The integration and usage of the IQ Protocol involves three main stakeholders:
- IQVerse (a.k.a. Universe) – the protocol representation of an IQ client that wants the rentals to be integrated;
- Lister – the original asset owner who is aiming to rent it out;
- Renter – a user who is planning to rent an original asset playable in IQVerse.
Here we overview their flows of integration and usage (just the main scenarios) before getting into details of each one.
It consists of 5 steps:
- Planning: what should be rentable; what limitations, side effects, and other mechanics should be applied; what's your economy model and the main goals of introducing renting.
- Creation of an IQVerse, which is done once (for a service) via a ready-to-use UI. As a result, the creator gets an IQV token, which defines their ownership over the created IQVerse.
- Optionally, the IQVerse may be whitelisted by contacting our team. If it is whitelisted, its page can be found in the IQ Market. Otherwise, that page is only accessible via a direct link.
- Deployment and registration of a Warper per an Original Collection that’s supposed to be rentable. This is also done via an existing UI; IQVerse Fee per cent is set at this point.
- The Warper can be deployed from a Warper Preset (an out-of-box solution maintained by the IQ Labs) or from scratch. To get help with deploying a custom Warper, contact us at [email protected].
- Providing eligibility to owners of Warped Assets (if eligibility is already provided to owners of Original Assets, this is as simple as changing the contract address and adding a condition in the service's logic).
- Finally, introducing the IQ Market to the users. If, for some reason, the IQ Market doesn’t fit your needs, please contact us at [email protected] (our team is working on Embedded Renting so that one will be able to build a custom UI or integration with the IQ Protocol).
Normally, a Service Provider integrates and tests this for testnet first and then does so for mainnet.
See details of planning in the next section.
Once an Original Collection has a Warper deployed and registered, an Original Asset owner can go to the IQ Market UI and make the listing. Alternatively, if a custom UI or integration is implemented, they can use that.
If the IQVerse is whitelisted, they can hit “List” on any page of the IQ Market and proceed; otherwise, they have to open the IQVerse’s page by the provided link and do the same. Listing consists of setting listing terms and parameters (like price per time unit) and sending a couple of transactions.
See details of the lister’s flow in the IQ Market here.
To rent a Warped Asset, a user just needs funds in their wallet to pay the fee. Like listing, this can be done in the IQ Market UI (or via a custom UI or integration, if one is implemented). Getting eligibility from a rented asset is implemented entirely by the service provider and, in the simplest case, has no difference from that with an Original Asset in hand. Once the rental period is over, the renter will no longer own the rented asset.
The rentable assets are shown on the IQVerse’s page. If the IQVerse is whitelisted, its page can be found on the main page of the IQ Market; otherwise, it is only accessible via the provided link.
See details of the Renters’s flow in the IQ Market here.
Updated 5 months ago
Let's see what to decide before actual integration