The days were past where users will prefer to go to a CD rental store to rent the latest movie CD rather than owning it. Even those who owned the CDs and have watched it give it out to others for a small token. This was the basis on which the Sharing Economy was built. Users who had items or resources or services would give it out to those in need for a small token in the form of rent for a stipulated amount of time. It was from this concept that most of the popular sharing economy such as Uber and AirBnB was based upon and built their success.
What is the Sharing Economy?
Sharing Economy is an economic model that often defined as the peer-to-peer (P2P) based activity of acquiring, providing, or sharing access to goods and services that are facilitated by a community bases online platform. -Investopedia
The internet made the sharing economy grow further and allowed for the accessibility of the sharing economy anywhere and anytime in the world. Examples of some of the current sharing economy include Airbnb, Uber, DogVacay, Liquid, GetAround and so on.
The current sharing economy model has some challenges that hinder it from achieving it's full potential and some of this challenges include
Limited services being provided by the current sharing economy such as accommodation, real estate, and transportation.
Compartmentalization and Fragmentation of Services where users will have to install numerous different sharing economy applications just to have access to a particular model of sharing economy. Eg. A Uber user cannot have access to AirBnB services.
There is the unreliability and trust issue where the user doubt their credibility of the current platforms.
With all this in mind, comes the RENTO platform that aims to change and help the sharing economy achieve its fullest potential with the use of the blockchain technology.
WHAT IS RENTO
This is a Blockchain based platform that aims to achieve in closing the gap between the current sharing economy and industries that haven't embraced it. It means that with RENTO, users will be able to rent any physical resources(tools, electronics,etc), assets(real estate), or services(transportation) with so much ease. The RENTO platform will be just like Ebay and users can have the choice of selecting any sort of service they require on the platform.
A lot of people will ask, WHY BLOCKCHAIN?
The blockchain was used because of a few hardcore reasons and they include
The use of smart contracts to protect users by holding deposits and offering financial risk protection for the services.
Increased transparency in order to build the necessary trust between the customer and the owner of the products.
Offering of low transaction fees compared to the current financial institutions.
Ensuring the verification of users ie lenders, borrowers, service and items in order to prevent fraud by feedback manipulation.
Users can utilize this service in any part of the world and not have to worry about currency conversion.
THE RENTO ECOSYSTEM
The RENTO ecosystem is made up components that ensure proper functioning of the platform that will enable it to soar higher than the current sharing economy model as well as ensure the security of its users with the use of the blockchain technology.
These components include
The RENTO app - this is the interface of the rento that is accessible to users who will either want to list their services or for those that will rent items or services and it comes in the form of a mobile or web application. In this interface, users can have access to the listing page, search for the desired services and also provide feedback here.
The RENTO blockchain - this is the blockchain model that was designed for the proper functioning of the RENTO model and it is a Proof of Authority(PoA) blockchain imbibed with the smart contracts that will ensure the smooth transactions within the RENTO app such as the security deposits, payments and transaction history giving it full transparency and lots of trust.
The RENTO model store - this will be a proposed in-person store that will enable users to have access to a whole cadre of assets.
ADVANTAGES OF USING THE RENTO PLATFORM
- Users can rent anything
- Prevention of frauds and fake reviews
- Improved dispute resolution
- Generation of revenue from unused resources
- Accessibility to a wider and improved userbase of customers
- Instant access to resources and services.
- One stop hire.
THE RENTO TOKEN
The RENTO platform makes use of the cryptocurrency called RENTO which is used for the in house transactions that take place on the platform. This RENTO token is an ERC20 token based on the ethereum blockchain and it has the symbol RTO. This token can be gotten either from the crowd sale or from transactions being done on the platform.
CONCLUSION
The RENTO platform will forever revolutionize the current sharing economy system with the provision of improved services by its integration of more industries that will enable users to rent anything. Also with the blockchain technology, it will ensure transparency as well as prevent fraud.
For more information concerning the RENTO platform, please visit:
Website: https://rento-app.io/
Whitepaper: https://rento-app.io/assets/whitepaper.pdf
ANN: https://bitcointalk.org/index.php?topic=5074644.0
Twitter: https://twitter.com/Rento_app
Facebook: https://www.facebook.com/rentoapp/
Telegram: https://t.me/rentoapp
Instagram: https://www.instagram.com/rento.app/
Medium: https://medium.com/app-rento
Reddit: https://www.reddit.com/r/Rento
Author- hamzeto
https://bitcointalk.org/index.php?action=profile;u=1189991