Remedying Market Problems
Innovative technologies have the power to remedy outdated problems

Existing Problems in the Market

Prevalent Fraud
Crypto-rental Accessibility
Data Ownership
Deposits Withholding
    The Annual Fraud Indicator report shows that the loss due to private rental property fraud in the U.K alone was a staggering £918 million
    Scamwatch reported an increase of 56% in rental scam cases, with many related to the COVID-19
    The most common are fraudulent deposit schemes - that occur when tenants pay an upfront deposit to rent a property which doesn’t exist in reality or that has already been rented out to multiple victims in parallel. Victims lose the deposit often sent from abroad and discover they are not able to enter the property only upon arrival
    International students constitute the majority of fraud victims
Countless homeowners, landlords, and tenants worldwide are interested to send/receive rent-related payments in cryptocurrency, however - the vast majority of them don't know how to open a wallet, and there's no gateway or intuitive platform, enabling tenants and landlords to seamlessly send and receive rent payments in crypto, available for mainstream adoption
    Centralised platforms incur high service fees, as in the case of Airbnb which charges up to 17.2% from tenants and landlords per booking
    Brokers in major cities charge a very high commission, for example in London an average of £404 is charged to tenants and 15% for landlords
    When it comes to international transaction fees - currency conversion fees and financial institution fees add up to ~7% when transferring between countries and currencies
    In numerous cases, centralized platforms holding personal data have shown their tendency to manipulate, track, trade, sell, and generally misuse their members' private data
    They’ve also shown their susceptibility to 3rd party hackings and the subsequent theft of their members’ private data.
    A 2019 report by the ID Theft Resource Center indicate 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, a medical record, a financial record, or credit and debit information
Many might not be able to pay rent on time or have available funds for immediate deposit, especially with the impending global financial crisis forecasted, and may greatly benefit from a way to receive short-term loan rather than selling their cryptocurrency and losing on its potential future value. This is a point Rentible will seek to assist in as well either through community loans or 3rd party DeFi partnerships
At the end of the rental period, tenants might encounter a situation that their deposit is withheld and not paid back or only partially returned to them - often for unjustified reasons

Solutions & Remedies

Rentible will utilize the synergy between its team’s extensive know-how in the field and the experience of its technological arm to successfully develop a state of the art next-generation platform capable of remedying these problems and rewarding users through 5 main vertices:
    Building a decentralized economy free of costly and redundant intermediaries, inflated service fees and commissions, for the global mid-to-long-term private housing sector, which will serve as an onboarding gateway and hub for rental transactions in crypto
    Fusing tamper-proof records with trustless smart contracts to neutralize the risk of fraud, widespread scam, theft, and privacy manipulation
    Launching a staking pool where participants can benefit from staking assets
    Establishing a solution for crypto loans mechanism that will allow users to benefit as lenders or borrowers
    Offering a host of rewards to RNB token holders, incentivising the ecosystem's growth
Rentible seeks to 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 also allow Rentible to pave the way for streamlining “outdated” industry procedures on a mass scale, including:
    Community validation of contractual disputes
    Conducting and concluding multi-signature agreements across regions
    Autonomous management of deposits releases and disbursement of utility payments
    Open source for related dApps add-ons by participators and localized NFT auctions by cities
Last modified 26d ago