Rexpax creates a new system for borrowing and lending based on Blockchain technology.
With Christmas just around the corner, you may be looking for some gifts for friends. Perhaps the new Playstation for your son or daughter, or a brand new iDevice for your spouse. But, as with all other things, you’re just not sure which one to buy or which features are important. And you’d hate to hear the painful words, “I love it, but I would’ve gotten the one with…”
Wouldn’t it be nice if you could borrow one of the same item from a friend, use it for a couple of weeks, and then return it? You’d know what you’re getting yourself into and you’d be able to make an informed choice. Of course, that can’t ever happen, can it?
Borrowing the future
The reason such a scenario seems impossible is because of the lack of trust among anyone but the closest of friends. But imagine if you had an inner ring of incredibly close friends…but with millions of people? You’d be able to really trust all those people with even your most prized possessions, and have confidence that you’ll get them back, no question.
This sort of circle of friends is exactly what the Rexpax team envisions. Rather than buying the next item you want to try out, only to discover you’ve made some poor feature choices, Rexpax allows you to borrow it from a ‘friend’, give it a try, and decide what you like and don’t like. No more multiple return trips or partially disappointed loved ones.
Who’s your friend?
The barrier for a system like this is not with the borrower. When you borrow something from your friend, you know your intentions are good and you’ll definitely return the item. However, the person who owns the item you want to borrow needs to trust you…a lot…and that trust is what has been lost in the digital culture.
The Rexpax system uses Blockchain technology to allow users to share things, and for borrowers to search for those willing to share with full confidence and trust. The driving force in the platform is a proprietary cryptocurrency called Rexx. Rexx can be earned by sharing and interacting on the platform.
This trust ecosystem is designed to be a true peer-to-peer friendship, where users loan their things on the system, then receive them back again and even monetize them while they’re not being used by their owner.
Move your home online
Further, Rexpax has designed a part of the platform called ‘home online’, where users are able to build ‘rooms’ and ‘shelves’ and then display their items for borrowing or for sale, or just for ‘showing off’ what they have to other users. This provides a means for dialogue and also for ways for users to look for products they need to borrow.
Millennials are no longer limited by the patterns of the previous generation. The willingness to borrow rather than to own, and the ability to build genuine trust with technology, rather than with relationships, makes value real and sharable. And because the platform is built on Blockchain technology, it is functional and protected.
The system is designed to unite people around things, and around methods of trust. It’s simple enough – just like the library, why own something, when you can just borrow it?
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Author: Jon Buck