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Have you ever faced problems while renting an apartment? High agent and rent fees, unreasonably high deposit amount that you battle for to keep in the end, rent inflation, untimely evictions, privacy infringement? We’ve all been there, but things are about to change! In today’s article, we want to talk about a transformative project from Liverpool, England. Roost aims to transform the real estate industry in the United Kingdom using the multi-layered functionalities of the Fuse Network.
About Roost
Roost is a novel tech startup based in Liverpool, England, determined to change the way we pay rent and lease property, similar to how Airbnb did in 2010. The project’s core is a revolutionary idea that renting can be profitable for both the tenant and the landlord. This may seem counterintuitive at first but hear this — using the Fuse Studio and wallet, the Roost team is creating a fully transparent reward-based mobile payment system between tenants and landlords, providing major fee abstractions without the involvement of any 3rd party agencies or intermediaries all inside a user-friendly app. The Roost app is currently in live beta on the App Store and Google Play.
Roost native currency
Minted in the Fuse Studio, Roost’s native currency is called the Peepl (PPL) token. The native currency is exchangeable with the GBPx stablecoin, a British Pound (GBP) equivalent, using the onramp services built into the Fuse wallet. Using this onramp feature, users can top up their wallet balance with GBPx seamlessly with the use of a credit card or bank account and simply convert the balance to PPL inside the mobile app to pay or receive rent payments and earn rewards for staking.
Ok, but how do tenants earn money?
The process is simple. Both parties download the mobile wallet application. Tenants will have to top up their wallet balance with GBPx using a regular credit/debit card, and exchange them to PPL balance. Property owners, on the other hand, will have to list their estate on the application with property and contract agreement details. After the tenant finds the perfect place of residence and accepts the contract, an agreement is met. The initial deposit and around 10% of the monthly rent are allocated into a smart contract escrow. These funds are staked, or in other words locked in an escrow wallet to provide network stability, and generate interest in PPL rewards. These rewards are distributed according to the specified contract to both the tenant and the landlord creating an incentive-based economic model of the rental. Staking is a function of a Proof of Stake (PoS) protocol, which is similar to having an interest-bearing bank savings account.
The tenants will be able to earn the specified reward by paying rent on time, keeping the property in good shape providing photo evidence every 3 months. The landlords on the other hand will acquire two revenue streams, the monthly rental payments, and the percentage of the staked PPL. A win-win situation for all!
Current milestones
Currently, Roost is in its early stage of development, with over £40k locked in funding and a growing list of properties and tenant base in the Liverpool area. The Roost team is aiming to grow to about 30–40 new listed properties and a solid base of 2000 tenants in the upcoming months.
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