Remove the blockers that make the largest asset class in the world, also one of the least accessible least liquid. Only $1.4 Trillion of the total $217 T real estate market was exchanged last year, that's less than 1%! To increae liquidity, we first had to solve both the high minimum entry cost as well as the access barrier of accredited investor status.
What it does
Decentralized exchange and trusted network of independent due diligence providers aims to to unlock liquidity, reduce entry costs and democratize real estate ownership through the fractional tokenization of real estate assets. Ya, we know it's a mouthful.. So what does this mean IRL?
We're opening up untold stories in real estate, creating liquidity for the largest asset class in the world with a global size of $217 trillion but with less than $1.4 trillion (>1%) exchanged in 2017, and most importantly creating an opportunity for communities to collaborate like never before!
How we built it
Solidity, JS, web3, react, truffle, html5, css3
Challenges we ran into
Non-fungible ERC721 and ERC821 standards were not sufficient to support our use case
Accomplishments that we're proud of
Created a new hybrid fungibility model. Also programmed a smart contract to tokenize RE assets and issue tokens to investor wallets. Created a mocked up flow to demo creating tokens, property search & selection and exchange trading.
What we learned
We learned that the current standard for non-fungible tokens, ERC721, wasn't sufficient for our purpose so we devised our own hybrid fungibility standard.
What's next for Abstract RE
Continue to build the product and evolve conversations with real estate owners, developers and investors, who we've been getting industry perspective & feedback from, into partnership conversations for an alpha adoption test group to provide the initial tokenized real estate supply on our exchange.