Rent-2-Own(under development)

Taiko The Grant Factory Hackathon Project

Rent2Own NFT Platform

Rent2Own is a decentralized platform that allows users to rent NFTs with the option to own them after fulfilling payment obligations. This innovative solution bridges the gap between renting and owning, making high-value NFTs more accessible to a broader audience.

Table of Contents

• Features
• How It Works
• Smart Contracts
• Installation
• Security

Features

• Rent-to-Own Model: Users can rent NFTs with monthly payments, eventually owning the NFT once payments are complete.
• Flexible Payment Plans: Customize the number of payments and monthly amounts to suit different needs.
• Secure Transactions: Utilizes secure smart contracts to handle NFT transfers and payment management.
• Ownership Transfer: Automatically transfers NFT ownership to the borrower after all payments are made.
• Default Handling: Mechanisms in place to handle missed payments and return NFTs to lenders.
• Event Logging: Transparent tracking of agreements, payments, and ownership transfers through emitted events.

How It Works

1. Listing NFTs:

   • Lender Action: NFT owners (lenders) can list their NFTs for rent-to-own agreements by specifying the monthly payment amount and the total number of payments required to own the NFT.
   • Contract Interaction: The lender transfers the NFT to the smart contract, which holds the NFT securely during the rental period.

2. Starting an Agreement:

   • Borrower Action: Interested users (borrowers) can start an agreement by paying the first monthly fee.
   • Contract Interaction: Upon receiving the payment, the contract records the agreement details and sets the next payment due date.

3. Making Payments:

   • Borrower Action: Borrowers make monthly payments as per the agreed schedule.
   • Contract Interaction: Each payment is recorded, and upon reaching the total payment amount, the contract transfers NFT ownership to the borrower.

4. Default Handling:

   • Lender Action: If a borrower misses a payment, the lender can invoke the default handling mechanism to retrieve the NFT.
   • Contract Interaction: The contract transfers the NFT back to the lender and handles any outstanding payments accordingly.

Smart Contracts

1. RentToOwn.sol

Purpose: Manages the rent-to-own agreements, handling NFT listings, payments, and ownership transfers.

Smart Contract Overview

RentToOwn

The RentToOwn smart contract facilitates rental agreements for ERC721 NFTs, allowing users to eventually own the NFT by making monthly payments. Here's a breakdown of its functionalities:

• Listing NFTs: Lenders can list their NFTs by specifying the monthly payment and the total number of payments required for ownership.
• Starting Agreements: Borrowers initiate agreements by making the first payment, which assigns them as the borrower.
• Making Payments: Borrowers continue making monthly payments. Once all payments are made, ownership of the NFT is transferred to the borrower.
• Handling Defaults: If a borrower misses a payment, the lender can invoke the default mechanism to retrieve the NFT.
• Payment Withdrawals: Lenders can withdraw accumulated payments from the contract.

For Lenders

1. List an NFT for Rent-to-Own:

   

   • Function: listNFT
   • Parameters:
     • _nftContract: Address of the ERC721 contract.
     • _nftId: Token ID of the NFT.
     • _monthlyPayment: Amount to be paid monthly (in wei).
     • _numberOfPayments: Total number of payments to own the NFT.

2. Withdraw Payments:

   • Function: withdrawPayments
   • Parameters:
     • _agreementId: ID of the rental agreement.

For Borrowers

1. Start an Agreement:

   • Function: startAgreement
   • Parameters:
     • _agreementId: ID of the rental agreement.
   • Value: Send the first monthly payment amount.

2. Make a Monthly Payment:

   • Function: makePayment
   • Parameters:
     • _agreementId: ID of the rental agreement.
   • Value: Send the monthly payment amount.

Handling Defaults

• Function: handleDefault
• Parameters:
  • _agreementId: ID of the rental agreement.
• Access: Only the lender can invoke this function.

Security

• Reentrancy Guard: Protects against reentrancy attacks using OpenZeppelin's ReentrancyGuard.
• Ownership Control: Only contract owners can perform sensitive actions using OpenZeppelin's Ownable.
• Proper Payment Tracking: Ensures payments are tracked accurately to prevent fraud.
• NFT Ownership Transfer: Securely handles NFT transfers to prevent unauthorized access.

🏗 Leveraging Scaffold-ETH 2

⚙️ Using NextJS, RainbowKit, Hardhat, Wagmi, Viem, and Typescript.

• ✅ Contract Hot Reload: Your frontend auto-adapts to your smart contract as you edit it.
• 🪝 Custom hooks: Collection of React hooks wrapper around wagmi to simplify interactions with smart contracts with typescript autocompletion.
• 🧱 Components: Collection of common web3 components to quickly build your frontend.
• 🔥 Burner Wallet & Local Faucet: Quickly test your application with a burner wallet and local faucet.
• 🔐 Integration with Wallet Providers: Connect to different wallet providers and interact with the Ethereum network.

Requirements

Before you begin, you need to install the following tools:

• Node (>= v18.18)
• Yarn (v1 or v2+)
• Git

Quickstart

To get started with Scaffold-ETH 2, follow the steps below:

1. Install dependencies if it was skipped in CLI:

cd my-dapp-example
yarn install

2. Run a local network in the first terminal:

yarn chain

This command starts a local Ethereum network using Hardhat. The network runs on your local machine and can be used for testing and development. You can customize the network configuration in packages/hardhat/hardhat.config.ts.

3. On a second terminal, deploy the test contract:

yarn deploy

This command deploys a test smart contract to the local network. The contract is located in packages/hardhat/contracts and can be modified to suit your needs. The yarn deploy command uses the deploy script located in packages/hardhat/deploy to deploy the contract to the network. You can also customize the deploy script.

4. On a third terminal, start your NextJS app:

yarn start

Visit your app on: http://localhost:3000. You can interact with your smart contract using the Debug Contracts page. You can tweak the app config in packages/nextjs/scaffold.config.ts.

Run smart contract test with yarn hardhat:test

• Edit your smart contracts in packages/hardhat/contracts
• Edit your frontend homepage at packages/nextjs/app/page.tsx. For guidance on routing and configuring pages/layouts checkout the Next.js documentation.
• Edit your deployment scripts in packages/hardhat/deploy

Documentation Scaffold-ETH 2

Visit our docs to learn how to start building with Scaffold-ETH 2.

To know more about its features, check out our website.