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StayBit, a Blockchain project founded in California, started beta testing technology aimed at combating fraud and reducing transaction costs for short-term property rentals. As a smart contract on the Ethereum network, StayBit provides a safe and reliable payment solution.
Often called “vacation rentals”, the short-term rental market consists of mostly individual owners, small property management companies and real estate brokers who offer their properties to travelers. This market is often considered as an alternative to the hotel industry, but unlike hotel industry, the VR market is hugely fragmented. You can find expensive mansions with breathtaking views as well as single rooms in Skid Row, and all are offered via multiple VR listing platforms. Unfortunately, the vacation rental market does not have any unified rating system, unlike hotels who have common star ratings. Travelers may also not be sure if the reserved property will be the same as advertised, or if it exists at all. The way their hosts will treat them may also be a surprise.
Currently, the only viable options for guests to find good deals without the risk of losing all their money to online scam artists are expensive middleman platforms like Airbnb. Such platforms are aware of the lack of quality alternatives and are shifting away from subscriptions to the pay-per-transaction model, making it more expensive for end users.