Airbnb is one of the most popular online property rental businesses in the world, but unfortunately they don’t accept cryptocurrencies. Now there’s a new startup called Cryptocribs that provides a peer-to-peer short-term rental system that utilizes digital assets like bitcoin cash and ethereum for payments.
Cryptocribs: A Cryptocurrency-based Airbnb
There’s a new web portal called Cryptocribs that allows travelers to pay in bitcoin core (BTC), Bitcoin Cash (BCH) or Ethereum (ETH) for short-term apartment and loft rentals. The startup has said it also plans to integrate monero in the future. Cryptocribs is similar to Airbnb but wants to be a home for all the crypto nomads and perpetual travelers around the world. The Cryptocribs business model was created by Erasmus Elsner, a student from UC Berkeley in California. So far Cryptocribs has been seeing some growth since its inception a few months ago, as the startup has listed over 1,500 hosts on the platform. Property rentals are available in the U.S., Europe, Australia, Asia, and more as the site offers a global map for each location.
“We want to provide a peer-to-peer solution to the trust problem inherent with renting out apartments to strangers around the world — In the first stage, we plan to act as the trusted hub by hosting a listing platform Cryptocribs that accepts only crypto,” explains the startup.
This platform will be commission-based and offer a trusted sorting algorithm. Participating nodes, i.e., guests and hosts, are incentivized to join and contribute to the network through activity- and review-based commission rewards.
Marrying Airbnb and Craigslist with Decentralization
At first, Cryptocribs will act as a centralized platform as Airbnb operates, and in the future the startup plans to break up the different intermediation layers in the step-by-step rental process. The firm says it’s building a network of blockchain-based nodes that keeps the project transparent and trustworthy. “To achieve this, we aim to marry the best of the openness of Craigslist, the trust system of Airbnb and the decentralization of the blockchain,” details the Cryptocribs roadmap.
A Variety of Properties Around the World with Owners Renting for Crypto
A few examples of property rentals offered by Cryptocribs include a brownstone master bedroom suite located in Massachusetts, an eclectic apartment called the “artist experience” in NY, a two-bedroom loft in Amsterdam, and a pad located in greater London that comes with a maid. The website’s settings can be toggled to set the desired cryptocurrency in the payment category. Additionally, there is a filter for price range, dates, the number of bedrooms and baths desired, and also the choice between a private or shared room.
The team explains the company will always host listings and act as a mediator and escrow agent for rental contracts but hopes to expand by building a decentralized and open platform for other developers to “build reputation-based applications on.”
What do you think about the Cryptocribs platform? Let us know what you think about this idea in the comments below.
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Images via Shutterstock and the Cryptocribs website.
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