Primalbase, the blockchain-enabled coworking company, has launched a new leasing and booking system called Primalbase Lease Market.
The system is the first blockchain-based booking system of its type to be launched and marks a major milestone in the development and delivery of blockchain projects.
Primalbase Lease Market enables its members – people who hold Primalbase tokens – to lease their tokens for a set price and time to individuals. Anyone who leases a token will then be able to use Primalbase’s shared workspaces for a period of their choosing.
To lease a token, people need to visit Primalbase’s booking site. They are then guided on how to create an “Ethereum wallet” and purchase a cryptocurrency called Ethereum. They can then select which dates and office they wish to book.
An algorithm then determines the best-available and priced tokens and presents the cost in Euros. By completing the transaction, the required Ethereum is then transferred to the token-holder and Primalbase takes a 10% administration fee from the token-holder.
It is hoped that this system will have the additional benefit of educating laymen on how blockchain, tokens and cryptocurrency can work in practice.
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More than 1000 users have access to Primalbase’s workspaces in London, Amsterdam and Berlin. The price of a hot desk using Primalbase Lease Market could be as little as £1 a day.
Crucially, there is also no administration, deposits or notice periods for people wishing to lease a desk. They are also automatically presented with the most competitive price, which is determined by Primalbase’s members.
Ralph Manheim, CEO of Primalbase, said: “We’re delighted that Primalbase Lease Market has been launched. It will benefit both our members seeking to maximise the value of their tokens and individuals looking for affordable, flexible and high-spec hot desks in the heart of some of Europe’s biggest tech communities.
“We’ve proven how blockchain technology can work in a real business setting and confer substantial benefits to everyone involved. This is also a great opportunity for us to showcase to the wider public a practical application of blockchain technology.”