Digitising real estate ownership
We want to democratise property opportunities, to be accessible by everyone, wherever they are. By buying and selling these tokens, you are – in a way – buying and selling fractions of the underlying property. We have created a structure including Public Trust Company to create the link between the tokens and the actual properties.” – REIDAO
Interview with REIDAO
BitcoinChaser: What kind of problem, market deficiency or opportunity inspired you to launch your project?
REIDAO: Inability for the mass market to enter into real estate opportunities because of the relatively high financial commitment needed to do one.
BC: How will your project address this problem, market deficiency or opportunity in a unique.
RD: By tokenizing the property, the point of entry into real estate opportunities becomes smaller because it is shared. Also by using a public blockchain such as Ethereum the property tokens become public record, simulating how traditional property ownership works.
BC: How do you think competition will develop following your token sale?
RD: Competition is good. It helps in bringing in more attention to the real estate vertical. I’m sure there will be a lot more companies doing what we do in a more localized setting.
BC: What are you planning to do with the proceeds of your ICO, and why?
RD: Expanding our Proof of Concept. Every jurisdiction has its own uniqueness pertaining to their real estate rules and regulations. We need to solve them one by one, jurisdiction by jurisdiction. This takes up a lot of resources.
BC: For all those who have read your white paper and are still on the fence about contributing to your token sale, what can you tell them that could lead them to buy into your project?
RD: It is relatively risk-free. When we do our Proof of Concept properties, users can join the token sale for these properties, and they will get property tokens that are backed by the particular property at face value. i.e. if someone buy $100 worth of property A, they will get tokens representing $100 of that property. Now this is where the real benefit comes in: when they do join the Proof of Concept token sale, we will also give them bonus of REI token, which is our platform membership token, FREE. So they have all the upside when REI token increase in value, but protected their downside because the property token is backed by real asset.