Reputation is something made over a period of time. It is a history of previous things. In cryptocurrency, Reputation is also made using the history of previous transaction and investment. Verify (Cred) is a reputation protocol that can be used to track transaction history on either buyers or sellers and unlock its benefits but only for those with a good reputation. It tracks the reputation history of each party, then updates on the protocol based on the feedback from other counterparties.
How Verify works
The Verify protocol works in real-fine. First buyers and sellers can earn reputation over time by holding up their end of the bargain. They can use their reputation to earn real parks such as credit, advance payment and much more. The platform is Quantifiable but at the same time fair. It relies on the signals and feedback history to create a reputation for users
Features of Verify
The protocol protects transactions from the moment a buyer pays till the confirmation is complete and they are satisfied with the purchase. The entire transaction if undone until that time when both the seller and the buyer are satisfied. If they are not satisfied, the buyer gets back their money and seller gets their products back.
The protection on the platform begins even before any transaction takes place. The protocol establishes clear expectations before any transaction to avoid disputes when the transaction process starts.
Decentralized dispute resolution
In the case of any dispute, both parties are given the opportunity to resolve it on their own via chat on the Verify dashboard. The Verify payments team only chip in when a resolution is not reached. Issues about the transaction are reviewed and codified into smart contracts to solve future occurrences of identical issues.
Advanced payment to sellers
What the escrows do is to hold funds to sellers until delivery of the products. However, to avoid issues, the verify team has established a credit facility on the underlying Verify reputation protocol to help those sellers who may find the escrows unacceptable.
Demo Store (MVP)
The Demo store in a verify payment application built on the Verify Reputation protocol.
Buyers who use the platform get 100% protection against:
- Low quality and non-genuine products
- Fraudulent sellers who don’t fulfill orders
- Low-quality and damaged times.
A seller also benefits from getting:
- No chargebacks
- Lower transaction fees
- Instant payouts in USD
- Accept other cryptocurrencies like ETH and BTC.
The Platform CEO is Yazin Alirhayim. His role is to apply experience from the previous venture into a protocol that solves pressing issues in the reputation industry today.