Remedying Market Problems
Innovative technologies have the power to solve outdated problems
Existing Problems in the Market
Prevalent Fraud
Crypto-rental Accessibility
Redundancy
Data Ownership
Liquidity
Deposits Withholding
- The estimated loss due to private rental property fraud in the U.K alone is £918 million (the Annual Fraud Indicator report)
- Scamwatch reported an increase of 56% in rental scam cases, with many related to the COVID-19
- The most common are fraudulent deposit schemes, which occur when tenants pay an upfront deposit online to rent a property that doesn’t exist or was rented out to multiple victims in parallel
- International students constitute the majority of fraud victims
Less "technical-savvy" homeowners, landlords, and tenants can benefit from the ability to send and receive rent payments in cryptocurrency, but such a gateway or mainstream platform doesn't exist
- Centralised platforms incur high service fees, as in the case of Airbnb which charges up to 17.2% from tenants and landlords
- Brokers and property management firms often charge very high commissions: in London, for example, an average of £404 are billed to tenants and 15% to landlords
- Centralized platforms holding personal data have shown their tendency to manipulate, track, trade, sell and generally misuse their members' private data, as well as their susceptibility to 3rd party hackings
- A recent report by the ID Theft Resource Center indicates that 1.48 billion records were exposed in previous years, with each record including private details in full, including Social Security Number, driver's license number, medical records, financial records, or credit and debit information
Many might incur difficulty paying rent on time or have available funds to use as a deposit and may greatly benefit from a way to receive short-term loans rather than selling their cryptocurrency and losing on its potential future value. Rentible will seek to resolve this as well, either through community loans or via 3rd party DeFi partnerships
At the end of the rental period, tenants many times encounter a situation that their deposit is withheld and not paid back / only partially returned to them - often for unjustified reasons
Solutions
Rentible will utilize the synergy between its team’s extensive know-how and the experience of its technological arm to successfully develop a state of the art platform to address these problems through 5 vertices:
- 1.Decentralized economy - free of redundancies, outdated intermediaries, and centralized commissions aimed at mainstream adoption that will serve as an onboarding gateway and hub for rental transactions in crypto
- 2.Tamper-proof records to eliminate the risk of fraud, widespread online "let-and-run" scams, theft, and privacy manipulation
- 3.Autonomous contracts to enforce the validity and effectiveness of multi-signature agreements
- 4.Liquidity access to enable participants to use crypto assets as collateral for short term rent and deposit loans or to gain rewards as providers
- 5.First-to-Market dApp for real-estate rentals and metaverse properties management, with a focus on advancing mainstream adoption
Rentible seeks to initially support both cryptocurrency and Fiat as methods for making rent-related payments. Once the platform reaches a sustainable economy state, it will cement its vision and help promote the increasing use of immutable records and cryptocurrency transactions - whether as contractual collateral or as an ongoing financial activity.
The added value of employing blockchain technology methodologies will allow Rentible to pave the way for streamlining “outdated” industry procedures, including:
- Community validation of contractual disputes
- Leasing of venues on metaverse lands for yield generation
- Conducting and concluding multi-signature agreements across regions
- Autonomous management of deposits releases and disbursement of utility payments
Last modified 7mo ago
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