rentible.io
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rentible.io

RNB is now also available on BSC!

RNB is now also available on BSC!

We’re excited to announce Rentible’s recent integration with AnySwap — one of the most secure bridge solutions in the industry and one of only two officially recommended bridges by Binance.

The added value

  • RNB token holders interested to migrate from Ethereum mainnet can now do so via this integration
  • RNB-BNB pool on PancakeSwap is now open
  • A new fixed APY staking program for liquidity providers on PancakeSwap is coming
  • Tokenomics are not changed (fixed total supply of 3.500.000 tokens)
  • The bridge helps lower platform transactions and make RNB more accessible

Considerations behind the solution

In the analysis of a bridge vs layer2 solution and which type of bridge to use, 3 conditions had to be met:

  1. Reasonable transaction fees when interacting with the Ethereum mainnet (when depositing RNB into the bridge)
  2. Security of funds
  3. Ease of use and accessibility to DEX

Option 1: Layer2 solutions

While many Layer2 solutions have been popping out recently, the required deposit fees to access a Layer2 solution are still very expensive. In addition, withdrawal from Layer2 can take days, and most Layer2 solutions are still in testing stages which pose considerable risk of financial loss due to bugs.

With regards to Uniswap-supported Layer2 solutions, there are 2 recognizable options: Optimistic Ethereum and Arbitrum. Both suffer from high deposit fees and prolonged withdrawal schedules.

[Illustration: withdrawal from Layer2 back to the mainnet takes about a week.]

Option 2: Cross-blockchain solutions

While there are many outstanding technical solutions that we follow and appreciate such as Solana, Avalanche or Fantom (Opera) — currently, the only major blockchain comparable to the Ethereum network in the form of maturity, accessibility and scale is Binance Smart Chain, which we believe answers at this point the criteria that Rentible needs in order to scale, mainly:

  • Cheap transactions
  • Massive amount of users
  • High volume DEX
  • Strong backing

Development of Bridge vs. 3rd Party Bridge

Self-developing a bridge has two components: the smart contract (deployed on both source blockchain and destination blockchain) and a centralized oracle that functions as the administrator of the bridge.

This centralized oracle is the vulnerability point in a bridge operation and while there are solutions for making it bullet-proof, the centralization aspect is still a critical factor for both architects and auditors.

Pros to building a bridge:

  • Complete control over code
  • Customizable to the project’s needs

Cons to build a bridge:

  • Increased exposure
  • Limited integration options

Reputable 3rd party bridges, which similarly to exchanges are willing to whitelist specific projects, also offer an opportunity to integrate with their other already onboarded solutions very easily: eg. BSC bridge integration now makes it easier to add AVAX or MATIC integrations at a later time.

We contacted a dozen bridge solutions and conducted a code review on the prominent ones. At the end of the review process, we concluded that the only 3rd party bridge solution that meets the security standards set by our criteria is AnySwap bridge, which can connect to 20 mainnets (including Avalanche, Polygon, Fantom and Harmony ONE), and uses a highly effective smart contract, with regards to both time and gas fees wise. As a comparison — an average deposit transaction on the bridge costs a ⅓ of Arbitrum and a ⅕ of Optimistic Ethereum fees.

Backup

While we’re very excited about RNB’s integration into AnySwap as a means to lower costs, introduce a new rewarding staking program on BSC, and expand our reach, we also developed a proprietary ETH-BSC bridge as a backup tool for any unforeseen circumstances.

How does it work?

Moving a token (RNB) from one chain (Ethereum) to another (BSC) requires 2 transactions. The first is depositing the token onto the bridge, and from the bridge, the token is transferred to a destination chain. This process might take between 10 minutes to 24 hours depending on the traffic, as there are 2 transactions involved. While pending, the transactions can be monitored according to their hashes. As the token is simply being bridged from one chain to another (and back), the total supply of the tokens is not changed.

More information on AnySwap’s Support Center: https://anyswap-faq.readthedocs.io/en/latest/How%20To%20Setup%20and%20Use%20Anyswap.html

How do I find the RNB on my wallet?

On MetaMask’s BSC Mainnet, add the following RNB Smart-Contract address on BSC as an imported token:

0xaDEC335A2e3881303a9b0203eb99DE12202280dF

After the 2 transactions are completed, you will see the RNB tokens that were migrated on your MetaMask Wallet.

What’s next?

To reward community members and incentivize exposure to the new RNB-BNB pool, a new fix-period staking program with a fix APY will be launched as well this month.

ℹ️ Notice — the allowed space for the staking program is 250.000 RNB and it will be available on the BSC pool only! so for those interested to join, it is recommended to already have your RNB ready on the new pool.

A separate guide on how to join the RNB-BNB staking program will be published on Medium and the official social channels.

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A groundbreaking solution enabling tenants and landlords to conveniently send and receive rent payments in cryptocurrency

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Rentible Team

Rentible Team

Future of Crypto Rental Payments - A groundbreaking solution enabling tenants and landlords to conveniently send and receive rent payments in cryptocurrency

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