LaComunity, one of Europe’s leading vacation rental sites in terms of the number of “instant booking” homes, has created The Rentals Network, the first fully decentralized vacation rentals network. The Rentals Network is an agnostic marketplace fully open to all the actors involved in the vacation rental sector (owners, guests, professional property managers, channel managers, and large online distribution platforms).
This network is an ecosystem developed in ‘blockchain’ technology consisting of a token, a DApp and a Marketplace with a set of decentralized protocols implemented as “smart contracts” based on Ethereum protocols. This open and independent model allows any market player to use The Rentals Network to drive their business, reach more customers, book properties or create all kinds of commission-free vacation rental services, while increasing efficiency and credibility.
The Rentals Tokens (TRT) is the first token designed to reduce the inefficiencies of the supply chain in vacation rental market and cutting off the high fees charged by today’s vacation platforms. The Rentals Token is an Ethereum ERC-20 token, created with `blockchain’ technology, which allows not only a saving of up to 25% in transactions, but also incorporates all the information related to the homes and actors involved in each transaction. In this way, it improves the trust system that currently centralizes vacation platforms and avoids false opinions, possible frauds and illegalities or errors in prices and availability, among other benefits.
In the words of Francesc Sanz, the CEO & Founder of The Rentals Token and LaComunity, “the TRT Token was born to become the payment standard for the vacation rentals market worldwide. It doesn’t have commissions and it’s the first blockchain project that really solves the endemic problems of this sector, so it is an incentive for all interested parties”. Regarding The Rentals Network, Sanz states that “we intend to create the main decentralised blockchain model of the European travel market and a the next generation of travel DApps”.
The pre-sale will be launched in September
The Rentals Token ICO will be developed in two sections:
- The first section of 5 million EUR, which is intended for both worldwide buyers (with certain exceptions) is to be marketed from the 17th of September to the 31th of October.
- The second section of the ICO will be carried out in November. It is expected to be 20 million EUR.
The ICO contemplates a total sale of 1.35 billion TRT (equivalent to 25 million euros) and establishes an initial change with respect to the Ethers (reference cryptocurrency on which the TRT is based) of 7,500 TRT for each Ether.
The first section of 5 million EUR will be launched in two phases:
- A public pre-sale of TRT is held from the 17th to the 30th of September. It is aimed at the company’s current partners, strategic partners and early adopters worldwide buyers (with certain exceptions).
- There will be a second phase of sale of TRT from the 1st to the 31th of October.
The TRT pre-sale phase will have a 45% discount on the price of the token, to reward the first buyers. Pre-sale buyers will be able to purchase up to 2.5 million euros worth of TRT. An additional 2.5 million worth will be for sale in the first-tier token sale, with a discount of 20%. The second-tier public token sale, in November, is expected to be at full price.
In the first days of the whitelist, around EUR 500,000 are already committed. The KYC process is already open and interest among investment vehicles and strategic partners it’s been high.
LaComunity expects The Rentals Network and its DApp to begin operating in October 2018, with the TRT available for use in an initial network of at least 20,000 properties worldwide.