Bitsrent – Bitsrent News

Bitsrent Is Launching a Ride-Sharing Service Application Using BTR.

Bitsrent — Sat, 30 Mar 2019 06:44:12 +0000

While the world is being dense with the new vehicles and transporting medium which
ultimately is clogging up the traffics in the major cities, the ride sharing concept turns out
to be the viable solution to the ever longing chaos of traffic congestion. Ride sharing
concept is same like uber and carpooling which not only reduces the traffic congestion
but also keeps the service price as low as possible using previously available
infrastructures.
According to the research by Statistic around 685 million people are predicted to use
ridesharing services around the world. Being the most sustainable way of traveling it
needs to be addressed with proper technological advancements. The future of
ridesharing ultimately depends upon the mobile apps, navigation services, network
connectivity and the major payment gateway.
The Bitsrent token after its successful ICO has stepped to develop the Dapp as the
payment option for the ride-shares. With around 6.66 billion circulating supply, the total
Supply is 9.16 Billion out of which 20% Team Token is locked for 12 months, 5%
Bounty, 5% Loyalty & 5% is for reserved. It is now proving itself to be the ride-sharing
token in the blockchain industry. Integrating distributed ledgers into the ride sharing
application is sure to change the concept of ride sharing leading to future innovation.
Focusing on the peer-to-peer transfer of the fund will eventually increase the number of
people occupying the same ride rather than being on the different rides. The payment
token is not only used for paying particular ride but the payment action will be rewarded
with certain reward tokens.
To sum up, Bitsrent being the lead renting and leasing token, it aims to bring the people
sharing the ride under the same roof of available immutable ledgers promoting
collaboration among the rider-sharers. The payment will not only be secure but also
transparent and meritious to the users.

Bitsrent (BTR) a Transparent Cryptocurrency in Rental & Leasing Industry

Bitsrent — Thu, 13 Sep 2018 03:54:48 +0000

Traditional industries and businesses in the world struggle greatly due to the lack of transparent processes. Customers, investors and other stakeholders are often reluctant to conduct business transactions because of organizations often provide few details regarding its products and services. Questions like how they are getting financed, what the technology behind their solution is, or how they keep the customer data safe, are often ignored.

In today’s world, transparency is critical for both individuals as well as businesses to establish trust. The recent Facebook controversy regarding the usage of customer data serves as a thought-provoking example. In such a non-transparent world, Blockchain’s emergence has become a sight for sore eyes. Blockchain saves and stores data through ‘blocks’ linked together where encryption and security measures eliminate any possibility of a breach.

However, more importantly Blockchain offers the global industries and businesses an exciting option to adopt a platform where data and processes can be tracked and monitored by the customers from the beginning to the end. Customers can have a peek into the system to see how the system works as well as how their personal or corporate data is managed. Similarly, they can engage in trustable processes where everything is monitored.

For example, the supply chain industry is using Blockchain heavily to ensure that the goods are properly transported from the manufacturers to the customers, all the while ensuring that each stakeholder gets a view of the transported products.

How BTR Bring Transparency in the Rental and Leasing Industry?

One industry that could particularly benefit from the Blockchain’s transparency is the rental and leasing industry. Fortunately, Bitsrent’s arrival has sparked hope for the industry’s resurgence and transformation so it can progress in a futuristic and decentralized world.

After going through the different issues and problems of the traditional rental and leasing industry, the BTR team realized that only through the decentralization offered by the Blockchain technology could they accomplish transparency in the rental business processes.

So how exactly does BTR bring transparency?

Record Keeping

Since all the landlords and tenants data is stored on the Orbit Blockchain, hence BTR removes any risk of identity theft. Blockchain’s immutability repels any attempt of tampering the documents.

Easily Tractable

In traditional rental and leasing industry, there is no proper tracking of a property’s ownership to the stakeholders. Similarly, often payments are stuck in the centralized financial systems and losses are incurred by all the parties.

Through Bitsrent platform, tractability is completely implemented. The BTR token assists to follow a property’s transfer to a tenant with real-time updating in Orbit Blockchain. Similarly, the quick business transactions on BTR’s ecosystem monitor a token payment from one account to another. As a result, all the payment and property processes would be highly transparent to all the stakeholders.

Minimizing the Fraudulent Activities

While the Orbit Blockchain maybe public, however this does not in any way mean that the identities of the BTR owners and users are also public. BTR utilizes modern-day encryption algorithms and tools to perform encryption on the customer data and identities. Therefore, customer identification and financial details are masked and hidden from the third-parties.

Locking the Team Tokens

As a gesture of goodwill, the Bitsrent team has reached the decision to lock their funds for a year. This means that no Bitsrent official can sell their funds in the next 12 months. As a result, public and investor confidence is expected to increase in the platform.

Bitsrent (BTR) Ethereum Powered Platform Purely a Utility Token

Bitsrent — Thu, 13 Sep 2018 03:42:45 +0000

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.

About Bitsrent

Bitsrent — Thu, 13 Sep 2018 03:37:47 +0000

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.