Project Name: RealEstaTRON
Project Track: Web3
Team Name: Ignitus
Team Member(s):
1 snair2001
2 Shoydon
DevPost Project Link: RealEstaTRON | Devpost
Project Goal: Tokenizing Real-World Assets such as Real Estate
Project Value: Fractionalization of Real Estate enabling crowdfunding
Project Info: Ignithereum Network Ltd is developing a platform based on Blockchain technology to address the issues of fractional ownership and ease of transfer in the asset management industry to help with the sales and management of high value assets. We would like to extend this platform for crowdfunding of Real Estate projects.
Project Website: Real Estate Marketplace (real-estate-marketplace-tron.netlify.app)(https://real-estate-marketplace-tron.netlify.app/)
The video demo is available at
https://youtu.be/UhDp3s_gCXQ
Project Test Instructions: You should connect to the Nile testnet on Tronlink before testing. Go to âList Buildingâ tab and mint your token. It can be âboughtâ from another account as you cannot pay yourself.
Project Details: The Real estate industry is facing many issues such as Inaccessibility to retail investors due to high costs, Poor transaction speed, Lack of transparency, Complexity, Fraud etc. We started this company to use latest technologies such as Blockchain to resolve some of these issues.
Smart Contract links: TRONSCAN | TRON BlockChain Explorer | æłąćșćșćéŸæ”è§ćš
Project Milestones:
Milestone 1: Finalization of problem statement
Milestone 2: Front-end development
Milestone 3: Smart contract development and deployment
Milestone 4: Integration of front-end and smart contract
Milestone 5: Testing and bug-fixing
Welcome to the Hackathon of season 7, I have read youâre project but still do not get it
You donât need to put every text in square brackets.
Can you provide more information, your project instructions are not clear
Your formatting is not for project description
You are welcome to the hackathon session 7
My understanding is that you are aiming to tackle some of the critical issues in the real estate through blockchain technology. My question is;
- How are you going to lower the barrier to entry for retail investors?
- Are you making ownership of real estate fractional to make investments more affordable for retail investors?
Welcome to Hackathon Season 7, please updates parts of your submission, thanks!
Usually potential home owners have to come up with a large upfront payment to buy their first home. This reduces the number of potential buyers and also the amount invested. Liquidity is also affected due to indivisibility of these investments and the smaller pool of investors.
In our solution, properties can be divided into very small units called tokens. They are divisible and could trade in a way similar to crypto-currencies. This will lower the barrier to entry for retail investors.
Usually property investors have to buy large chunks of real-estate which are indivisible during transfer. This reduces the number of potential investors and the quantum of investments.
Our solution improves liquidity in the real-estate market while making large funds available for property developers from a bigger pool of potential investors.
Welcome team, please will these tokens be nfts?
Welcome to hackathon season 7
Please how do you plan to manage the crowdfunding process for real estate?
What criteria will determine which project is eligible for crowdfunding on your platform?
Yes; these tokens will be NFTs.
Initially the selection of projects for crowdfunding will be manual. It will be automated later.
The criteria for selection will be the âVolumeâ and âVelocityâ the token can potentially generate.
Thank you for your reply to me I am understanding it more clearer now
okay so will the prices vary to allow low income earners to take part of this great investment?
Ok, thank you for your answer
After the selection with your chosen metrics, how will you ensure that the selected projects remain transparent and accountable to their backers?
Will there be a periodic review to ensure that the selected projects remain accountable in their terms. And in the case of default, how will you handle it?
The prices will remain more or less same but will be low enough to allow low-income earners to invest/buy. Big investors will buy more tokens.
Selling these types of assets/tokens are subject to strict Government scrutiny and the rules vary from country to country. Some countries require a âCustodianâ to hold the physical assets that are tokenized. Most countries expect an AMM (Automated Market Maker) mechanism to be built into such exchanges.
We will ensure compliance to the law of the land wherever we operate.
alright thank you for the response
Ok, thanks for clarifying
Thank you for replying, it was clear and satisfying though I have more questions I will like to ask;
- How will you ensure the legitimacy of real estate assets listed on your platform
- Do you have a working plan to properly verify real estate assets before listing it, and what is your verification process like?
- Will you be working with local government registries or third party validators to ensure accuracy of real estate assets listed in your platform?