Name of Project
Ticker for Token
1) In one sentences or less, describe your token. This isn’t the time to get wordy, just to the point!
The RENO token is used to fund renovations on rental properties in exchange for a cut of the rent for a designated period of time as agreed upon by the landlord (e.g. 1-2 years).
2) Do you have a video to introduce yourself or explain the token? Upload it here and share the link here. (Not required)
No time for that now!
3) Do you have a logo for your token? If so, upload it here. (Not required)
Unfortunately not, I just found out about this competition.
4) How does your token work? Be as detailed as possible
Still fleshing that out, but here’s what I’ve got so far.
RENO is used to fund renovations on rental properties, I’ve mentioned that already.
RENO token holders will earn a portion of the rent for a period of time agreed upon by the property owner (this will unfortunately require some sort of mediation, not sure if you guys would be up for that).
There will also need to be some sort of staking contract with collateral to ensure that the landlord actually uses the money to renovate the property and doesn’t just run off with it.
Since renovations aren’t paid entirely upfront, the stake could be say, 1-2 weeks or even 1 month’s worth of labor. This should be in ETH or some stablecoin.
The RENO that they are allocated could likewise be released on a gradual basis, and not at all at once.
In any case, I know that the proper economic incentives can be built into a smart contract.
5) What problem is your token aiming to solve? How will this positively impact the crypto industry?
I can’t tell you the number of properties I’ve seen traveling the world that are in prime locations but super run down. In many cases landlords no longer have the money to renovate their places, but if they did they could earn say, 30-50% more in rent per month. This isn’t necessarily limited to apartments and houses either, even commercial properties could eventually use this protocol.
6) What was the inspiration of this token? How did you think of it?
I currently live in the Czech Republic, and a good friend of mine lives in a super run-down apartment owned by her parents who live abroad. They do not have the money to renovate it, and I was in the talks with her father to pay for the renovation in exchange for a cut of the rent for the next 2 years (and she would live with me rent free). I would make back my investment plus interest, and they would have an apartment that is objectively more valuable. A win win. The pandemic kind of messed that up.
7) Are there any projects out there doing something similar?
Not to my knowledge, but ironically this idea is incredibly similar to Efforce, the green energy blockchain project founded by Steve Wozniak that you’ve probably seen in the news. The way their model works is that WOZK token holders fund green energy initiatives and earn dividends from the energy savings that they helped a company fund.
8) What phase is the token in? Explore vs. Build vs. Launch vs. Scale. (If there has been no coding yet, your token is in the explore phase)
I literally just sat down to put this idea together before the deadline. I’ll have to give it some more thought, but I am pretty good with this stuff.
9) Will this token be inflationary, deflationary, fixed, or dynamic token supply?
Probably dynamic, and it could fluctuate based on the total value of the properties being renovated or the cost of the renovations themselves. Not big on math so that would be up to someone who’s big on math.
10) How long do you think it would take to build a minimal viable token?
I suppose that depends on how good someone is at writing a smart contract.
11) What skills do you have that would help bring this token to reality? (ex: Marketing, Development, Branding, etc)
I am the former marketing manager of a Czech cryptocurrency start up and I currently work for the Coin Bureau, one of the largest cryptocurrency YouTube channels.
12) Are there any inherent weaknesses or obstacles to building this token? Any items you still need to figure out?
Probably a lot but I am 100% certain that this is doable.
If you want to share your Twitter/Telegram handle here for people to reach out and discuss this idea with you, post them below.
@krupda42 for all of them.
This is where you can put anything you want that was not directly asked above! Anything and everything related to your token idea can go here. Any files, links, info, etc