The Global Rental Token (GRT) project is an international brokerage service for the rental industry. The project is based on blockchain and will use its own token GlobalRentalToken as payment within this platform. In 2019, only the international vehicle rental market was valued at $97 billion. By 2024, it is projected that the market will be worth around $150 billion.
Introduction of GRT
The GRT project is powered by the GRT token. Eventually, the team behind the project plans to create a global online platform powered by the blockchain for the rental industry. This platform will serve both customers and major companies operating in the vehicle rental market.
GRT will not be limited to real estate. Instead, it will cover the entire rental industry. Wherever there is something to be rented, GRT will be there to offer a solution. The value within the Global Rental Token platform will be transmitted using the GRT tokens.
By using the tokens to transmit value, several issues will be resolved in the existing rental market. One of the main issues in the current global rental industry is the numerous currency conversions involved in a transaction. For instance, if tourists were visiting Italy from the US, they would need to convert their USD into EUR to rent a car.
Currency problems will be easily resolved using the GRT token. Instead of having to incur currency conversion costs and other fees, users can simply use their tokens with ease without additional costs. Besides that, the GRT platform will provide users with more options.
Most people in foreign nations usually have to pay high costs simply because they do not know about their options. With GRT, various companies can list their services on the platform at competitive prices. It will offer users of the platform more options and hence lower costs. The GRT platform will also facilitate easier communication. Users will be offered support in different languages, which will help to make processing transactions a smooth process.
Where Do You Access the GRT TOKENS?
Users can buy the GRT tokens using their native currency on the Global Rental Token app. Purchases can be made with credit cards. These tokens can then be used to fulfill a person’s rental needs with ease and without additional costs from payment processors. Within the app, users will be allowed to rate their experience and provide feedback on the service provider they use.
The Recent Token Swap
The GRT team recently conducted a token swap, which saw the number of tokens rise from 9 Billion to 30 billion. These tokens will be used for various functions within the GRT platform such as Airdrop and marketing, paying the advisers, staking, and the establishment of a sales fund.
Exciting Partnership in the Works
The Global Rental Token platform plans to become a licensed platform in the future. For licensing, GRT will apply for a license with authorities in Malta. Today, Malta is one of the friendliest jurisdictions when it comes to blockchain projects. Licensing will help to make the project more attractive to investors. As soon as the Global Rental Token platform acquires a license, it will make history as the first licensed blockchain-based rental platform in the world.
Licensing is crucial to the success of GRT. The leaders are already in talks with an Italy-based company that has investors from Silicon Valley venture capitalists. However, the Italian company will only invest in GRT if they are fully licensed.
Talks have been going on for a while and the company plans to invest a million dollars in the project as soon as they acquire the license. The company has been working on acquiring the license but the COVI19 crisis slowed down the process. As soon as the crisis is over, the company will acquire the license and secure a million dollars in funding.
Upcoming Changes
Besides the token swap, the team plans to make upgrades to the whitepaper as well as the Global Rental Token website. Additionally, updates to the roadmap will be made in light of the recent developments. These developments are expected to be revealed at the end of August or early September 2020. The goal of these upgrades is to ensure that the mission of GRT is achieved as efficiently as possible.
Summary
The international rental market could benefit a great deal from the blockchain. Today, users face many challenges including currency restriction, high fees, and slow processing. Besides that, users have to deal with the fact that their data is in the hands of these companies forever and can be manipulated. Global Rental Token could deal with these issues using the blockchain technology.
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