What is Rentything?
Rentything is the world’s first decentralized peer-to-peer (P2P) online renting platform using blockchain technology to build a trustable and transparent platform to encourage collaborative consumption and environmental conservation.
Rentything’s platform will only use RentyCoins. P2P renting refers to the process of an individual renting an owned good, service, or property to another individual. It is also referred to as person-to-person rental, collaborative consumption, the sharing economy and product service system. For Rentything, P2P renting, is mainly used to describe online-enabled rental transactions between individuals.
The rapidly growing demand for collaborative consumption is enabled by a combination of the following trends:
- Networking infrastructure and high-bandwidth penetration reaching a level allowing social networks and consumer-to-consumer marketplaces
- Limited storage space in dense urban environment preventing consumers from keeping all the goods they occasionally use
- Increasing environmental concerns of consumers leading towards limitations of waste of resources and over-consumption
- Evolution of consuming behaviors from owners to users
The emergence of virtual currencies has been made possible by the advances in encryption and network computing which has been deemed as a primary variable responsible for the transformational changes in the global economy with regards to how good, services or even assets are exchanged. Unlike traditional currency, the most unique aspect of the virtual currencies construct is the fact that they belong to private independent system that facilitate peer-to-peer exchange and bypasses traditional central clearinghouses.
These factors became the final determinants in RentyThing’s objective towards solving the real currency issue for both deposit and rental charge.
Built on blockchain, RentyThing uses its own token, called RentyCoin (RTC). RentyCoin will be used to facilitate the RentyThing.com, and confer the right to carry out operations and activities on the RentyThing platform.
Total waste in the world is enormous: 2.12 billion tons annually (the equivalent of trucks lining up and wrapping around the world 24 times). Only a small percentage is recycled, but even that portion is often dumped, which has far-ranging and long-term impacts on the environment and human health.
This stunning amount of waste is partly because 99 percent of the stuff we buy is trashed within 6 months. Without access to a reliable resale or rental market, it is more convenient to dispose of an unnecessary item.
Lack of Reliable Global P2P Rental Platforms
Most online rental platforms are small, localized, community-based portals, which are not scalable or necessarily reliable. The daily transaction volume is not large enough to justify creating a full-featured marketplace. Yet, without scale, users may not find the items they are looking for. In addition, existing rental marketplaces are often limited by jurisdiction, meaning they cannot access regional markets to grow their user bases, due to complications such as currency exchanges.
Rental platforms suffer other marketplace chicken-and-egg challenges of attracting enough users to create enough listings to attract more users.
No Trust, High Risk
One of the biggest risk in P2P exchanges is lack of formal credit ratings or access to binding contracts for transactions. Formal contracts for small transactions such as rentals do not justify professional legal services, but users also do not have full confidence in enforcement mechanisms, even for existing marketplaces such as eBay. In short, there is a high risk for both owner and renter if one of the parties fail to fulfill the renting deal.
High Transaction Cost
Transaction costs are a prohibitive factor for both owners and renters unless they are low enough to justify the effort of renting and lending. Currently, service charges by financial institutions and other service providers accumulate to make net returns for owner and renter too low to be attractive.
First Decentralised Platform
Currently, rentything.com already attracts a few thousands subscribers to receive newsletter even the website haven’t been launched yet. It indicates that there is a high demand for both owners and renters who look for a secure, trustable, innovative, commission free, robust, stable, reliable, transparent, highly expandable and high volume transaction P2P online renting platform.
Each rental items in our platform are tokenized. Used items are no longer a waste. Instead, each of the items has its own value with certain RentyCoin value. RentyCoin will be used as the currency for rental fee, advertising cost and deposit of the rental items.
With the blockchain idea, a smart contract which facilitate, verify, or enforce the negotiation or performance of a contract will be used for each renting deal. Two smart contracts will be created for each renting deal. One smart contract is for the lending deal and the other contract is for the return deal. All the deal details will be stored distributedly all over the internet world. Having say that, all deal details is transparent to everybody and trustable.
As the world’s first decentralized P2P online renting platform with environmental conservation, we are introducing tokenization, decentralization and blockchain technology for our online rental marketplace.
Each rental item on the Rentything platform will be tokenized. Each item has its own value, a certain RentyCoin value. RentyCoin will be used as the currency for the Rentything marketplace to pay for rental fees, advertising cost and rental deposits.
The Rentything marketplace is unlike other platforms in that it will have no service charge and only charge a low commission fee: 1% of the renting transaction paid by either the owner or renter. In addition, because everything on the platform is settled by RentyCoin, no handling fees will be incurred from financial institutions or third-party payment gateways.
Trustable Blockchain Technology
As this is a blockchain based solution, all evidence of information required to complete a rental application will be automatically recorded to the distributed ledger, where this evidence and proof can be used later to drive and automate ratings.
Single Secure Cryptocurrency
Owners will be able to collect rental fees in RentyCoin tokens seamlessly and securely and use it for other services on the platform, such as to:
- Pay for item promotion and marketing which will highlight their listings at the top of search results
- Insure rental security deposits
- Hire third-party service providers, such as delivery services, etc.