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The Pegaxy rental system is the first trustless rental system inside of a Play-To-Earn game with a dual token economy.
When we say security, we do not mean only for the Pega owner (Manager), we also mean for the Renter (Scholar). Traditionally rental systems inside of P2E were controlled by the Manager and payments were made manually to the Scholar. This system provided large opportunity for low-quality Managers to "scam" unsuspecting Scholars by having them work for weeks or months on end, and never paying the Scholar for their hard work.
In the Pegaxy rental system, we use an automated payout and rental process. In short, Pegaxy provides an escrow account for every rental agreement that receives all rewards and automatically distributes them according to the agreed rental profit share (eg. 70% Scholar, 30% Manager). The Pega that is being rented-out by the Manager is also held in the escrow wallet, meaning the Manager does not need to send the Pega to another wallet or directly to the Scholar.
There are three types of renting inside the Pegaxy game. These are Fixed Renting, Profit Share and Direct Rental.
- Fixed Rental
- The "Fixed Rental" system is the most traditional or "real world" renting style. In this scenario, an NFT Owner simply puts his Pega onto the market for a fixed price, for example 2,000 PGX. In return for the 2,000 PGX, the Renter will receive the Pega for a fixed amount of time, for example 60 days. In this scenario, once the renter has accepted the agreement and the Pega is inside the escrow wallet, the owner will receive the full 2,000 PGX from the escrow account, however will not be able to "take back" their Pega for the full 60 days, guaranteeing the renters Pega for the fixed rental period.
- Profit Share
- As mentioned inside the Security section above, this model has been simplified and automated to reduce the workload on owners. In this scenario, an owner may hold 70 Pega in their wallet. They have decided that they want to rent these Pega out for passive VIS earnings, however they do not know any Renters or Scholars personally. In Pegaxy, all they need to do is simply create the agreement by clicking "Rent" inside the Pega's dashboard, set the % profit split they wish to provide to the Scholar and hit "Rent"! From there, their Pega is placed onto the open "Rental Marketplace" where anyone is able to accept your offer. In this scenario, once the Scholar has accepted the agreement from the marketplace, the manager is able to "take back" the Pega at any time. This is because the Scholar may be underperforming to the Managers standards, and the Manager would prefer to find someone else in the market willing to work harder. This model incentivizes hard working scholars.
- Direct Rental
- This system is specifically designed for Guilds. With the rise of Axie Infinity came the rise of large scale guilds, for example YGG and Real Deal Guild. Being able to buy, breed then rent-out their NFT's to scholars is the core thesis of most guilds. The rental escrow systems outlined above are applicable to this rental method as well and will significantly simplify the management of guilds and reduce workload overall. Essentially, Direct Rental allows a Manager to create a rental contract which they then send directly to the Scholar for them to accept. Additionally, the owner can change their % share profit or take the Pega back through Pegaxy's innovative rental system. No other person besides the Scholar it was sent to will be able to accept the Scholarship.
As you can see above, we believe in system innovation and providing maximum security for Scholars and Managers equally.