The cryptocurrency boom has swept over the world. Whether it is the Dubai Government or an IT giant like IBM, everyone is integrating cryptocurrency platforms like Blockchain, Ethereum, DAG and others into power their decentralized systems.
Among these platforms, Ethereum has overseen substantial rise and development. As the IT prodigy Vitalik Buterin dabbled in Bitcoin’s development, he came to a life-changing realization that could go on to transform the cryptocurrency world. Buterin came to the conclusion that Bitcoin was not powerful enough to address the global centralization issues and thus embarked on a mission to develop a new cryptocurrency, Ethereum.
Ethereum is also based on Blockchain. However, instead of being used solely as a payment mechanism, Ethereum focuses to power decentralized applications and platforms through its network. Today, more than 1000 Dapps have been launched from Ethereum’s Network while Ethereum-powered tokens are also nearing the 1000-milestone. These tokens are called ERC-20 tokens.
How Bitsrent Takes Ethereum’s Advantage?
The team at Bitsrent realized that Ethereum could be integrated with their Orbit Blockchain to create efficiency and convenience in the BTR ecosystem. As a result, thorough IT research initiated and after going through the entire Ethereum Network, a decision was reached to incorporate certain Ethereum features with BTR’s functionalities.
ERC-20
The first step was to design the BTR token in compliance with the ERC-20 standard. There were two significant reasons behind the decision.
- To make use of Ethereum’s network interactive with other decentralized platforms and applications.
- To facilitate BTR’s token’s exchange and trade. ERC-20 tokens are easily stored with other tokens in Ethereum-powered wallet. As a result, complexity is reduced for owners and they do not have to waste resources on separate BTR wallets. So, whether a landlord has to pay some charges or a tenant has to pay rent, BTR can be easily sent from one wallet to another.
Smart Contracts
Perhaps, one of the most brilliant decisions undertaken by Bitsrent team was the use of smart contracts for rental and leasing agreements. Traditional rental and leasing agreements are hard to be enforced while there is also a sense of uncertainty for them to be tampered with by a third party.
Smart contracts are protocols through which an agreement can be created, verified as well as implemented without any intrusion from any stakeholder. As a result, they are considered to be extremely secure and transparent for business transactions. Additionally, the progress in a smart contract can be easily tracked.
For example, consider an individual Mr. A. Mr. A is interested in renting a car using the BTR system. By using the BTR smart contract, Mr. A can agree on certain conditions with the car rental company B, like the duration of rental or the charges to be paid. After both parties’ confirm their approval on the rental agreement, the smart contract will initiate.
Subsequently, the smart contract monitors Mr. A and ensures that he does not break any condition set by B like taking the car out of the city. Similarly, the contract can track the time and assist Mr. A in returning the car on time. As a result, BTR eases concerns for all the stakeholders through its smart contracts.
Final Thoughts
While there are countless ERC-20 tokens in the cryptocurrency sphere, there are only a handful platforms like Bitsrent that have managed to incorporate and utilize Ethereum’s Network for addressing real world problems in such an innovative way. The future of the rental and leasing industry seems to be highly bright and secure with the arrival of Bitsrent for carrying the burden of the billion dollar industry.
