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College is generally a financially restrictive time for students. Perhaps parents or loans have covered tuition and food, but beyond that, the money is tight. Walking into the campus bookstore and realizing that the books they’ll need to buy are hundreds, or even thousands of dollars can be totally disheartening. Suddenly, borrowing from the library looks like a really great plan.
After a few months of borrowing books, it becomes clear that borrowing may be the very best option for them, since they likely won’t ever read the book again! Borrowing is suddenly the very best thing in the world.
The ‘everything’ library
But imagine a ‘library’ with more than just books to borrow? Instead of being forced to buy something to try it out, or to buy something for a single use, you could just borrow it instead? The cost savings would be huge and the benefits of the ‘library’ system would extend to everything.
That’s exactly the vision of the Rexpax team. Rather than buying the next item you want to try out, Rexpax makes it possible for you to borrow it, give it a try, and decide, or use it for the single use you need. Savings and the power of sharing can come alive.
Who gives the stuff?
The problem of course, is not the borrower. As a borrower, you know your intentions are good and you’ll return the item. But for the person who actually owns the item you’re borrowing, there’s a need for really strong trust – something that’s been widely lost in our digital economy.
However, Rexpax has created a system using Blockchain technology that can allow users to share their things, and for borrowers to find others willing to share, all with full confidence and trust. The platform uses a proprietary cryptocurrency called Rexx, which can be earned by sharing and adding comments and recommendations to the platform. This protects users within the system from losing their items.
This trust system is built as a genuine peer-to-peer ‘library’ of sorts, where users loan their things into the system, and then receive them back again, and even monetize them while they’re not being used.
Your home online
Additionally, Rexpax has integrated a feature called ‘home online’, where users are able to create ‘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.
The millennial generation is no longer constrained by the thought processes from the previous generation. The desire to borrow rather than to own, and the ability to create trust through technology, rather than through long term 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?