Rentything is a Peer to Peer decentralized online renting platform which uses Blockchain technology. The platform aims to build up the worlds first ever P2P based rental marketplace using cryptocurrency. As the platform works with Blockchain technology, it provides they best security in verifying identity, transaction and credit scoring.
The Rentything platform will be using their own blockchain based Rentycoin token. It will be used by the user to transact on Rentything.com to facilitate the activities on their marketplace. The ICO will convert their available rental platform to the decentralized token system to decrease the time and cost for long-term rentals.
Concept of business
Rentything is a platform to offer P2P renting process to rent an owned service, goods and other properties by the Rentycoins. They use P2P policy to refer to the online rental transaction between individuals. The platform is so successful for following trends:
a. In urban and dense places, occasionally used things cause shortage for living space.
b. The internet usage and availability in the whole world has become very easy and huge. So the online marketing has become easier than ever to make real time interaction between the buyer and seller.
c. Wasting unused properties increases the issues of environmental pollution. But the concept of Rentything can put a stop to this.
d. Variations in ingesting behavior that substitute proprietorship with on-demand services.
Further details can be found in their official website which is https://www.rentything.com/ and their whitepaper: https://rentything.s3.amazonaws.com/whitepaper/v1.2.pdf
Reason for using Rentything
With this platform, a person now can rent a DSLR camera while having a tour without making any check in for extra luggage. Besides, one can now earn from his property which he rarely uses rather than keeping it in dust. The platform offers global service of a crystal clear and globally usable opportunity for renting in native currency conversion. The users can put ratings on each other for the services they enjoyed together.
Rating and activity logs will help the users to analyze for the services they are desired to take. The Blockchain technology makes the scoring and rating system more decentralized and secured. All the reviews, scoring, rental history and personal data will be secured on blockchain. Users data will be only controlled by the users themselves by using their own wallet/private key on the website or the mobile app.
Blockchain technology
Blockchain is a significant database used for classifying information because it is circulated through a web of users and is retained by histories or blocks. Each fresh block holds information that relates it to the latest block in the chain.
Varieties: blockchain technology was first created to revolute for bitcoin. But it didnt stop there. The technology spread in the field of retail and commerce to strengthen the security of database and records of health care.
Complex dataset - secured storage: the analyzing of complexity, referencing, communicating and transaction is not costly but verifying the ownership, legality and identity to connect to a transaction is essential for the marketplace. Here comes blockchain to solve this complex issue because it will verify and record every data automatically. This automatic solve of the problem dramatically decreases the cost and processing time of the service. Transaction will be smooth and quick. And moreover, the business security will increase.
Publicly Available: decentralized Blockchain technology makes the rental information easier to get for the public which information required verification and documentation previously. The information in blockchain is secured and transparent because here no intermediaries is needed to get the job done.
Problems detected
Transaction cost: The high cost of transaction is a problem for both the renters and the owners. So the available service providers are trying to reduce this cost as much they can.
High risk and less trust: P2P systems biggest issue is the lack of trust. Because there is no formal ratings or contracts for transactions. So there is a huge risk issue for both the renter and owner that one party will fail to fulfill the deal of that renting.
Shorten of global P2P platforms of rental: Most of the online rental companies are localized, central, limited and small which cant ensure the security and reliability properly. They cant enlarge their platform due to the issue of currency exchange.
Environmental maintenance: Every year almost 2.12 billion tons of waste is collected and a very little of this amount is recycled. So to save the environment and for the good of human health condition, renting unused or rarely used properties can stop them from being a wastage.
Solution with Rentything
Transaction: Every rental will be tokenized in the Rentything platform. The currency here to pay, advertising cost and deposits is Rentycoin. And the service charge or transaction cost here is lower than any other platforms which is only 1% of the transaction for renting. And there is no third party cost or any other additional cost beside Rentycoin system.
Trust issue: The contract for a rental is operated by the Blockchains smart contract system, where there are steps to follow:
- There is a reservation contract while applying for a rental.
- There is a booking contract which imposes the agreement of the terms and conditions by both of the owner and renter.
All the renting details will be updated and showed in the decentralized APP (DApp) where the price, feedback and rental period can be found. The recorded data immutability will force the renter and the owner to follow up the terms in the contract. Renters can cancel a reservation appeal without disturbing their credit within a sensible notice period.
Virtual currency system: Owners can collect rental fees in RentyCoin flawlessly and in a secured way and they can use that in the platforms other services, such as to: - They can add paid promotion to highlight their advertisement on the top of the search result.
- They can make insurance on their rental security payments.
- They can hire services from a third party for delivery services and others.
Beside all of these, by using the currency of RentyCoin eliminates limitations like the controlling power of the authority for marketplace growth. With this one currency, users in the whole world can start listing and renting with each other locally or across different countries.
Further details can be found in their official website which is https://www.rentything.com/ and their whitepaper: https://rentything.s3.amazonaws.com/whitepaper/v1.2.pdf
As we can see that the dominance of blockchain technology and the reliance on it is increasing through the whole world day by day, the Rentything platform uses this blessing as their plus point and combines it with their revolutionary idea on renting to give the world an innovative opportunity to rent on their unused and rarely used products and services to others who need those products. That is how now people can earn money on their products that they do not use that much or the products they need less. And Rentything offers a safe environment on sharing things for both renters and owners.
Find further knowledge visit the following links and fan pages:
Official website URL: https://www.rentything.com/
Facebook: https://www.facebook.com/Rentything/
Telegram Channel: https://t.me/joinchat/GeZvCETTYSsoOI9K7dxztg
Twitter profile: http://twitter.com/rentything