Hi all,
After superficially exploring (read-only) crypto in recent months UTRUST seems to finally be a product with tangible real-world value to it. With my interest at peak I spent time reading parts of the whitepaper and it raises questions. For starters:
If both parties do not come to terms in 7 days, the buyer has the option to escalate the claim to a mediator. In this instance, a UTRUST operator joins the chat resolution and serve as mediator and arbitrator with final say on the dispute outcome. Proceeding with an escalation will incur a fee of 2% over the amount in hold if a buyer refund is issued by the UTRUST mediator.
What I understand is that the buyer is penalized even if innocent. Is it my level of English or intelligence?
Hi, i asked it too. So the moderator will follow and decide who is wrong. Incorrect side will be penalized and other get pay back 100%
The seller will also be penalized by getting a lower rating, which means funds will be held in escrow for longer. This topic has been discussed before and I speculated they did this way is because the mediator still has to be paid for services and the only party having money in the dispute is the buyer. My suggestion is to reserve a portion of the seller fees to pay the escalation fees in case of buyer refunds instead.