RentyThing is a decentralized online renting platform, the first of its kind globally. The platform was created to provide a peer-to-peer (P2P) rental marketplace that uses its own cryptocurrency to create value for renters and owners.
The platform is based in Hong Kong and was established in 2012. It is Ethereum based and uses a form of blockchain technology that is supported by a distributed network. This widely shared network helps provide a secure platform for user identity verification, credit scoring and enforcing transactions.
This platform will make it possible for users to rent virtually anything to each other. The concept allows any item to be rented. It will include a written deed where each renter’s payment is withheld and sent only after they receive an item from its owner. Similar to a freelance system, reputation scores will be submitted after every transaction and are permanently stored in the blockchain. However, the platform doesn’t clearly display any restrictions on illegal items that can’t be rented.
Rentything charges no service fees and charges just 1% of the rental cost. It is a very decentralized system in that no third parties are involved in the transactions.
In this company, Ether is exchanged for the Rentycoin, (RTC) which is valued at 0.0001 Ether per RTC. Hence, 10,000 RTC = 1 ETH. This measurement of value is quite convenient when compared to the USD equivalent value of one ETH. RTC currency is based on EIP-20 and will be used for all Rentything transactions and will be available for use on other marketplaces in the future.
The RTC pre-ICO began on February 28, 2018, and the full sale begins on April 25th, set to last for 4 weeks. The total amount for sale is 51% of a fixed supply of 50,000,000 RTC (approx. 25,500,000 RTC). The token sale will be offered until all 25,500,000 RTC have been distributed. The remaining 49% of the fixed supply of 24,500,000 RTC is not available via the token sale and will be allocated towards the benefits of the company.
Details of the RentyCoin crowdsale are listed within its white paper. The crowdsale is split into 2 phases:
- Limited Pre-Sale
- General Sale
Early buyers are promised to be given special bonuses based on the timing and amount of purchase. ETH can be obtained online at a price per token of 1 RTC = 0.04 USD. Ether (ETH) is the only method of payment accepted.
The Safe Browsing status for their website Rentything.com is Safe. The site is using HTTP Secure with legit SSL Certificates. The website is also user-friendly, albeit too bulky with long texts.
The white paper available on the website is poorly detailed and does not give comprehensive information about the company. Additionally, like other online shopping/renting platforms, there could be challenges with people renting damaged or nonfunctional goods.
However, the RentyThing shows a lot of promise. It makes available unique features like tokens that will be solely owned by users and that they use to make a profit from opt-in authorized data sales. RentyThing also provides a proprietary renter scoring system. It has proven to be a good investment for your cryptocurrency.