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?
It is customary to take payment for arbitration. If the parties can not agree on their own, let them bear the costs of third party participation. Also it will prevent a huge avalanche of such proceedings, which otherwise will overwhelm UTRUST with extra work. However, this system is not ideal, as I wrote earlier here, there is no absolute protection from scammers. Therefore it is unrealistic to expect from UTRUST full protection against fraud. But what they can foresee, they will do.