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.
Such condition will occur only if both, buyer and seller, didn't come to terms in 7 days. It will rarely happen since there are some path to take before such punishment happened.