HomeStay is a decentralized P2P home rental service application. The idea behind the development of Homestay mainly comes from the problems we face in todays Rental service application. Problems :
- Users have to completely depend upon third parties.
- Third parties have the complete control over managing the app code and transactions.
- Both the landlords and the tenants have to blindly trust upon the highly abstracted Revenue models of applications.
- Tenants also have the issues of Spending high payments and are being comprised in finding the right valued houses for their money.
In order to overcome all these issues, HomeStay is build upon the Ethereum blockchain network which completely eliminates the trust issues. All the code and transactions will be written on distributed immutable ledger with which no one can tamper. Without the involvement of third parties a user can host his/her properties for rentals on our app and a tenant can buy them with seamless contract based agreements. HomeStay uses the concepts of Smart Contract based agreements and Timebased wallet transactions in manging the rental service.
When a tenant books a room on our platform, the total amount to be paid as rent will be deducted and transfered to the smart contract. The smart contract will store the amount and which will be delivered as a rent for booking to the landlord only after the Contract time is started. All of this functionality will be taken care of by smart contracts code.