RuCl$_3$ was likely the first ever deliberately synthesized ruthenium
compound, following the discovery of the $_{44}$Ru element in 1844. For a long
time it was known as an oxidation catalyst, with its physical properties being
discrepant and confusing, until a decade ago when its allotropic form
$\alpha$-RuCl$_3$ rose to exceptional prominence. This "re-discovery" of
$\alpha$-RuCl$_3$ has not only reshaped the hunt for a material manifestation
of the Kitaev spin liquid, but it has opened the floodgates of theoretical and
experimental research in the many unusual phases and excitations that the
anisotropic-exchange magnets as a class of compounds have to offer. Given its
importance for the field of Kitaev materials, it is astonishing that the
low-energy spin model that describes this compound and its possible proximity
to the much-desired spin-liquid state is still a subject of significant debate
ten years later. In the present study, we argue that the existing key
phenomenological observations put strong natural constraints on the effective
microscopic spin model of $\alpha$-RuCl$_3$, and specifically on its
spin-orbit-induced anisotropic-exchange parameters that are responsible for the
non-trivial physical properties of this material. These constraints allow one
to focus on the relevant region of the multi-dimensional phase diagram of the
$\alpha$-RuCl$_3$ model, suggest an intuitive description of it via a different
parametrization of the exchange matrix, offer a unifying view on the earlier
assessments of its parameters, and bring closer together several approaches to
the derivation of anisotropic-exchange models. We explore extended phase
diagrams relevant to the $\alpha$-RuCl$_3$ parameter space using
quasi-classical, Luttinger-Tisza, exact diagonalization, and density-matrix
renormalization group methods, demonstrating a remarkably c... (arxiv cutoff;
for the rest, see the paper)