Powered by blockchain, artificial intelligence and big data, CryptoBnB is a vacation rentals marketplace built to improve short-term rental experiences for hosts, guests and service providers worldwide.
Market Description
The short-term home rental market is currently one of the most attractive segments in the real estate and property management sector. It is aggressively altering market share, from the existing hospitality industry to individual property owners, with the sector gaining more acceptance each year by both hosts and travelers. According to HomeAway, an online marketplace for vacation rentals, listings have increased 44 percent since 2009
Evaluating the strengths, weaknesses, opportunities, and threats (SWOT) of existing short-term rental platforms can provide great insight into what the perfect system should look like. CryptoBnB is using SWOT analysis to analyze the short-term rental market and guide the development of the CryptoBnB platform.
Strengths
Current short-term rental platforms have caused a significant portion of the population to change their outlook toward a hospitality-sharing economy. A decade ago, the idea of renting a room in a stranger’s house was not well received. That way of renting and traveling has become much more common, especially for Millennial travelers. It has resulted in gains of 10 percent or higher per year for these platforms.
Weaknesses
One of the greatest weaknesses of the short-term rental platform is centralization, which has created significant overhead costs since hiring people in every country to manage platforms and be on call is expensive. This overhead has forced existing companies to charge high fees to its platform users, typically 12–15 percent for each transaction. That has deterred many hosts from listing their properties on short-term rental platforms since high fees decrease their profit margins and limit companies such as Airbnb from increasing their property offerings (i.e., scale up to meet the demands of a growing market).
Centralization
has also forced these companies to take on the role of an escrow agent, negotiating the deal between the buyer and the seller. That has exposed these companies to major legal and reputational exposure. Recently, Airbnb has become involved in a number of lawsuits regarding its centralized role of acting as the escrow agent between travelers and hosts.
In less than 10 years, the short-term rental market has impacted the hotel and lodging industry by 0.5 percent year-over-year, estimated at $300 million dollars per year. That percentage represents only a small fraction of the total available accommodation market.
The short-term rental market is dynamic, as many properties get listed and unlisted based on market supply and demand.
CryptoBnB faces several threats that could negatively affect the industry segment. Fierce competition exerts constant pressure on market share and prices. Traditional marketplaces for hotel bookings such as Booking.com and Expedia are providing access to short-term rentals on their platforms, thus competing for market share.
Conclusion
Even though short-term rental platforms have been successful by providing access to short-stay accommodations, the results of the SWOT analysis show that there is a pressing need for the adoption of a new model that will address the gaps in the existing platforms. CryptoBnB will be built on the already functioning short-term rental model but with the introduction of advanced technology based on blockchain technology, AI, and big data. These features will allow our marketplace to catapult to success with growing demand, new acquisitions, and novel products and services within the sector. This innovative approach to short-term renting will make CryptoBnB a leading competitor in the short-term rental market. CryptoBnB is developing a unique proprietary application—patent-pending CryptoDNA™–that traditional hotels and rentsharing sites such as Airbnb, HomeAway, FlatClub, and Wimdu are not currently using. The following schematic shows how CryptoBnB will address the current technological gaps of existing platforms.
CryptoBnB: The Solution
CryptoBnB will build a smart platform that serves a growing market segment. The platform will develop tools that will make the market grow in a more transparent, user-friendly manner. CryptoBnB will attempt to resolve the technological gaps in the current short-term rental platforms. The CryptoBnB platform will aim to significantly improve the user experience within the peer-to-peer rental market by implementing the following technological advancements:
Even though short-term rental platforms have been successful by providing access to short-stay accommodations, the results of the SWOT analysis show that there is a pressing need for the adoption of a new model that will address the gaps in the existing platforms. CryptoBnB will be built on the already functioning short-term rental model but with the introduction of advanced technology based on blockchain technology, AI, and big data. These features will allow our marketplace to catapult to success with growing demand, new acquisitions, and novel products and services within the sector. This innovative approach to short-term renting will make CryptoBnB a leading competitor in the short-term rental market. CryptoBnB is developing a unique proprietary application—patent-pending CryptoDNA™–that traditional hotels and rentsharing sites such as Airbnb, HomeAway, FlatClub, and Wimdu are not currently using. The following schematic shows how CryptoBnB will address the current technological gaps of existing platforms.
CryptoBnB: The Solution
CryptoBnB will build a smart platform that serves a growing market segment. The platform will develop tools that will make the market grow in a more transparent, user-friendly manner. CryptoBnB will attempt to resolve the technological gaps in the current short-term rental platforms. The CryptoBnB platform will aim to significantly improve the user experience within the peer-to-peer rental market by implementing the following technological advancements:
User identity supported by fingerprints to solve fraudulent claims
- Trust-based voting and rating system to allow users to know their peers’ ratings
- Self-learning smart wallet that captures user preferences
- 0 perceny commission using cryptocurrencies
- P2P smart contracts and elimination of middlemen
- P2P marketing using AI logic
- Address network limitations of micro transactions on the blockchain and use IPFS to
CryptoBnB will be hosted on the Web and on mobile devices through native applications. The platform will use P2P smart contracts to conduct transactions on the backend.
The platform will be powered by blockchain and will use CKey tokens for exchange of services.
CryptoDNA™
The CryptoBnB platform will be powered by CryptoDNA™. The team will develop this new protocol, which will feature all the technology innovations that will be featured in CryptoBnB. The platform will address the following issues:
With the global Internet today and a lack of central identity, user identity issues started to arise due to malicious activities that resulted in false claims and fraudulent scams. Trust-Based and Rating System: This technology is one of the most crucial to the hospitality and short-term rentals industry. This feature is important since there are several documented cases of centralized manipulation of bad reviews, and it turns out that it is legal Smart Access Blocks (SAB) and IPFS:
Smart Access Blocks (SAB) will be used to create permissioned blocks to store data to represent smart wallets. CryptoDNA™ will allow the storage of growing personal data to shape the wallet owner’s digital identity. The data will be collected from the individual's transactions (micro transactions). Micro transactions will be captured every 24 hours by cryptographic images that will be stored on the block. Details of this archived data will be managed using an IPFS file sharing system.
Smart Access Blocks (SAB) and IPFS:
Smart Access Blocks (SAB) will be used to create permissioned blocks to store data to represent smart wallets. CryptoDNA™ will allow the storage of growing personal data to shape the wallet owner’s digital identity. The data will be collected from the individual's transactions (micro transactions). Micro transactions will be captured every 24 hours by cryptographic images that will be stored on the block. Details of this archived data will be managed using an IPFS file sharing system.
Token Details
Total CKey Tokens:
1 billion - 1 CKey = $0.08 - Bonus Token on Sched published - HardCap: $15.2 million - Minimum Cap: $5 million - Minimum Purchase: $75 (0.1 ETH) - CKey Token: ERC20 - Participant wallets must be ETH ERC20 compatible
Token Dispatch and Listing
- Participants will register on the Crytobnb.io (no other website or mechanism is promoted).
- After filling out the KYC form, the CryptoBnB team will vet all applicants. The team will notify of an approval or rejection with the ETH wallet address.
- Upon successful ETH transfer, a notification will be sent to the applicant.
- Allocated tokens will be transferred to the applicant’s wallet in no more than one week.
- Tokens will be listed in major exchanges within one to two months from the token’s dispatch date.
MORE INFORMATION :
Website: https://cryptobnb.io/
Facebook : https://www.facebook.com/cryptobnbico/
Twitter: https://twitter.com/CryptobnbIco
Whitepaper : https://cryptobnb.io/wp-content/uploads/2018/01/CryptoBnB_en.pdf
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