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What is StayBit?
StayBit is a decentralized P2P platform that tries to implement blockchain holiday homes. The platform aims to transform the booking-rental process into 21st century focusing on the short-term holiday rentals market, run by individuals and small real estate management companies. It provides a solution that will allow users to securely transfer funds between tenants and landlords and to automatically mediate common conflicts using smart contracts.
StayBit problems try to solve
Several service providers known as airbnb.com, flipkey.com and booking.com dominate the current short-term rental market. These providers mainly connect owners and tenants. For that service, they take a percentage of each transaction. Despite their popularity, these providers have some significant drawbacks.
- Transaction costs can increase up to 20% of the total amount
- Centralized regulation
- Not all accepted means of payment
- Financial institutions can block cross-border payments
- Fraud opportunities
To ensure that these problems no longer exist in the industry, StayBit offers a viable solution.
StayBit Blockchain Vacation Rentals Booking Payment system solution
StayBit firmly believes that by applying a wide range of measures such as decentralization, moving from fiat to crypto transactions and introducing flexible escrow guarantee contracts operating on the blockchain, it can eradicate the problems above mentioned. In the end, the following are likely to be the results:
- The transaction cost will decrease significantly
- Users will have more power to decide what is right and what is wrong
- Cross-border payments will be easy
- Users will be protected from fraud and exploitation
The platform tries to establish a lasting solution that will make everything transparent and attractive to potential customers who are not familiar with cryptography.
StayBit Community
The StayBit ecosystem is built on the Ethereum network with some of its functionality implemented with traditional off-chain technologies. All transactions will work with ERC20 standard tokens. The StayBit infrastructure will have the following key elements:
- Socially enabled website
- Automatic guarantee deposit service
- Mobile app for owners and tenants
- Integrated wallets
All these elements aim to make the whole reservation and rental process easy.
Minimal vital product (MVP)
StayBit is set to release its alpha version of the Minimal Viable (MVP) product on the main Ethereum network. StayBit MVP works on Web browsers 3 and can be launched on an iOS or Android mobile platform with the Cipher browser installed.
StayBit will implement rental agreements with three different cancellation policies: flexible, moderate and rigorous. The contracts will be similar to those of well-known platforms such as AirBnb and VRBO. However, the system funds will be distributed between the parties within 30-60 seconds after making a request. Therefore, it will not be necessary to dial call centers for cancellations.
StayBit Automation
In addition, StayBit MVP automates trust between the parties involved in a transaction and protects them from fraud and exploitation. This, of course, is the main answer to the question: "Why do we need blockchain in holiday homes?"
While StayBit does not yet have the functionality of a listing site, it already has a feature of a payment and deposit service. In addition, the Web browser 3 provides user portfolios, so it does not require or store users' private keys.
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