Verify is a reputation protocol that tracks the transaction history of participants (buyers, sellers) and unlocks benefits for those with good reputation. Reputation is a history of all previous transactions. Every transaction is rated by both parties, and the reputation of each party is updated based on the feedback from the counterparty.
FUELED BY CRED TOKENS
CRED tokens represent the “trust” in a transaction, and no transaction can take place on the platform without an “insurance policy” in the form of CRED tokens.
Verify Payments is the first application built on the Verify protocol. It will bootstrap reputation data on the Verify network, enabling it to grow at a much faster rate.
Verify Payments offers 100% buyer protection against all forms of seller fraud, including:
Delivery to an incorrect address
Delivery of the incorrect item
Delivery of an item that does not meet the description provided by the seller
Buyer protection actually begins before the transaction takes place. Establishing clear expectations before a transaction is often all that is need to avoid many disputes down the road.
Verify protects the entire transaction, from the moment the buyer pays to the moment they confirm that they are satisfied with their purchase. Unless both parties are satisfied, the entire transaction is “undone” (Buyer gets back their money, and the seller gets back their product).
DECENTRALIZED DISPUTE RESOLUTION
Buyers and sellers are given the opportunity to resolve a dispute via chat on the Verify Payments dashboard. If a resolution is not reached, the Verify Payments team will step in to solve the dispute. Common issues are reviewed and codified into smart contracts, so they automatically resolve future occurrences of identical issues thereby decentralizing the dispute resolution process.