Disrupting the property market is not an easy problem to solve. We had to break down the problem into smaller tasks and find a relevant solution for each part:
This was an easy decision as we had to use the existing legal system in each country. It is done by registering a business in each country and having lawyers and accountants. And comply with the regulation of property ownership in each country.
Option 1 was using a centralised server like GCP to host all the systems and data and maintain in a closed environment. But this solution lacks transparency, and the only way to verify the truth is by trusting the system.
We decided to use a more transparent solution to let you store the information and let everyone see the history of transactions of a portion. This is accomplished by using blockchain to make sure no one can manipulate the ownership or the number of portions for any property.
Owners can vote for decisions like when to increase the rent when to sell the property, and more. We use a simple voting system, with the rule of 51% voting for the action. Again here we could write T&Cs and agreements like traditional systems. But we all know anyone can change the terms after they are written.
We decided to use Smart Contracts, so no one, including us, can alter them once they are defined. It means all owners of a property have to comply with the terms once they enter the contract.
Also as this is a tamperproof contract and on the blockchain, you can always read them before you enter them. We believe we should have all the same power to have a healthy community.
Again using traditional software like Xero and online payment solutions was not really efficient to handle a $36 annual payment on a $500 investment. The majority of this money would be gone for international transactions and accounting fees. And current banking system takes 5-10 days to handle international transactions.
Here we used digital currency, USDT, on the Polygon network, this costs less than $1 and is instant.
Between choosing to have a lawyer drafting a contract for each small transaction v.s. an automated system, we chose the latter by using Solidity to write the Smart Contracts.