💸Deposit & Rental Contract
The Deposit and Rental Smart Contract is a Solidity smart contract that securely handles rental deposits using blockchain technology. This smart contract acts like an automated escrow service, holding the tenant’s deposit until both the tenant and landlord agree to release it. This approach helps prevent rental scams, increases transparency, and builds trust between both parties.
Enhanced Security for Online Rentals
The Deposit & Rental Smart Contract leverages the power of blockchain to make rental payments safer and more transparent. By using a smart contract to manage deposits, tenants and landlords benefit from a secure process where funds are held in a digital wallet until specific conditions are met. This automated system eliminates the risk of fraud, making online rentals more reliable.
Supporting Fractional Ownership
Rentible’s smart contract also supports fractional ownership. This means landlords can be represented not only by individual users but also by smart contracts, like our Yield Distributor contract. Tenants can make payments directly to a blockchain entity, which then distributes the income to fractional owners. This setup streamlines payments and helps ensure all stakeholders receive their fair share.
Solving the Deposit Fraud Problem
Deposit fraud is a common issue in the rental market, especially for international tenants searching online. Scammers often trick tenants into paying deposits for fake listings, leaving them with lost funds. Rentible’s Deposit & Rental Smart Contract solves this problem by using a secure, on-chain process for handling deposits.
To pay a deposit, tenants use the "Pay Rent Deposit" function. Here’s how it works:
The tenant specifies the landlord’s address, the stablecoin token (e.g., USDT), the deposit amount (e.g., 2800 USDT), and an escrow period during which the funds are frozen.
The deposit is securely held in the smart contract and only released when the tenant has successfully moved in.
Like any blockchain transaction, there is a small flat fee in Rentible’s native token (RNB) for processing.
Resolving Disputes with Arbitration
If issues arise, such as the property not being as described or the landlord failing to fulfill their obligations, the tenant can start an arbitration process. Rentible acts as a neutral mediator, reviewing evidence from both parties before deciding how to distribute the deposit (e.g., a full refund to the tenant, a split between both parties, or payment to the landlord).
Smooth Transactions for Happy Tenants and Landlords
If no disputes occur, the landlord can use the "Claim Deposit" function to transfer the deposit directly to their wallet once the tenant has moved in. After that, tenants can start paying monthly rent using the "Pay Monthly Rent" function, ensuring a transparent and secure record of all transactions on the blockchain.
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