RENTO: TAKING THE SHARING ECONOMY TO P2P
RENTO: TAKING THE SHARING ECONOMY TO P2P
Rento aims to develop a sharing ecosystem that dramatically increases the reach of the sharing economy beyond the existing industries, such as transportation or hospitality. Rento plans to develop a platform that makes the sharing of everyday products and services easier, as well as implementing sharing across different industries. Additionally, Rento utilizes blockchain technology to secure international transactions and smart contracts to facilitate security deposits.
The key components of Rento’s ecosystem are:
● Rento App
● Rento Blockchain
● Rento Model Store
Rento App
The Rento App aims to expand the sharing economy beyond the transportation, real estate, and hospitality industries. It allows users to rent everyday items such as real estate, office space, hardware tools, electrical equipment, construction equipment, cameras, and everything that one may require or want to rent on the Platform.
Features for platform users:
● Listing page: The listing page lists all the available services and products for renting on the Platform. It supports multiple categories, search filters, and geo-filters to show relevant results.
● Search engine: The Rento App comes with a built-in search functionality that allows users to search products using multiple filters and sorting capabilities.
● Renting calendar: Every product and service listed on the Rento App reflects its availability through a renting calendar. Users can access a product depending on its listed openings. Rento plans to introduce a “Book -in-advance” feature after the launch.
● Feedback: Rento has a built-in feedback system that allows users to rate the product or services depending on their experience. The Rento App utilizes blockchain technology to limit feedback manipulation practices on its Platform.
Features for listing owners:
● Active listings: The listing owners can find all of their active listings in a single location. Additionally, they can view the renting schedule of any item or service on the active listing page itself.
● Listing/Advertisement package details: The listing owners can access listing package details or advertisement subscriptions on the dashboard. Every business/service provider will receive a complimentary listing point package after completing the registration. Rento plans to introduce premium advertising and listing positions after 2020.
● Customer insights: Rento plans to introduce a customer insights feature for listing owners, allowing them to understand customer behavior, renting preferences, and other relevant parameters to grow their business.
Following are sample screenshots from the Rento App.
Rento Blockchain
Rento is creating a proprietary blockchain with specific features that are essential for the sharing economy. The chain for Rento will be used specifically for the sharing economy. Because it is an independent blockchain, Rento is able to develop the chain specifically for the implementation of this business model, ensuring that it is the best database customized specifically for the needs of the Rento ecosystem.
● Custom smart contract facility: The Rento Platform requires specific smart contract customizations that are not available in the present blockchain platforms. Additionally, the Rento Platform needs the flexibility to develop new functionalities to address any operational/technical challenges in the future.
●Handle dispute resolution: Rento requires complete control over its blockchain to handle disputes, which is not possible when using third-party blockchains. Having its own blockchain will allow Rento to address disputes in accordance with local regulations.
The Rento ecosystem features a Proof of Authority (PoA) blockchain to be used for transactions inside the Rento App, particularly for payments, security deposits, and transaction history, thereby ensuring full transparency.
Key Functionalities of Rento Blockchain
● Creation of renting agreements: Platform users can use the Rento Blockchain to create renting agreements through smart contracts.
● Manage security deposits: The Rento Blockchain will manage security deposits between the owner and client. The client will confirm the return of the object, and the owner will confirm that the object is not damaged in any way and that the owner has received payment. Once both confirmations are received, the security deposit will be transferred back to the client.
● Payment protection/blocking: The Rento Blockchain will restrict access to funds until the client confirms the receipt of the object.
● Automatic payment: The Rento Blockchain allows the client and owner to use a portion of the security deposit as payment. Furthermore, they can provide their crypto wallet details to process the payment automatically.
● Transaction history management: The Rento Blockchain will manage the history ofevery transaction, which will prevent feedback manipulation within its ecosystem.
● Dispute resolution: The Rento Blockchain will use third-party dispute resolution servicesto handle disputes on its Platform. Some of the potential service providers are:
○ https://www.sagewise.io
○ https://jurisproject.io
○ https://kleros.io
Rento Model Store
The Rento Model Store is a proposed rental store that will feature a wide range of assets, such as lawn tractors, boats, and scooters. This will not only build credibility for the Rento Platform but will also promote the sharing economy vision since all rentals will be done through the Rento Platform. The Rento Model Store will provide an in-person experience, allowing Rento to get first-hand feedback as people use the service.
Furthermore, this business model also represents a pathway to the building of a brand and a franchise. For an interested person to own and operate a Rento Model Store under the Rento franchise, one would need to satisfy a number of conditions outlined in the franchise agreement. In addition to the payment of the franchise fee outlined therein, one would need to purchase the number of Rento Tokens stipulated in the same agreement and hold the Rento Tokens for a minimum period of two years.
Rento App Transaction Workflow
Listing a Service/Product for Rental
● Download the Rento App and register an account. Log in to the App.
● Choose the “Add Offer” option.
● Create the offer by adding relevant information, including images, product/service description, price, and the location.
● Activate the listing.
Renting a Service/Product
● Log in to the Rento App.
● Search for a desired product/service listed on the Platform. Users can set search filters to streamline the results.
● Contact the owner/listing agent of the desired service via the built-in chat.
Blockchain Transaction Smart Contract
Once the listing owner and user have reached an agreement, they can move forward with creating a smart contract for the transaction with a one-click function.
● The listing owner sets up the transaction details through Rento’s intuitive interface. These details include the period of rental, cost, security deposit, and accepted currency.
● The user agrees to the specified terms and makes the security deposit, which is refundable once the transaction is complete.
● Once the rental period is over and the product is returned, the listing owner confirms the receipt of the product.
● The smart contract returns the security deposit to the user after deducting the rental cost. (If the security deposit was $1,000 and cost $200, the returned amount will be $800.)
Direct Transactions Between Users
● The client and product owner agree on the terms of the transaction.
● They set up the transaction directly using cash, regular bank transfer, and other methods.
● The transaction concludes outside the Rento App, and the App serves as a medium to find/rent the desired product/service.
These 4 key specifications of Rento will surely make this project on top of the blockchain industry.RENTO APP, RENTO BLOCKCHAIN, RENTO MODEL STORE, RENTO APP TRANSACTION WORKFLOW . We see a good future in Rento and I am sure that it will reach its sharing economy market size in 2025 which is $335 bn. We cannot predict of the future and if this project will succeed you will regret if you have not been a part of it. The Rento Platform has blockchain technology at its core. Rento will create its own blockchain to facilitate customized technology implementations and authority.
If you want to know more about this project just check out these links below. Have a great day. Thank you :
Website: http://rento-app.io/
WP: https://rento-app.io/assets/whitepaper.pdf
ANN: https://bitcointalk.org/index.php?topic=5074644.0
Twitter: https://twitter.com/Rento_app
FB: https://www.facebook.com/rentoapp/
Telegram: https://www.facebook.com/rentoapp/
Instagram: https://www.instagram.com/rento.app/
Reddit: https://www.reddit.com/r/Rento/
Medium: https://medium.com/app-rento
My BTT Profile Link: https://bitcointalk.org/index.php?action=profile;u=2182909