BitRent (RNTB) is one of the many cryptocurrencies to be launched at the end of the first quarter of 2018. The official website of BitRent claims to be the first blockchain platform that is amalgamating the real estate industry with blockchain technology. The principal objective of the BitRent blockchain is to create opportunities for people to invest in the residential and commercial properties at any stage of construction. There are no geographical limitations to this investment. The aim is to speed up the whole process and add layers of security to it.
Problems faced by Present Real Estate Market and Solutions Provided by BitRent
BitRent addresses the problem a developer faces at the initial stage of construction when they need seed capital. BitRent will allow the developer to publish an object on their platform and will focus on drawing funds for the project. The token holder of BitRent will be able to choose an object that satisfies their interests or criteria. The Smart Contracts Pool of BitRent depends on the interaction between the RNTB token holders and the developers. The token holder can invest in a particular real estate project by transferring fiat money or cryptocurrency to the project’s wallet. All the processing are done in real time.
- Geographical Limitations: As BitRent says in its whitepaper, nearly 87% of the real estate buyers prefer to buy properties located in their region as can supervise the construction process better this way. Another reason is that they are familiar with the local real estate market. BitRent enables the investors to overcome the geographical boundaries by studying a project in details on the platform of the crypto coin and invest in the project that suits them most. The members (token holders) can buy any real estate property remotely. Another benefit is that the transactions are instantly processed. At the same time, due to smart contract register, all the purchase details and property ownership details are recorded securely. The long complicated process of visiting respective authorities for registration will thus be eliminated.
- High Entry Barrier: Traditionally it takes a lot usually to invest in real estate projects, but through BitRent the investor can choose to buy in portions if the medium of payment is cryptocurrency. The BitRent platform allows everyone (be it the developer or the potential buyer) to participate in the real estate construction. It benefits on both sides as there is no chance of rising in objects price. This is possible due to smart procurement policy, proper blockchain management, and many other factors.
- Transparency Issues: A major problem in the traditional process of procurement of real estate property (commercial and residential) is non-transparency and the financial losses incurred due to it. In case of “freeze” of a construction process, the investor stands to lose a substantial amount due to the translucency of the construction process. It may also result in loss of assets. Moreover, if a project is considered to be ‘frozen’ for a long time then the date of completion becomes vaguer. Transparency issues also develop from this. BitRent offers a solution to these transparency issues by collaborating Primavera and BIM with blockchain technology and smart contracts.
- Lack of “Green” Technologies: Many developers nowadays do not go for genuine eco-construction due to lack of funds and project completion deadline. BitRent advocates only those building objects that use BREEAM and LEED certificates and monitoring tags. The blockchain technology will allow them to participate in a development project. The BitRent blockchain combines RFID, smart contract, BREEAM and LEED technologies. However, an eco-friendly project done according to the “green” standards means that the price will rise by 25% to 30% during its sale.
BitRent is the first project involving blockchain technology that incorporates a proprietary rights register on a global scale. Going by the price analysis, BitRent has shown an overall uptrend since its introduction to the market as a cryptocurrency on 26th March 2018. At the time of writing the price shows $0.06 USD (5.73%) approximately and the volume (24h) is near about $566,386 USD. (As of 13th April 2018) According to coinmarketcap.com, the crypto coin stands at 1321st position presently. By October 2018, it is expected that the BitRent platform will be launched in 25 countries. The recent success of BitRent at the China Blockchain Alliance Club (held on 10th April) is also noteworthy.
From the official website of BitRent, “It is worth mentioning that the hosts of the conference carried out a lottery for guests: the luckiest ones — 31 persons in total — got prizes. 15 guests got 200 RNTB, another 15–500 RNTB and the winner — 5000 RNTB!” BitRent’s focus on making the construction process more transparent by allowing the holders to check all technological, legal and financial documentation is worth investing in the crypto coin at the moment. Also, the reason that it is Q2 and to see how the coin fares in the rest of the year. One important thing is that BitRent had shown an overall uptrend in the bearish market of 2018 Q1.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of Gerry H via Flickr
TRON Partnership Involves Cloud Computing
It has been almost an entire week since Justin Sun, the founder of TRON (TRX), announced a new big partnership for this cryptocurrency. His Twitter announcement did not provide a lot of information, except for the fact that the TRON partnership is with an industry giant worth tens of billions of dollars.
— Justin Sun (@justinsuntron) October 12, 2018
Even so, the entire crypto community started speculating about the new partner’s identity. Soon after the announcement, a new rumor emerged, claiming that the identity of an unnamed corporation was uncovered. According to the rumor, TRON’s new partner is none other than Baidu, one of the largest tech giants of China, which also represents this country’s largest internet search provider.
Baidu is often viewed as China’s version of Google, and if the rumors of a partnership with this company turn out to be true, this will be a big game-changer for TRON.
However, in days following the announcement, new reports started coming in with claims that the partnership will not revolve around blockchain technology. Instead, ODaily reported that the alleged partnership between TRON and Baidu will be focused on cloud computing. The report claims that TRON will be purchasing computing resources from Baidu.
Will Ripple (XRP) advocacy hike affect bitcoin dominance of China?
Currently, China is leading in Bitcoin mining industry by far, second to none for bitcoin mining power. Literally, it’s contributing over 70% of the network’s hash rate (a term that is used in describing the total processing power of a blockchain network). But how Ripple fits in here and what it has to do with that? We’ll talk about that a bit later below, let’s cover some in-depth facts about China’s dominance over Bitcoin first.
It’s a near-complete dominance by China on the BTC mining grid that has made it responsible for mining a majority of circulating bitcoins. A Beijing-based company, Bitmain Technologies, is highly responsible for extracting the significant part – more than half of the globe’s bitcoin, and alone, it has approached 50% of the total hash rate more than once.
The fact that China is controlling a majority of Bitcoin hash rate, clearly tells that it has the power of manipulating or merely destroy the bitcoin network if it gets enough support should it decide to take such a move. Therefore, this has led to serious concerns among countries including the US that China might get an edge in this cryptocurrency industry and possibly becoming a potential threat.
China is the biggest manufacturer of Bitcoin as well as cryptocurrency mining equipment. The reason behind the massive growth of mining farms in the country is because of cheap electricity bills.
Furthermore, the country has adopted several…
Ravencoin (RVN) Surges Following Binance Listing
While most cryptocurrencies today still remain unstable and at the edge of falling into the red, there are some coins that are doing significantly better. One such coin is Ravencoin (RVN), which has surged by over 26% in the last 24 hours.
Ravencoin came to be as a hard fork of Bitcoin and was inspired by a popular book series-turned-television programme, Game of Thrones. The coin’s developers decided to make Ravencoin an open-source project that provides users with the ability to declare assets on their platform. The platform itself is decentralized, transparent, and secure.
Just as Game of Thrones’ ravens are used for spreading the news and truth, Ravencoin hopes to become a carrier of truth regarding the ownership of assets on the blockchain.
Ravencoin’s main use case is for performing P2P transfers, while it prioritizes security, autonomy, user privacy, and control. Additionally, as a coin fighting for truth and transparency, it also stands against censorship.
Ravencoin got listed on Binance prior to MainNet launch
Following the last week’s announcement that Ravencoin is getting officially listed on Binance, the world’s largest cryptocurrency exchange ba trading volume, Ravencoin experienced a large price surge. At one point, the surge took the coin’s value up by over 31%. At the time of writing, however, the coin is still growing, with an increase of 26.15% in the last 24 hours.
Getting listed on Binance has brought Ravencoin to the top…
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