Added Value Spotlight
Advancing the move towards a decentralized sharing-economy

User Benefits

While the essence of the real estate industry focuses on assets and properties, Rentible focuses on people. Be it landlords, who lease out rooms in their properties to unknown people and suffer from lack of control over the screening process of their tenants, or be it tenants, who in most cases move into a flat and share it with people they have never met before or know very little about, in a neighborhood or country they never visited.

Secure rental transfers

In the “traditional centralized market”, rental scams and fraud in which tenants transfer booking deposits to reserve non-existing properties are rampant.
In Florida, 18 families fell victim to a rental scam by the same culprit, where each family transferred upfront a deposit of $1000 to secure the same property, only to discover that it was not available. In another instance, expats in Spain and Gibraltar fell victim to scammers who tricked prospective tenants into sending them €1000’s in total deposits before fleeing to Italy. In the UK, in Bristol, a student was tricked into sending £1,800 as a deposit on a non-existent property, while in London, an online scammer deceived 17 victims and embezzled their deposits for a room which he was supposedly offering online, and Australians have seen a 76% increase in similar fraud compared to the previous year.
A democratised platform, harnessing community-elected oracle nodes and utilizing immutable records in which transactions, properties, and profiles are authenticated, is virtually impervious to scams and fraud by external sources.

Simplified regional bureaucracy accessible

With each country and city having different local regulations, tenants might not be familiar with the various requirements for concluding lease agreements, which may include: “credit scores”, “residency permits”, “letters of reference”, etc.
Rentible will address this issue by partnering with local teams for the development of regional interfaces per city or countryside, and rewarding local contributors with RNB tokens.

Lower costs

Landlords will benefit from the elimination of expensive third-party intermediary costs, including brokerage commissions and service fees. This will enable landlords to lower rent prices without lowering their income levels, boosting their liquidity by creating more attractive offers for flat-seekers and garnering greater visibility for their leased properties in the marketplace. And tenants will benefit from these offered lower overall costs.
As growing numbers of users benefit from lower rent prices due to the platform’s intermediaries-free ecosystem, the expansion of the platform will intensify, this growth will increase the reach of the Rentible platform among users and the usability of their RNB tokens.

Spotlight Features

Pay and Collect Rent in Crypto

Our vision is to be the first fully integrated crypto portal for mass adoption, where tenants and landlords can seamlessly send and receive rent payments in crypto. Through integrated wallets, tenants will be able to send a rental payment in a cryptocurrency of their choice from a predefined list to their landlord. Landlords who decide to collect rent in crypto can reap the benefits of accumulating and holding cryptocurrencies should they appreciate in value when compared to their current fiat value. Landlords that are not interested to accept the tenant’s cryptocurrency of choice can opt to receive the payment in another currency such as USDT.
Sending and receiving rent through the blockchain eliminates the need for intermediaries and middlemen such as banks, allowing the tenant and landlord to hold full control over their funds and benefit from seamless and secure access to the crypto space, and as technology progresses and more blockchains mature, costs are expected to lower even further.

Earn on staking and deposits

When renting, a deposit which in most cases amounts to around two months of rent will be required as a guarantee by the landlord. Rentible will seek to enable depositors to earn on their deposits. If this option is taken up by both parties, then the deposited funds may be added to an internal or external staking pool via 3rd party partnerships. Participants can also act as validators and be rewarded with tokens upon launch of the arbitration and resolution module.
As an initial step, Rentible will offer Ethereum-based staking on Uniswap with an accelerated rewards program running till May 2021 for early adopters and community supporters. In addition, the team will look to introduce further options in the future as new networks such as Cardano and Polkadot mature.

Crypto Loan Mechanism

Rentible plans to allow participants to pay for rent with crypto through an integrated shared-loan mechanism which may be proprietary or accessible via a 3rd party DeFi protocol. The aim is to grant tenants access to liquidity in time of need, enabling them to take crypto loans once they place their crypto as collateral.

NFTs

As an ecosystem with a real-life presence across cosmopolitan cities worldwide, Rentible will be collaborating with local artists to mint limited edition collectibles celebrating unique cultural landmarks and experiences. These NFTs can be bought and sold in RNB tokens and exported as ERC-721.

Novel Applications and highlights

Last modified 26d ago