Rentyn - Future of Finance

Rentyn: Synthetic financial products to protect your wealth from inflation through real estate investments.

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🌳Submission Track:

Future of Finance – Synthetic financial products to protect your wealth from inflation through real estate investments.

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Showcase Presentation

💡Inspiration

With the increase in inflation and the rise in central bank interest rates, the dream of owning a home is over and rental prices have increased to values not seen in recent years in many Latin American countries.

In addition, finding investment alternatives that protect your wealth are very scarce for people with low or medium income.

🤩What it does

"Rentyn" offers you to advance the collection of 12 months for the rental of the properties to the owner in 48 hours, as well as a discount rate of at least 25% on the monthly rental prices to investors and/or tenants.

🚀How we built it

We build two smart contracts with rust programming language.

  • First of all, using Mintbase documentation, we build and run a smart contract to mint a new collection of Non Fungile Token (NFT) wich represent the rights to collect for the rental of an apartment.
  • Second, using Pagoda, we analyze the status of the smart contract.
  • Third, we use a native stable coin (Decentral Bank USN) to store the value of the transaction in the smart contract.
  • Finally, we explore Ref.finance to put the cryptocurrency in a liquidity pool and do the swap when the user want to cash out their money.

🔥Challenges we ran into

We faced to the point that Decentralize Bank (USN) do not have the API to make this operation as simple as we want. For this business model, it's very important to use stable coin to storage the value of the transaction in the smart contract. We resolve this problem using ramper.xyz

Also, it was difficult to understand the real life problem and how we could create a synthetic financial products to protect your wealth from inflation through real estate investments.

Finally, we explore the implication of the legal regulation in the business model. As we operate with the regulatory framework of FintechLab, this part is done.

🤩Accomplishments that we're proud of

  1. Our first smart contract works not only with Paras NFT, but also with Mintbase NFT. We improve the customer experience in our service using Mintbase SDK.
  2. Our second smart contract works with Pagoda Console to track what is happening and how we can motorize the business.
  3. We take advantage of Ref.Finance and Decentralize Bank tools and ecosystem for faster time to market.

💘What we learned

  • With the rust.sdk, is very easy to interact with the smart contract of Near Protocol.
  • With the javascript.sdk, we can connect the wallet, mint an NFT, and make a transaction not only with NEAR, but also with USN.
  • In Near Ecosystem, there are a lot of tools to make faster the time to market for an startup.

👨‍💻 What's next for Rentyn

  • Make partnership with key players in the rental ecosystem to growth our business model.
  • Validate the new business model in Latin America.
  • Make this business possible not only for the crypto space, but also to people who know anything about crypto, blockchain, NFT and beyond.

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