Rent24 has announced the launch of its blockchain-powered platform called PRIMARY. Rent24 is a co-living and co-working space provider. The platform will create a global network of its clients from all its living and working centers.

The vision behind PRIMARY

The company has developed the platform so as to connect participants on its network to the real world. Users will be able to connect with others, promote their services, share information and source funding for startups.

Additionally, the platform will work as a decentralized BlackBoard that connects job seekers to employers. Both parties will be rewarded in tokens. PRIMARY has an internal ranking system that rates all the completed tasks. This will create a global network made up of physical locations connected on a blockchain platform.

Initial Coin Offering

Rent24 will conduct an ICO next month to raise funds for developing the project. The company aims to raise $500M from the ICO. According to a recent study, the company recorded an increase in the number of co-working spaces between 2015 and 2017. Rent24’s current strategy focuses on global expansion. The company has 35 locations in three continents. It is working on increasing this number to 120 by the end of 2019.

In addition to offering co-living and co-working spaces, the company also runs a gym concept and several restaurant chains.

Blockchain finds its way into communal living

PRIMARY creates a co-working and co-living trend, which is similar to the “communal lifestyle.” This type of lifestyle is mainly based on transparency, collaboration and community. Blockchain is trustless in nature and hence helps boost transparency and collaboration.

Blockchain technology helps create a transparent and decentralized peer-to-peer coordination. It is therefore possible to set up a completely trustless ecosystem.

In a statement, rent24 CEO and Founder, Robert Bukvic, says that all users on the platform have equal opportunities both locally and globally. The community will determine the level of reward that users can send to each other. Additionally, the community sets the value for each service.

Commenting on the news, Damian Leich, co-founder and CMO said that the platform will act as a link to the digital and real world. He adds that all people are eligible to join the platform as partners or as members.