At Drivezy, we believe in adapting to new ideas and technologies. It is this adaptability and openness that has allowed us to become India’s largest peer-to-peer marketplace for car and two-wheeler rentals.
Right since our inception, we have strived to create a seamless rental service. In March 2016, we toyed with the idea of peer-to-peer car sharing, which was a unique concept in India at that time. Through JustConnect, we associated with a community of enthusiastic car owners who dared to challenge the way we perceive cars.
JustConnect
JustConnect began as a marketplace platform where car owners could rent their idle vehicles to people who needed it. Over the last year, we observed a phenomenal rise in requests from people who were keen on monetising their cars. Buoyed by the enthusiasm, we opened the platform to motorcycles and scooters this July. We have partnered with over a thousand owners in four cities since the launch of JustConnect. But there are bottlenecks in this system which have to be addressed.
The Conundrum
Though we intend to create an open sharing ecosystem; our platform is still based on a centralised model. It requires a single partner to bear the burden of ownership. The nature of costs involved, restricts the platform to only those who can afford a car.
Rentalcoins
RentalCoins 1.0 is our solution to this problem. It is an open, secure and transparent system built on the Ethereum network. It is a cryptocurrency tailored to meet the needs of sharing marketplaces such as ours.
By lowering the barrier to entry, this system will allow an even greater segment of the Indian population to invest in a shared fleet of vehicles that earn revenue.
The first iteration of RentalCoins achieves this by allowing fractional ownership and investment. People invest only what they can afford, but since there are fewer transitional deductions in a blockchain based system, they earn a higher share of the vehicle’s revenue. It will also allow investors from across the globe to directly invest in shared vehicles in India.
By investing in RentalCoins, people pool their investments to purchase a fleet of collaboratively owned vehicles. The fleet will be rented out through Drivezy and 95% of the revenue earned is returned to the investors.
To ease the process and create a trust-based network, we have built an app where investors can check their earnings and track vehicles in real-time.
RentalCoins 1.0 is just the first step in our mission to redefine the idea of ownership. We look to expand the scope of our cryptocurrency to build a value exchange system that facilitates the sharing of different types of assets including living spaces, co-working spaces, clothing, furnishing and many more.
To know more about RentalCoins, visit us the RentalCoins Website