StayBit: Blockchain Vacation Rentals Booking Payment System?
What Is StayBit?
StayBit is a decentralized, P2P platform that seeks to implement vacation rentals on blockchain. The platform aims at transforming the booking-renting process in the 21st century by focusing on short-term vacation rentals market, managed by individuals and small property management companies. It provides a solution that will enable users to safely transfer funds between tenants and property owners and to automatically mediate common conflicts by using smart contracts.
Problems StayBit Seeks To Solve
Several known service providers such as airbnb.com, flipkey.com, and booking.com dominate the current short-term vacation rentals market. These providers mainly connect property owners and tenants. For that service, they take a percentage of every transaction. Despite their popularity, these providers have some significant disadvantages.
- Transaction cost may hike to 20% of the total amount
- Centralized regulation
- Not all means of payments accepted
- Financial institutions may block cross-border payments
- Opportunities for fraud
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 strongly believes that by applying a wide range of measures such as decentralization, moving transactions from fiat to crypto, and introducing flexible escrow contracts operating on the blockchain, it can eradicate the problems mentioned above. In the end, the following are likely to be the results:
- Transaction cost will reduce 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 seeks to establish a lasting solution that will make everything transparent and appealing to prospective customers who are not familiar with crypto.
The StayBit ecosystem is built on the Ethereum network with some of its functionalities implemented with traditional off-chain technologies. All transactions will operate on ERC20 standard tokens. The StayBit infrastructure will have the following key elements:
- Socially enabled website
- Automated escrow service
- Mobile apps for landlords and tenants
- Built-in wallets
All these elements aim at making the entire process of booking and renting easy.
Minimum Viable Product (MVP)
StayBit is set to release its alpha version of the Minimal Viable Product (MVP) on the Ethereum Main Net. StayBit MVP runs on Web 3 browser and can be launched on iOS or Android mobile platform with Cipher browser installed.
StayBit will implement rental contracts with three different cancellation policies: Flexible, Moderate, and Strict. The contracts will be similar to those of well-known platforms such as AirBnb and VRBO. However, the system funds will be distributed between parties within 30-60 seconds after making a request. Therefore, there will be no need to dial call centers for cancellations.
In addition, StayBit MVP will automate trust between parties involved in a transaction and protect them from fraud and exploitation. This, of course, is the main answer to the question, “Why do we need blockchain in vacation rentals?”
While StayBit does not have functionality of a listing site yet, already it has a functionality of a payment and escrow service. Besides, Web 3 browser provides user wallets, so they don’t request or store users’ private keys.