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Last Update
Jun 5, 2018
PlaceToRent is a decentralized global peer-to-peer rental platform in the space of commercial and residential rentals designed to facilitate and streamline the rental process through blockchain technology by providing transparent and efficient transactions while reducing the need for a trusted third party, and offer tools for such underserved segments of rental population as younger and low-income households to stand out in low vacancy markets. PlaceToRent is the first cryptographic real estate rental platform to leverage artificial intelligence and machine learning to assist households with invisible credit or work history in gaining access to rental opportunities and affordability. Our goal is to bring significant value to the rental industry and offer to all rental market participants a fair, secure and less costly experience within the rental process.
Our Vision
By employing best-of-the-breed technologies, PlaceToRent is poised to deliver towards its grand vision to explore big-picture problems and dream up innovative solutions. The diversity of the rental population creates opportunities for PlaceToRent to offer responsible, sustainable and innovative tools to a vibrant and stable demographic ignored by traditional rental process. At PlaceToRent, we strive to promote data democracy, increase the level of rental market inclusion and expand the number of alternatives for the underserved. We believe in a more trusted, safe, and equitable shared cyberspace where you can interact with each other directly in your digital communities and have a peace of mind that your counterparty is who they say they are, without entrusting a central organization with your data and privacy. We believe control belongs to you.
Our Team
PlaceToRent team is an interdisciplinary crew of dedicated professionals from all over the world who are committed to transforming the rental experience worldwide using blockchain technology and who have the skills and knowledge necessary to deliver towards our grand vision. Our Engineering operations are based in Saudi Arabia, and our team and advisors come from US, Canada, European Union and Japan. Their work experience spans the fields of finance, data analytics, AI, engineering, research, development, design, system architecture, and retail.
Our Platform
As blockchain continues to evolve, it is challenging the status quo of the present rental market and its existing business models and processes. In response to greater demand for transparency and disintermediation, PlaceToRent has designed an integrated ecosystem of the commercial and residential rental marketplace powered by blockchain decentralized technology, self-executing smart contracts, and utility tokens with the aim to transcend consumer expectations and to capitalize on major opportunities within the rental market. To-date, we have conducted a thorough market research and analysis, defined the project’s technical specifications, and designed our basic feature platform prototype which is currently undergoing development. We hope to fund the continuous active development of the PlaceToRent project through our Token sale, and secure the necessary capital to grow and expand our operations worldwide.
PlaceToRent strives to increase the level of rental market inclusion and expand the number of alternatives for the underserved, especially younger renters who have no credit or work history, by utilizing hybrid forecasting. To allow for a better vetting process that can predict the prospective tenants’ creditworthiness to a landlord when a credit or work history is not yet established, PlaceToRent will collect and analyze, in addition to standard data, such information as schools attended, area of study, academic performance/GPA, standardized test scores, work history, and other relevant information. We believe our unique proprietary analysis will provide the landlord with a deeper recommendation for prospective tenants (as opposed to just a credit score or work history) and empower tenants to stand out when applying in low vacancy markets. Our revolutionary algorithms powered by Artificial Intelligence will allow landlords to assess creditworthiness outside conventional credit checks and work verifications that alienate and penalize millions of people, and will help a vibrant and stable demographic qualify for a rental opportunity.
In addition, PlaceToRent will provide financial flexibility for renters by enabling them to finance their move-in, security deposit or rental expenses via built-in crowdfunding feature. We will use machine learning to give our platform users the best advice possible. For example, we will implement bio-inspired computation and Swarm Intelligence to predict accurate rental rates in different geographical locations. This approach will provide great insights to the platform users by identifying the best offers in the rental market, thus minimizing costs to tenants and maximizing profits to landlords. To provide tenants and landlords with improved and fairer experience on our platform, PlaceToRent will also allow prospective tenants an option to tender a custom best rate offer along with their rental application. The offers will be “sealed” (i.e. not visible to competing tenants to help avoid bidding wars and prevent upheaval in rental rates
Technology
As technology evolves rapidly, we continually analyze our platform architecture and components and will apply appropriate technology in accordance with the tasks to be accomplished. Ethereum Virtual Machine, the most established blockchain-based distributed computing platform with smart contract functionality, is at the heart of the PlaceToRent platform. We will look to adopt Raiden and Plasma as Ethereum’s Layer 2. The blockchain technology enables near real-time settlement of transactions, which provides reliable data and reduces risk. Smart contracts allow transacting peer-to-peer in a secure and transparent environment, mitigating the risk of fraud, abuse, and manipulation. Our peer-to-peer distributed network will record a public history of all transactions and retain a secure source of proof that they occurred. Automating transactions between the tenant and landlord eliminates the need for a real estate broker or agent, saving our users thousands in commission fees. To address the blockchain's transaction speed, scalability, and privacy issues, PlaceToRent considers the Enigma protocol that uses “Somewhat Homomorphic Encryption Technology” with “secret contracts,” allowing data to be processed by nodes while being kept private. We will use machine learning to give our platform users the best advice possible. For example, we will implement bio-inspired computation and Swarm Intelligence to predict accurate rental rates in different geographical locations. The bio-inspired feature will become a self-evolving tool capable of generating the “best rental rate” solution. We will also implement Distribute Sparse Learning as a second layer to handle high-dimensional data. This approach will provide great insights to the platform users by identifying the best offers in the rental market, thus minimizing costs to tenants and maximizing profits to landlords. PlaceToRent will strive to expand the number of alternatives for the underserved, especially younger renters who have no credit or work history, by utilizing hybrid forecasting. Our revolutionary algorithms powered by Artificial Intelligence will allow landlords to assess creditworthiness outside conventional credit checks and work verifications and will help a vibrant and stable demographic qualify for a rental opportunity. For each executed lease with a tenant who has no credit or work history, PlaceToRent will incentivize landlords and property managers by reimbursing any previously charged related listing fees and rewarding them with PTRT tokens. Additionally, our platform will enable qualified renters to finance their rental expenses through a built-in peer-to-peer alternative financing feature.
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Verified 57%
Attention. There is a risk that unverified members are not actually members of the team
Verified 0%
Attention. There is a risk that unverified members are not actually members of the team
Positives
PlaceToRent can provide an alternative method of funding rental payments
Improves rental property search with a very detailed history of property and landlord
Removes the need of a third party or intermediary which would likely take high commission and promote higher rental fees to gain higher commission
Incentive to landlords if they list their property on the platform and ease of tenant screening
Negatives
Transparency on the platform will only work if both sides of the party are fully honest with anything that occurs within the duration of them existing on the platform such as number of days before issue was solved. Tenant may have lied as he/she was scared of the landlord
