Remedying Market Risks
Existing Risks in the Market
- The yearly loss due to private rental property fraud is on the rise on a global scale.
- With many rental scam cases related to the COVID-19 pandemic, renters have lost billions of dollars since 2020.
- The most common frauds are deposit schemes, which may occur when tenants pay an upfront deposit online. In these cases, the property doesn’t exist or was rented out to multiple victims in parallel.
- The majority of fraud victims are international students and other low-income market players.
A gateway or a user-friendly mainstream platform to send and receive rent payments in cryptocurrency doesn’t exist, although homeowners, landlords, and tenants would benefit from a safe and profitable way of managing transactions.
- Centralized platforms incur high service fees with charges acquired from tenants and landlords reaching up to 18%.
- Brokers and property management firms often charge very high commissions.
- Centralized platforms storing personal data have shown their tendency to manipulate, trade, sell and thus misuse their users’ data. They are also highly vulnerable to hacking attacks.
- Billions of records are exposed every day, and those records may contain complete private information, including social security number and driver’s license number, as well as even medical records, financial records, or credit and debit information.
Many people have difficulty paying rent on time or do not have the means to put down a deposit. These market participants could benefit greatly from an opportunity to obtain short-term credit rather than selling their cryptocurrency and losing potential future value. PRIMARY will seek to help these groups of people as well – either through community loans or through third-party DeFi partnerships.
At the end of fixed-term leases, it often happens that tenants keep their deposit and do not pay it back, or only partially pay it back. Quiet often this happens for unjustified reasons.
PRIMARY will leverage synergies between the deep expertise of its team and the power of its technological components to successfully develop a state-of-the-art platform to solve the problems outlined through 5 key points:
- Decentralized real estate economy – free of redundant paperwork, outdated middlemen, and universally applicable commissions without consideration and instead of an onboarding gateway and a hub for rental transactions in crypto
- Fraud-proof data protection to eliminate the risk of misuse, theft and manipulation of privacy rights
- Autonomous contracts to enforce the validity and effectiveness of multi-signature agreements
- Access to liquidity to allow market participants to use crypto assets as collateral for short-term rents and deposit loans or to receive rewards as landlords
- First-to-market dApp for property rental and metaverse property management, with a focus on the mainstream establishment
PRIMARY initially supports implementing both cryptocurrency and Fiat for rent-based payments. Once the platform is economically sustainable, it will help spread the growing use of immutable records and cryptocurrency transactions – be it as contractual collateral or as an ongoing financial activity.
The added value of blockchain technologies will enable PRIMARY to pave the way for streamlining innovative industry practices and redefining the status quo, including:
- Community validation of contractual disputes
- Leasing of venues on metaverse lands for yield generation
- Conducting and concluding multi-signature agreements across regions
- Autonomous management of deposits releases and disbursement of utility payments
Benefit from different reward programs and stake your PRY either on Ethereum or Binance Smart Chain. Each of the staking programs offers different incentives in addition to the network’s liquidity provider fees. Choose between MetaMask on Uniswap, Bancor, and Pancakeswap to stake PRY.
Stake your PRY now and get rewards: