Rentals
FLAM is mainly utilized for trust and security in the P2P rental process, whereas FBX is for payments. Athough, FLAM can also be used for payments, as it has real monetary value, due to its nature of being a deflationary token, and possible volatility due to several market-related factors, Flambu makes the process of P2P payments easier by utilizing its stable token FBX.
For each rental, the renters and the lenders will be required to own and lock a certain amount of FLAM in an escrow smart contract as a security deposit. This is to incentivize the users to behave in accordance with the community's rules and to disincentivize malicious behavior. The amount of FLAM to be locked by each user will be determined by an algorithm that considers several factors and improves in time with machine learning. Any possible damages that are above the FLAM amounts locked by the users will be covered up to a threshold supported by the protection pool for each rental.
The renters can pay with their credit or debit cards for any rental, and in the backend, the fiat payment will be converted automatically to FBX for ease of use. However, users are not required to use any payment methods given that they have sufficient funds of FLAM and FBX in their in-app wallets.
Last modified 1yr ago