About Verify
Reputation Protocol Overview
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.
Role of 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.
Transaction Protection
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).
Unless both parties are satisfied, the entire transaction is “undone” (Buyer gets back their money, and the seller gets back their product).
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.