Renting has been the standard in the UK and all over the world for decades. However, with changing technology and new financial models, that norm is becoming less sustainable. Enter EWO Place, a company that’s disrupting the rent-based real estate market by offering an innovative solution – a no-rent model instead.
EWO Place was founded in early 2016 at a time when people’s frustration of not owning a house of their own due to exorbitant prices was growing at a rapid rate. The company is on a mission to revitalize neglected areas while also providing more affordable housing.
EWO Place recognized how urbanization has led to the decline of small European communities and their eventual abandonment. At the same time, property values in many beautiful areas are on the rise. EWO Place purchases properties and employs locals to run them. They don’t make money from rentals; rather, the business provides a different approach to foster local economies where it does business. The company is based out of London and aims to revitalize small European villages by eliminating fees associated with renting property.
To bring their idea to life, they are using blockchain technology and asset tokenization – or trading assets digitally on a shared ledger – which can be traded from person to person on a global scale. It enables immediate transfer of ownership and ensures transparency throughout the whole process, from property purchase to sale.
How does EWO Place work?
EWO Place works with local communities to acquire and restore houses so that people may stay while only paying for basic utilities and maintenance. The company also provides optional services such as laundry, cleaning, guided excursions, or locally sourced goods to guests who choose to reside in their homes. Tenants enjoy a better rental experience by paying either no rent or very little on the homes they stay in. You only pay for what you consume at EWO Place, not for your entire stay.
The EWO network is powered by the EWO Token, which is its own cryptocurrency. The platform allows users to spend their native currency, the EWO Token, as virtual money. It may be used to pay for reservations, bills and other services such as third-party providers. EWO Place has value for both users of the platform and the areas it serves. Consider whether you don’t want to relocate; you could keep EWO coins and benefit from the usage of others. Some of the payments are redistributed as rewards in the form of EWO tokens, allowing users to cancel out their stay or gain more tokens.
In that scenario, it would be a kind of Real Estate “staking.” This is paid out to users every week as high yield rewards through the EWO app. The EWO app can also be used to send funds using the official application or exchange Ether for EWO tokens directly. Users do not need to integrate their bank account or cards in order to utilize EWO Place’s services across the world, offering higher security and convenience.
As previously said, EWO Place’s property subscriptions are designed to strike a proper balance between rewarding customers and lowering rents for communities. The necessity for a platform that democratizes the Real Estate business is clear, with property investments becoming increasingly out of reach for the general public, and blockchain technology may just be the perfect way out.