Remove Trust Assumptions on Rental Agreements With Renta
The blockchain industry seems to harbour an unhealthy hatred for middlemen (Joker-esqe laughter). It’s evident in how much the average user immediately seeks out a new solution if it cuts out a middleman even if it will save them only a small fraction of a cent on the dollar.
DApp developers aren’t helping matters either, with almost every new DApp entering the market offering one form of freedom from middlemen or the other.
This solution I’m about to discuss is cutting out a category of middlemen that exists in the real estate rental industry. Let me tell you about Renta.
Renta is a novel approach to renting that connects customers and property owners to enable them transact trustlessly and without bogus middlemen fees.
Renta enables the lease of anything from homes to jewelry to office spaces, on the blockchain and across geographical borders. Combining futuristic technology like AI and ZK proof technology with a user-friendly interface, Renta plans to revolutionize the rental industry as we know it.
According to Renta, the rental market is plagued by factors including but not limited to: the high cost of property management fees, lack of transparency, lack of uniformity of standards and rental regulations, data vulnerability, and a lack of innovation, amongst others.
To solve for these and more shortcomings, Renta proposes a rental space where both users (those looking to rent) and owners (those looking for renters), can get opportunities for deals that benefits both parties instead of one party getting the short end and counting their losses afterwards.
To paint a mental picture, let’s imagine a situation where I wanted to open a new branch for my 10 year old company in another country, one with a tax friendly environment — so I need to rent an office space.
Without a platform like Renta, I would have to get people on ground, who would meet with realtors, agree on a fee just to help me look and then get a suitable place for me. All of this would take a couple of weeks at best and maybe even months — assuming the worst case scenario — before I can close a deal.
With Renta, I can check out a couple of spaces on the app, get a virtual tour, agree on a fee and close a deal within a couple of days to one week tops. I would be able to rent office spaces complete with computers without myself or any of my staff ever stepping foot in that country.
How does Renta do this?
Renta runs on a blazingly fast and low cost L2 blockchain that settles on Ethereum. It issues Property NFTs to represent each property to be rented on the blockchain. These NFTs enable the automation and enforcement of agreements without 3rd party involvement.
Using AI, Renta produces nearly exact representations of the properties involved, so potential renters have comprehensive information about every property they might be interested in.
Renta aggregates a fair price based on market conditions and property health so that low value properties basically cannot exist on the network; properties that are in great health however, are prioritized and valued accordingly.
The world is admittedly still hesitant about utilizing blockchains for non-finance purposes but this project could really take off if they do their marketing right and can deliver on their promises within legal constraints.
Can only imagine how one would handle a scenario where a renter refuses to give up property after use, since the agreement only exists on a blockchain and governments don’t currently recognize them.
Well, fingers crossed.
Read up more about Renta here.
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