do this. Besides I've read in the Whitepaper that the seller will get some punishment as well. So it's kinda fair.