The crowdfunding real estate markets are growing all over the world. Our solution fosters trust and transparency as well as make it possible for potential investors with small relatively small capital.
What it does
Sellers register their houses on the blockchain via our platform and define the ROI plan for contributors. Contributors are able to put in some money into selected houses and automatically get the ROIs (e.g weekly cash returns). Everyone sees the transactions through the blockchain infrastructure.
How we built it
Firstly we made a brainstorming session to define the product concept. We validated our ideas by talking with mentors, investors and possible contributors (possible customers). To collaborate we used Dropbox, slack, GitHub. The team leader, using a lean approach, defined together with team members the tasks divisions. There were three main areas: development, design, and marketing. We have three main layers: Applications, Middleware, and Storage Area. The users interact directly with the apps. The apps don’t communicate directly with the storage area but do this through an intermediate software layer known as Middleware. All the details about apps and storage area interaction are encapsulated in the middleware. This means that all the apps, both web, and mobile, use the exact same middleware methods to get and set the persistent data. This architectural approach is based on software engineering principles of information hiding and code reusability. It strongly reduces development complexity and increases the robustness of the whole platform. Then we focused on the MVP (Minimum Viable Product). We have only one owner that is also the manager of the platform. The contributors can put money into the houses created by the owner. We have a special attention to the UI / UX of the web application.
Challenges we ran into
We run into many Challenges ranging from development, validating the idea, market analysis. From a development point of view the first challenge was the design of the smart contract infrastructure, then the middleware software modules and at last the apps. The final step was their integration a working prototype. The idea was validated through interactions and feedback from mentors and other possible contributors or investors. The market analysis is now on the run. We think there are great opportunities to attract sellers and contributors.
Accomplishments that we're proud of
In so short time, we made up a perfect working prototype from the scratch, designing a very scalable and robust architecture. and also performed a lot of actions for validating our idea. Further, starting from our market analysis, we were able to identify some tangible opportunities in the market like the one related to the NPL (Non Performing Loans).
What we learned
We learned really a lot from this amazing experience. We shared our knowledge without any reservation. Everyone of us feels strongly enriched by this experience.
What's next for Love The Chain
We plan to design and implement a lot of feature improvements and, at the same time, to continue the validation of the idea and the market analysis.