Rental Platform

CityDAO's rental platform utilizes blockchain technology and $CITY tokens to provide a secure, efficient, and transparent global rental solution. The following are the primary services offered by the platform:

Decentralized Property Listings

• Blockchain-Based Listings : Property owners can list their properties on the CityDAO platform. Each property listing is recorded on the blockchain, including detailed property information, images, rental terms, and more. This ensures that all information is transparent and immutable, allowing renters to choose properties with confidence.

• Verification and Rating System: The platform offers a decentralized verification system that ensures the authenticity and accuracy of each property listing. After the rental period, renters can rate and review the property, with all feedback recorded on the blockchain. This system enhances the platform's credibility and improves user experience by providing reliable references for future renters.

Smart Contract Rental Agreements

• Automated Contracts: CityDAO’s platform uses smart contracts to manage rental agreements. Rental terms such as rent amount, payment dates, lease duration, and penalties for breaches are all specified within the smart contract. These terms are automatically executed, reducing the need for human intervention and ensuring fair and transparent rental agreements.

• Escrow System: Rent payments are made using $CITY tokens and held in escrow through smart contracts. The rent is securely held in escrow until the rental agreement conditions are fulfilled. Only after both parties adhere to the contract terms, the funds are released to the property owner. This mechanism protects the interests of both renters and property owners, building trust in the transaction process.

Transparent and Immutable Records

• Transaction History: All rental agreements and transactions are recorded on the blockchain, creating an immutable historical record. Both renters and property owners can access these records at any time, ensuring transparency and trust. This method reduces the likelihood of disputes and enhances transaction reliability.

• Dispute Resolution: In case of disputes, the transparent records on the blockchain provide evidence of all agreements and transactions, facilitating fair and efficient dispute resolution. Smart contracts can automatically enforce dispute resolutions based on predefined terms, protecting the interests of both parties.

How the Rental Platform Works

Listing Properties

• Property owners create and submit their property listings on the CityDAO platform. These listings include all necessary details such as property descriptions, images, rental terms, and conditions. Each listing is then recorded on the blockchain for transparency.

Verification Process

• The platform’s decentralized verification system authenticates the property details to ensure accuracy and reliability. Verified listings are marked, providing renters with the assurance of the property's authenticity.

Searching and Booking

• Renters search for properties on the platform using various filters like location, price, and amenities. Once they find a suitable property, they can view all the details and previous renter reviews before proceeding to book.

Rental Agreement

• Upon selecting a property, renters enter into a rental agreement with the property owner. This agreement is managed by a smart contract, outlining all rental terms, including payment details and rental duration.

Payment and Escrow

• Renters make rent payments using $CITY tokens, which are held in escrow by the smart contract. The payment remains in escrow until the end of the rental period, ensuring that the terms of the agreement are met by both parties.

Stay and Review

• Renters stay at the property for the agreed duration. After the rental period ends, renters can rate and review the property, which is recorded on the blockchain. This feedback helps future renters make informed decisions.

Release of Funds

• Upon the successful completion of the rental period and satisfaction of the agreement terms, the smart contract releases the escrowed funds to the property owner. This ensures a fair and secure transaction for both parties.