Real Estate Revolution: connecting vendors, buyers and agents over a fast, flexible and free global listing network.
REX ICO Information
Security CAP: 133,333 ETH
ICO Start Date: 4:00pm UTC July 31st, 2017
ICO End Date: 3:59pm UTC August 21st, 2017
“We have built a global listing engine upon which anyone, anywhere in the world can contribute. The goal of REX is to be like every MLS service in the world rolled into one, and not only free to search, but with incentivized participation.” – Stephen King, REX
REX ICO is live. Ends in...
Interview with Stephen King, REX Principal & Co-founder
BitcoinChaser: What kind of problem, market deficiency or opportunity inspired you to launch your project?
REX: In 2012, working as a real estate developer and broker, my company was paying $10,000 a year for access to real estate data on MLS listing services. We decided to create an application that would mine real estate information and aggregate it into a database we built. We learned quickly it was a difficult task to achieve due to the tight grip the existing MLS portals maintained on data.
In 2015 my co-founder, Russell McLernon and I, came across Vitalik Buterin’s white paper on Ethereum. We thought Ethereum would be a great tool for real estate transactions. After extensive testing, we realized Ethereum would take time to scale and mature. That December we came across IPFS, a new data distribution protocol. We realized IPFS coupled with Ethereum was the perfect combination to de-silo and open up real estate data on a global scale.
BC: How will your project address this problem, market deficiency or opportunity in a unique way?
REX: We have built a global listing engine upon which anyone, anywhere in the world can contribute. The goal of REX is to be like every MLS service in the world rolled into one, and not only free to search, but with incentivized participation. To achieve this, we first identified the three types of users we needed to convince to leave the existing portals and move into the REX platform:
- Mom/pop broker
- Large firms
All three of the above have different pain points on the existing platforms, so we had to create different incentive structures for each.
Mom/pop broker: We calculated the mom/pop broker was paying anywhere from $35-$1,000 per listing (the variation is a result of the disparities in fees around the world). On REX, listing fees are $0.10-$0.20/listing instead of $35/listing, and verified users are paid in REX tokens for each listing they upload. Mom‘n pop were also getting limited exposure, as most MLS portals are regional. When users upload on REX, they get international exposure. Next, mom ‘n’ pop’s listing pages were cluttered with ads for competing properties and only had a 25% chance of hitting a lead on their own page. On REX, a listing owner controls their own pages, and there are no advertisements unless the user initiates, at which point they themselves collect the fee—not REX.
Large firms: There is virtually zero interoperability between firms’ internal and external databases. They sign over their data to a third party portal service, and that portal then dictates how the information can be used. On REX, the firm maintains control of data. They can pull the listings through their own database, and control what goes out into the global network. REX provides a fabric that connects firms worldwide without the need for costly and inefficient intermediaries blocking every juncture.
Buyer/Customer: The biggest pain point for the buyer is the lack of direct access to the listing broker, and an insurmountable amount of old, unreliable data clogging up the process. REX solves this with the listing broker being directly accessible via the listing page. The issue of spam data is addressed by REX’s crowdsourced spam reduction through a system of micropayments of the REX token. Further, users with specialized knowledge can curate their own listing feeds, and are rewarded as their informations provides value the ecosystem.
BC: How do you think competition will develop in this segment of the market following your ICO?
REX: I believe as we scale, users will see the value in building applications on top of the REX engine. If competitors arise that are collecting significant amounts of data, we would look to partner/integrate with them, as we have just announced our intention to do so with REIDAO. Our mission first and foremost is to free data and enable a global, democratized real estate listing network. As a real estate professional, my mission is to update the industry infrastructure. This can only be achieved if the database is accessible and interoperable with other applications.
BC: What are you planning to do with the proceeds of your ICO, and why?
REX: The funds will give us the resources to build out the alpha/beta, launch the database, and market worldwide. We will also expand the team. Right now, we are contracting with several team members around the world and we would like to bring them on full time. Lastly, a portion of the proceeds will be designated to legal and making sure we are compliant in each jurisdiction so users can participate in REX worldwide.
BC: For all those who have read your white paper and are still on the fence about investing in your ICO, what can you tell them that could lead them to invest in your project?
REX: A lot of blockchain startups apply solutions to problems that are only marginally improved upon application. If there is one industry in the world most ready for a blockchain upgrade, it’s real estate. If you are unfamiliar with the current problems in real estate industry, I suggest researching the inefficiencies of MLS services in the US, Australia, Europe and China—it’s a worldwide problem. REX provides an elegant, scalable solution and a clear roadmap for achieving adoption.
The benefits to uploading data to existing portal systems are mostly asymmetric. REX is providing the fabric that will connect all of these databases. Once they are connected, innovation will flourish and the REX ecosystem will expand. The world is quickly globalizing which is changing the way people buy and sell real estate. REX provides a cost effective solution that benefits everyone from the buyer, seller, broker, firm, researcher and software developer.
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