About Bitsrent
The traditional rental and leasing industry is a billion dollar industry. The revenue and profits are rising year-by-year in the rental industry. Rental and leasing industry is mainly composed of renting or leasing of three components: Commercial, residential, and vehicles. However, despite the industry’s success, the industry struggles due to archaic and obsolete business practices.
Bitsrent is a next generation cryptocurrency token that revitalizes the out-dated rental and leasing industry with decentralization. In Bitsrent, all the rental records will be updated on its own Blockchain. This Blockchain is named Orbit Blockchain where immutability of the records will ensure that maximum transparency is achieved. Likewise, the project is also powered by Ethereum and possesses an ERC-20 token. Ethereum’s smart contracts and Dapps make up for an important part of the project.
Utility Token
Through Bitsrent, customers can perform all the basic rental activities with considerable ease. Bitsrent brings all the real-world business processes of rental and leasing industry like submission of information, rental agreements, and business transactions of payments to the Orbit Blockchain.
Records of both the tenants and landlords will appear on the Blockchain where they will be continuously updated with real-time processing. Unlike other platforms, the costs of business transactions in Bitsrent are significantly minimized to negligible levels. Similarly, the factors of scalability and the performance have been especially addressed as the platform engages in extremely quick transactions.
For example, suppose a tenant has to rent a certain property in an area. It does not matter where the tenant resides. The tenant can use the Bitsrent platform and login to submit all their relevant personal information like names, addresses as well as financial information like bank account and credit card details. The tenant can then find a property and initiate communication with a landlord.
After finding a suitable property, a rental agreement can be signed, which is special as it will be performed on the back of a smart contract. The rental agreement consists of the terms and conditions that both parties have to follow for things like repairs, etc.
The smart contracts will ensure that all the terms and conditions are followed by both the landlords and tenants and penalize the offender accordingly. Similarly, all the weekly, monthly, and yearly payments can be processed through a few clicks on the Bitsrent application.
Universal Loyalty Program
The project also consists of a Universal Loyalty Program. Through the program, permanent users are provided rewards and incentives for their trust in the platform. With every BTR purchase, users will receive a specific BTR token in their wallets. Similarly, they can also engage in the redeeming of the token for any future purchases. This means that users can always turn the token into any other cryptocurrency or cash.
