RENTO REVIEW

bosunbossman (6)in #blockchain • 5 years ago (edited)

Introduction

In this present age of high technology, the use of internet and the influx of people into the crypto space has made an astronomical rise in the aspect of global sharing and made high rise to the adoption of blockchain technology. Communities of people have shared the use of assets for many years and have allowed individuals and groups to make money from underused asset. Let take for instance car sharing services like UBER and LYFT. The concept of a sharing economy is inscribed in human instinct. The structure includes sharing, gifting and swapping; individual choices are basic part of any community. However sharing economy helps to transform the relationship between employer and contractor. The use of big data has made it easier for asset owners and those seeking to use those assets to find each other. This type of enterprising can also be referred to as collaborative consumption or peer economy.

Despite the enormous rise in the sharing ecosystem, there are still major barriers like lack of trust, data leakage and abuse, issue of competitors, lack of transparency, limited growth, high transaction fee, government policy and fraudulent activities.

EXISITNG BARRIERS FACED IN SHARING ECONOMY

DATA LEAKAGE AND ABUSE: Data leakage and abuse is one of the main barrier of sharing economy, Centralized data storage mechanism can easily lead to data leakage and misuse. Most companies prefer to store users’ data on a centralized database. If the server that contains the data is been hacked, a huge number of sensitive information or data would be at risk. Other centralized company often sells user data in exchange for money; this has caused a lot of brouhaha in the sharing economy ecosystem.
TRUST ISSUES: Trust is an important aspect to look out to in sharing economy. For a successful transaction to take place there must be mutual trust. The old technology has not been able to find befitting solutions to the problem of trust between people through technical means.
HIGH TRANSACTION COST: Excessive transaction costs have always been the norm in the centralized matchmaking business which is no different in the sharing economy. Banks and other financial institutions charges enormous fees when users initiate extra transaction if they are using fiat to pay.

However, to enhance the sharing economy system RENTO was born to help proffer solutions by leveraging blockchain technology to create a global sharing platform for businesses and individuals that allows the renting of underutilized assets.

DISTINCTIVENESS AND SOLUTIONS PROFFERED BY RENTO

RENTO aims to utilize blockchain technology to provide a trustful economy through the use of smart contracts that ensure rental terms and conditions are met and to satisfy both parties. RENTO also aims to reduce waste in the economy by allowing various kinds of people to enjoy different kinds of products and services without having any problem of owing any item they use.
RENTO aims to proffer solutions by creating software for individuals and businesses to share items and service. RENTO is also providing a solution through the use of smart contract to rent or borrow any item or service.
RENTO also aims to provide the entire community with a mobile application and web platform that allows users to list their unused assets for renting or sharing on its platform. RENTO will also be launching with primary listing segments such as household items like lawn mowers or snow blowers, through commercial offerings such as shared offices and conferencing facilities, construction equipment, parking spaces, and even underutilized human resources.
RENTO also plans to set up a one bricks-and-mortar rental store as a proof of concept for its sharing ecosystem.
RENTO will provide and engage In community activities by providing and giving out reward to new users.
Rento will also introduce subscription packages for businesses and service providers.
Rento will also generate revenue with premium listings and advertisements

RENTO plans to leverage blockchain technology to:

To secure and safeguard international and local transactions
To reduce friction for transaction
To utilize smart contract for security deposits
To ensure that reviews of items lenders, borrowers, services, and items are real and verified
To ensure transparency
To also reduce and lower the enormous transaction fee
To help fight against fraudulent activities.

RENTO APP
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The RENTO APP allows users to rent items everyday such as real estate, office space, hardware tools, and electrical equipment. The RENTO APP comes with unique features such as:

Listing page: A page where all available services and products for renting are been listed
Search engine: Users will be able to search products using multiple filters and sorting capabilities
Renting Calendar: Products and services listed on the Rento App will reflect through a renting calendar.
Feedback: Users will be able to rate the product and services depending on their individual experience.

RENTO BLOCKCHAIN

RENTO is also creating a blockchain with unique features that are needed for the sharing economy. The blockchain for Rento will be utilized for sharing economy. The ecosystem also features a proof of authority (PoA) blockchain to be utilized for transactions within the Rento App, most importantly for payments, security deposits and transaction history, hence ensuring maximum transparency. Users will be able to use Rento blockchain to create renting agreement through smart contracts. Client will also be able to manage security deposits.

The Rento blockchain will also help to restricts t access to funds until the client confirms the receipt of the object.

RENTO MODEL STORE

The Rento model store is a proposed store that will have various range of assets, such as lawn tractors, boats, and scooters. It will also provide good user experience and feedback by community.

RENTO TOKEN

The RENTO TOKEN is an ERC-20 complaint built on the Ethereum blockchain technology. The Rento Token will be used to pay for smart contracts and transaction within the Rento App and the token will be transferred onto a PoA blockchain. Transactions and security deposits in all currency (crypto and fiat) will be done in the Rento App.
Rento token holders will be able to purchase RentoShares, by doing these holders will be able to enjoy and receive dividends.

TOKEN ECONOMY
Token name: RENTO
Token symbol: RTO
The total of tokens: 600,000,000
Number of decimal places: 8
Token Standard: ERC20
Network Base: Ethereum Network
Tokens for sale: 264,000,000
Cost per token: $0.01 ~ $0.12

TOKEN DISTRIBUTION
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