Rentible, Decentralized Proptech Platform, Set for Commercial Release in Q4 2021
Aug 23, 2021, 10:30 ET
LONDON, Aug. 23, 2021 /PRNewswire/ -- The innovative developments and growing adoption of blockchain technology, and all it represents, undoubtedly pass as history in the making, just like sharing economies did in the previous decade, and developers and entrepreneurial ventures are advancing this technological evolution by utilizing blockchain tech into new mainstream platforms and services.
Birthed in the second quarter of 2021, Rentible, a nextgen proptech platform making it possible for tenants and landlords to send and receive rent payments in different cryptocurrencies, has gone on to make groundbreaking progress and is set for its most significant achievement of the year yet. In Q4 2021, the Rentible platform and its proprietary dApp will be released for commercial use, introducing numerous groundbreaking features made possible through trustless smart contracts and decentralized-economy principles.
This upcoming commercial release further demonstrates the venture's vision of bringing decentralized-Proptech to a broad mainstream audience, following the public release on GitHub of its Deposit Smart Contract.
The recent upsurge in global interest in cryptocurrencies is a major contributing factor and an advantage that aligns perfectly with Rentible's long-term vision.
Seeing that the platform will feature, among other industry-disruptive functionalities on its dApp, a way for landlords and tenants to make rent-related payments in different cryptocurrencies intuitively, securely, and privately, it addresses not only the tech-savvy crowd but also functions as a gateway into crypto for any "Joe Schmoe" or "Plain Jane" out there that are looking to get into crypto but don't know where to start.
The plethora of challenges in the Proptech industry
The property market is a multi-trillion USD space and one of the world's largest markets, with the number of rentals all over the world passing a billion annually. Such a large volume of transactions necessitates a more secure and streamlined method for payments, record keeping, and the organization of internal property-rental processes, such as deposit releases, landlord/tenant disputes, fraudulent transactions or multi-signature contract signing across borders. While property technology offers numerous innovations to ease transactions in the property market, challenges, mainly within the mid-to-long term rentals sector, are widespread.
Incidents of fraud in the online property market are rife, with the Annual Fraud Indicator report showing that the loss due to private rental property fraud in the U.K alone was a staggering £918 million in one year. High fees, due to intermediaries, centralized control, and plain unfamiliarity with the market by international students or expatriates renting abroad, are another significant issue that can be resolved through decentralization and a move towards a more sharing-economy business vertical. The extent of these can be seen in the outrageous commissions charged by agents, amounting to hundreds of USD per rental which further contribute to the already high living costs in major cities around the world, or too high fees in the case of centralized platforms such as Airbnb, which charges up to 17.2% from tenants and landlords per bookings.
Other frequent pain points in the market that can be remedied through decentralized applications are the withholding of tenants' deposits by agents or landlords unjustly, as well as the manipulation of private data by corporates or its susceptibility to hacking.
Evolution of Renting Platforms: Cheaper, Leaner, Crypto
As a potential first-mover in this massive multi-trillion USD market and a leader among the future wave of nextgen proptech ventures, Rentible aims to disrupt the norm by utilizing blockchain principles that offer mainstream easy to understand real-life usecases and broad scope appeal.
As a state-of-the-art nextgen rental platform for the upcoming blockchain era, Rentible brings decentralized-proptech to the fingertips of the regular person, enabling tenants and landlords to transact seamlessly with cryptocurrencies while removing redundancies from the process through a simplified web and mobile dApp experience, focused on mainstream ease of use.
By establishing a decentralized global rental hub for the mid-to-long term rentals sector, Rentible seeks to eliminate the vulnerability to online scams and fraud, loss of privacy, data theft and its manipulation, and to serve as a gateway for rent-related payments in cryptocurrencies. In addition, through smart employment of DeFi protocols, users across Rentible's ecosystem will gain access to community loans and benefit from rewards for their contributors through staking.
The deployment of autonomous, safe from manipulation trustless contracts and tamper-proof records ensure the streamlining of the rental process and lowering of fees. To keep the ecosystem neutral and to benefit from enhanced rewards and discounts as a form of incentivizing the community, the access to smart contracts (such as its first smart contract protocol for deposits that was released on Github in July 2021), and other advanced features on the Rentible platform is done through the ecosystem's utility token - RNB.
The RNB Token
Built on the Ethereum blockchain, RNB has a total limited supply of 3.5 million tokens, currently trading at $0.50, and can be exchanged on Uniswap, Bittrex Global, and Bancor, which recently whitelisted RNB on its DEX, with a 100,000 BNT (~$400,000) co-investment by Bancor DAO.
This rare achievement by such an early-stage startup with a tiny MC to be whitelisted on Bancor, further cements Rentible's (and its native token RNB) long term potential for an explosive mass-adoption growth.
What to expect next
Rentible is founded by a team of seasoned Proptech developers and blockchain experts, and aims at an early beta release of the platform to the Rentible community followed by an official launch during Q4 2021.
Rentible will operate in the highly lucrative mid-to-long-term rentals market, and as a first-of-its-kind proptech management dApp for this sector of the market, it is set to position itself as a first-mover among the next-generation Proptech ventures that are sure to follow into this massive, yet untapped space, constituting part of a huge $3.2 trillion market, with 1.12 billion rentals, and projected revenue of $335B for shared-economies by 2025.
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