Profit from the First Global Sharing App
Rento is creating a software solution for individuals and businesses to share items and services that, until now, needed to be purchased. The Rento solution is based on the increasing “sharing economy” market, but rather than focus on one vertical, Rento is providing a complete solution, including smart contracts, for anyone to rent or borrow any item or service. In the same way that e-commerce sites such as eBay do not limit themselves to one type of item, Rento is providing the sharing economy marketplace. Rento is leveraging blockchain technology for the smart contracts that ensure trust throughout the system.
The concept of sharing economy is built around the use of economic resources to their fullest potential, and that is exactly what Rento is aiming to accomplish. Rento proposes a mobile application (and web platform) that allows users to list their unused assets for renting or sharing on its Platform. Every listing on Rento includes the key aspects of the asset or resource, such as its rental cost, availability schedule, images or video of the actual item, specifications, and terms and conditions specific to the asset.
Rento plans to utilize blockchain technology to:
- Secure international and local transactions
- Utilize smart contracts for security deposits
- Ensure that reviews of items lenders, borrowers, services, and items are real and verified
- Reduce friction for transactions
- Verify the transactions themselves and ensure payment for services as well as compensation through smart contracts for any breaches of the contract
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
Key Functionalities of Rento Blockchain
- Creation of renting agreements: Platform users can use the Rento Blockchain to cre-ate renting agreements through smart contracts.
- Manage security deposits: TheRento Blockchain will manage security deposits be-tween 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: TheRento Blockchain will restrict access to funds until the client confirms the receipt of the object.
- Automatic payment: TheRento Blockchain allows the client and owner to use a portion of the security deposit as payment. Furthermore, they can provide their crypto wallet de-tails to process the payment automatically.
- Transaction history management: TheRento Blockchain will manage the history of every transaction, which will prevent feedback manipulation within its ecosystem.
- Dispute resolution: TheRento Blockchain will use third-party dispute resolution ser-vices to handle disputes on its Platform.
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.
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.
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.