Products and services
Here we describe the different products that will be created within this Protocol.
INTRODUCTION
Normally for centralised systems, we have the conventional stack which consists of micro-services and frontend applications like Single page responsive apps and Mobile apps, to consume the data provided by the frontend.
The main focus of the existing systems is that they are mostly centralised in proprietary databases and the data residing there is distributed via so called micro-services that are patterned to provide small parts of data residing there according to the requirements of the customers.
Since the above databases are centralised and proprietary, they eventually tend to restrict access to data which otherwise should be open. And another drawback is that, since the databases belong to a single company, it limits scalability across national geographies and does not allow sharing, curation and open sourced app development ecosystem.
This platform aims to have a laser focus on this central feature of decentralisation in all that it does. It aims to create an ecosystem, where the data generated will be made open and transact-able on the chain and this will give rise to all the app developers in different parts of the world, to create their ecosystem to contribute back and make use of this system.
There is a separate line of investigation we are doing to study the existing centralised data providers and real estate agents to see how best we can integrate them via existing tooling that are being used.
This dual pronged approach of creating an open ecosystem and providing the right tools to the developer community, we hope to take the real estate market to the next level of maturity.
Cardano being research driven, also enables us to get the best of the research driven output from the blockchain community and helps us to leverage this for our own research and development.
FRONTEND PORTAL / MOBILE APPLICATION
This will be a portal that will be consuming data both from on-chain and off-chain and presenting the user with an uniform interface to achieve their goals of:
Able to upload the digital assets on the platform both for KYC/AML and also for proving ownership of the assets on sale.
Able to bid on the products already available in the online market
Able to buy and sell relevant tokens via wallets integrated onto the platform.
Able to withdraw funds to FIAT when required.
Ability to contact support in case of problems.
Have access to host of products like insurance against existing liabilities.
Overall the frontend is a demonstration of the capability of the platform. Our goal is to provide tools to developers so that they can enhance, build from scratch their own local apps in their own language, thus helping to create a global scalability and usability of the platform.
BACKEND SERVICES / APIs
The backend services will be as against traditional centralised applications be split into two parts. On-chain and off-chain services.
On-Chain Services
Since we are building from scratch the on-chain ecosystem for real estate, this part will need a lot of work, research and proper designing to fit the industry standard (if any). For the initial part we will focus on the financial transaction and exchange of value part. There are several key components to this, including availability of on-chain data, especially if we are working with different currency globally. The base token for transaction will be the REIT (Real Estate Investment Token).
Second feature of on-chain services would be to create a set of tools, that can be run by SPO's within the Cardano ecosystem and enable them to earn revenue and help decentralise the network. The details of this will be released as the team starts to work in developing this protocol.
The further deeper details of the extent of decentralisation of the protocol and the stages of these development will be released as work progresses.
Off-Chain Services
The off-chain services would be for example, the traditional finance related services like KYC/AML for personal verification, Upload and verification of the ownership documents. Since this is country specific we will rely on the ecosystem to support and develop some of the API's for this. But given the fragmented legal and governance system of the global system on this front, it would be hard to arrive at a uniform consensus based system.
Hence initially we will create some prototypes for specific countries where the team has experience with and that makes economic sense to invest in these interfaces. Details can be revealed later.
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