Tokenized Realty

Tokenized Realty helps property owners insure against market value depreciation while also providing investors a way to buy into the property market at no minimum cost.

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Inspiration

I was inspired to make this project due to the current uncertain economic environment we are in. The saying "safe as houses", is no longer as safe as it once was. On the other hand, we are now living in a world where a huge portion of the population will never own a house.

What it does

The application essentially acts as a P2P marketplace for people to create collateralized tokens and purchase them based on the current market value of an area of land. (Currently only open to zip codes in the USA) Created tokens have a max USDC limit and an expiry date. Purchases must be made before expiry. After expiry, tokens can then be converted back to USDC, and the difference in value depending on the new value of the land will mean that purchases or sellers have made a profit.

How we built it

Tokenized Realty is built using Hardhat, with React for the frontend. The smart contracts are written in Solidity and use Chainlink with the ProspectNow Data Oracle to get the average cost of land for a given ZIP code. This is done on the Ethererum Goerli network. The front end is hosted and deployed through Netlify.

Challenges we ran into

At first I tried to use the SmartZip Data Oracle to gather specific estimated valuations for a given address. The problem with this is that the SmartZip Data Oracle required a specific propertyId and I was unable to find a way to find this for a given address.

Accomplishments that we're proud of

Finishing the end to end proof of concept in one month was a great feeling.

I am happy with the solution I have for making transactions; All transactions are passed into a "TransactionModal" which handles the processing and UI which gives an informative way for the users to see what is happening.

Before doing any of the frontend, I thoroughly tested the smart contracts using Hardhat which gave me a good basis for going forward.

What we learned

I learned a whole heap about Chainlink. I also learned a lot about Hardhat since I was new to this framework. As always, just having a set task meant that I learned a lot of good coding lessons along the way.

What's next for Tokenized Realty

I descoped a lot of this project for making it able to be finished by the due date. So I have a lot of ideas for future work. I have a lot of improvements on the front end that I want to do. Better feedback of token state. Better UI design etc. I also think I would like to try and find a way to get SmartZip working so that tokens can be created for specific properties.

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