Reduce transaction cost 2 or even 3 times comparing to other platforms like AirBnb and HomeAway.
Get the power to decide what is right and what is wrong. Rely more on behavioral statistics rather than on tons of non constructive reviews.
Make cross border payments easy. Resolve disputes fast and make funds available immediately if you have to cancel reservation.
Nether party will loose most of their rent dedicated money because of chargebacks, misrepresentation or fraud.
StayBit is a decentralized peer-to-peer platform aiming to revolutionize booking-renting process in the 21st century. Our main focus is short term Vacation Rentals market segment formed by both individuals and small property management companies. StayBit platform provides a solution to safely transfer funds between tenants and landlords as well as to automatically mediate common conflicts through the use of smart contracts.
Nowadays short term Vacation Rentals market is dominated by several well-known platforms as booking.com, airbnb.com, flipkey.com, etc. who match landlords and tenants (hosts and guests) and take their cut from every transaction. Despite their popularity all today's players have some significant disadvantages: transaction cost may reach up to 20% of the total amount and involved parties suffer from centralized regulation. Platforms, which unlike airbnb.com, do not handle payments just suggest that involved parties settle payments themselves. Cross border payments may easily get blocked by financial institutions, not all means of payment are accepted, and there are still opportunities for fraud (chargebacks, bounced checks, etc.).
We strongly believe that by applying a whole complex of measures, such as decentralization, moving transactions from fiat to crypto currency and introducing flexible escrow contracts executing within a blockchain we can:
We are looking into building a platform which will ultimately hide all intricacies of owning alternative crypto currency (ERC20 token), executing smart contracts, gas prices, etc. from the end user. By doing this we will make it appealing to prospective customers who are unfamiliar with crypto and we will be encouraging them to become active crypto users.
StayBit ecosystem will be built on public Ethereum network with some functionality still implemented with traditional off-chain technologies (SQL Databases, Web Servers etc.). All transactions will be done with ERC20 standart tokens. Key elements of StayBit infrastructure will be: a socially enabled listings website, automated escrow service, mobile apps for landlords and tenants with built in wallets – all of it aiming to make the whole process a breeze.
StayBit is excited to announce the release of alpha version of Minimal Viable Product (MVP) on the Ethereum Main Net. StayBit MVP requires any Web3 browser to run. MVP can be launched on iOS or Android mobile platform with Trust, Coinbase Wallet (Toshi), or Cipher browsers installed.
StayBit MVP implements rental contracts with three different cancellation policies: Flexible, Moderate and Strict. Business Logic of these contracts mimics behavior of well known platforms such as AirBnb and VRBO , but on our system funds are distributed between parties within 30-60 seconds after request and there is no need to spend time dialing call centers in case of cancellations.
StayBit MVP automates trust between two parties involved in a transaction and gives them protection from fraud at much lower cost than todays platforms. This is the main answer to question "Why do we need Blockchain in Vacation Rentals"
StayBit MVP does not have functionality of a listing site yet, but it already has functionality of a payment processing and escrow service. User wallets are provided by Web3 browser, we do not request or store your private keys.