Putting rental security deposits to work. A high yield, flexible, safe and frictionless solution for both landlord and tenant.
The project combines the security of smart contracts and the interest-bearing mechanisms of Charged Particle NFTs. Through depositing a principle (DAI, USDT, etc..), and basically "charging" an NFT, a tenant can lock up his or her rental security deposit in a multisig vault together with the landlord. The NFT, let's say "Lousy Fiat Road 313", will then start to accrue interest through Charged Particles' "Token Charge"-interest-bearing mechanism. In the setup before deploying the vault, the tenant and landlord need to agree on the specifics of their security deposit contract. When a landlord connects his or her wallet to the dApp for the first time, we can assume that they carry no Roof NFTs, or authenticators. If none (first time setting up) the only options would be to create a "New property" (Landlord), or, if the user is a tenant, they would be prompted to input an "Access hash" given to them from a landlord. When creating a new property, the landlord will have to input: - Name of Contract - Address of property (currently not considered verified ownership of the property) - Deposit Amount (Amount requested for security) - Tenant reference (tenants wallet address) - Notice Period - Lease Start Date - Lease End Date - Renew Lease* - Deposit Pay by Date <--- When these are set an access hash is created, and communicated to the prospective tenant. ----------- **The tenant:** ---> Tenant receives the access hash and uses it to connect to the correct contract. The tenant can review the contract: - Address of property - Required Deposit - Tenant reference - Notice Period - Lease Start Date - Lease End Date - Renew Lease* - Deposit Pay by Date The tenant can set: - Deposit Interest Payout -> - Preference -> Reinvest Payout (Monthly) If all seems OK, the tenant locks in the $Deposit from his or her wallet Signature ->
How it's made
Roof^ has been built on the Ethereum platform using solidity as the smart contract language and using the Charged Particles protocol for added NFT mechanisms. Using Charged Particles we are able to create an interest-bearing NFT which accrues yield that may be sent to one or several different wallet addresses. This flexibility creates leeway and opportunity for Roof to further experiment with incentivization models for both landlords and tenants.Technologies used