ATLANT — Invest. Rent. Trade.
Long-term as well as short-term property rentals such as vacation homes are now more accessible because of the introduction of several online platforms like Airbnb and Booking, to name a few. With the travelers’ familiarity with sharing economy, various startups in the rental sphere are now sprouting in the market and are gaining popularity that they are even affecting the hotel market.
Sharing economy is based on the idea of a direct relationship of the host and the tenant. However, P2P (peer-to-peer) economy right now is not fully implemented because there are still middlemen (booking service or agent) which serves аs guarantor and arbitrator in resolving disputes and nonstandard situations. So, the hosts are still not earning the full potential of his establishment and the tenants are, in effect, still paying more than they should.
According to research, leading short-term rental marketplaces such as Airbnb charge a service fee of up to twelve percent from the guest and three percent from the host, this is to compensate its three thousand five hundred plus employees who process transactions in a centralized system. Also, hotel marketplaces like Booking and Expedia charge their affiliate hotels ranging from fifteen to thirty percent depending on location.
Reviews in rental properties in platforms like Airbnb and Booking are gathered by a proprietary nontransparent internal database. And because it is nontransparent, there is a high risk of a potential abuse of the system, they can easily change or delete reviews or create a self-rating. This system is not reliable because businesses could easily reach out to customers and convince them to change their negative reviews in exchange for refunds or other enticing offers.
ATLANT aims to provide a better solution to that inefficient practice which would result to reduction of commissions and publishing true ratings. Peer-to-peer rental service offered by ATLANT relies on three main protective mechanisms — escrow, reputation system, and decentralized arbitration.
Any lessor may get listed on the platform. They can start by giving their real-world identity and sending a security deposit into the escrow contract provided by ATLANT. This is a protective measure against rental listing spam and ATLANT Distributed Data Store (ADDS) bloating. The host or lessor will first create both the Ricardian and EVM contracts through the ATLANT software, which are then automatically interlinked and deployed in ADDS (Ricardian) and Ethereum (EVM contract). Lessor’s real-world identity is located inside of the Ricardian contract stored in ADDS. After the smart contract is deployed, the lessor sends a security deposit to the appropriate smart contract, which acts as an escrow and discourages possible dishonest behavior of the lessor.
Lessors are required to provide real-world identities so they can be listed as a host. Considering other entities on the platform, ATLANT share the approach of the Aragon10 project towards identity in the decentralized network:
Identity is opt-in.Entities are free to transact pseudonymously.Entities are free to choose how they want to identify themselves, and what identity providers they consider valid to identify others.Identity belongs to the individual or organization, which means that the only entity which can provide the ultimate truth about their identity is themselves or entities they personally appoint for this (through cryptographic proofs).
ATLANT uses reputation system which is a decentralized rating and review system, where reputation refers to the overall trustworthiness of an identity within a network. Sybil attacks (fake ratings made by an attacker using sockpuppet identities) and distributed storage are major considerations in the decentralized reputation approach of the platform.
Sybil attacks can be resolved by increasing the cost in resources or time to perform an action. For a tenant to be able to leave a review and rating, he must present a proof of transaction. As described above, a transaction from a tenant to a host entails a small fee, which is automatically paid to ATL token holders running an ATLANT node on their computer by the EVM contract. This fee benefits the platform token holders and serves as a guard against fake reviews and forged ratings. ATL holders may also vote on a proposal to impose a fine on an unethical host, which is taken from the host’s escrow security deposit. The platform’s distributed data store (ADDS) is utilized to solve problems of rating persistence and accessibility, while Ethereum blockchain is used for timestamping and securing data, which enforces rating immutability. These activities stored in the blockchain has IPFS links to ratings stored in ADDS.
Review is optional and may complement a rating score, a basic unit of reputation change, at the discretion of the lessee. Technically, both the rating score and the review are assembled in a single object (score object) and pushed into the ADDS upon rating score creation. It is directly linked to the payment transaction of the tenant to the lessor, while its hash is recorded in the Ethereum blockchain to guarantee rating score’s counterfeit protection.
Network protocol ensures that score objects are stored decentrally in such a way that while every node has these objects in its local ADDS, nobody can modify ratings already created by other network identities.
The ATLANT token is being sale already and will end on 5 days so be part while you can still get some bonus upon participating. Also check the ATLANT whitepaper for more information.
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