REITCIRCLES: Decentralized marketplace for verification for real estate globally - BACKEND DEVELOPMENT for this.

[GENERAL] Name and surname of main applicant

Nilay Saha

[GENERAL] Email address of main applicant

nilay.saha@reitcircles.com

Additional applicants

1. Antonio Hernandez-Garduno: https://www.linkedin.com/in/antoniohg
2. Huy Nguyen
3. Vinh Dang
4. Minh Vo
5. Giang Nguyen
6. Malay Saha
7. Manas Dewan

[GENERAL] Please specify how many months you expect your project to last (from 2-12 months)

4

[GENERAL] Please indicate if your proposal has been auto-translated into English from another language.

No

[GENERAL] Does your project have any dependencies on other organizations, technical or otherwise?

No

[GENERAL] If YES, please describe what the dependency is and why you believe it is essential for your project’s delivery. If NO, please write “No dependencies.” .

• Wallets in cardano ecosystem which allows for CIP-008 based signatures.
• Blockfrost (gradually we will get rid of this dependency by maintaining our own DB-sync and make the submission of transactions and query of database more decentralised)

[GENERAL] Will your project’s output/s be fully open source?

No

[GENERAL] If NO, please describe which outputs are not going to be open source. If YES, please write “Project will be fully open source.”

• Our platform will allow integration with all our services using API. There will be plugins developed for integration with existing service providers in this industry and we would later make these open source as protocols can be developed around it.
• The platform portal which has been developed using self funding will at the initial stages not be open sourced.
• Smart contracts that help with data verification etc. of the NFT created, will be open sourced, based on development requirements.

[METADATA] Category of Proposal

RealFi

[METADATA] SDG rating

1. Reduced inequality : Now every individual can issue their own verification data via this platform that will ensure property rights globally.
2. Sustainable cities and communities : Now communities can use this platform to issue themselves NFT based on their asset requirements.
3. Decent work and economic growth: The marketplace will foster job creation in communities globally related to real world asset verification.

[IMPACT] Please describe your proposed solution.

• The solution proposes that the marketplace for verification will contain jobs/tasks created and published from the reitcircles platform when new assets are requested for verification.
• Different players such as notary, legal verifiers, real estate agents and other players in the ecosystem, can register on the platform and request jobs to be allocated to them.
• The job allocations will be done on the basis of different parameters such as region, city, province , country, qualifications, age and reviews.
• Smart contract driven workflow will determine the lifecycle of tasks published on the marketplace.
• The automation of tasks for verification will allow neutrality of different participants as far as verifying an asset. More than one verifier per task can be an option so that oracle based solution can be implemented.

[IMPACT] How does your proposed solution address the challenge and what benefits will this bring to the Cardano ecosystem?

• The proposed marketplace will now enable anyone to have their assets verified and NFT issued on the blockchain. This service can be used by different centralized providers such as title deed issuers, non financial banking institutions (who currently do not have any technology platform or the ability to create one themselves).
• For other realfi projects this can enable collaboration in the open marketplace that can be shared for other projects as well.

[IMPACT] How do you intend to measure the success of your project?

1. An initial working version of the product that can be integrated into the Reitcircles platform and provide real world usage, no matter how rudimentary.
2. Now real estate managers can just host their assets on reitcircles 
3. Individuals can host their assets on the platform, get the assets verified and banking/non-banking financial institutions are able to tap into this data for financial transactions.

[IMPACT] Please describe your plans to share the outputs and results of your project?

• We work on the principle of sharing what we use
• Hence the tools that will be used for decentralizing the core features of the project will be open sourced.
• That will include for example, integrating with different open source projects such as wordpress, by creating plugins that will help the increase of utility of the modules being developed.
• APIs that will help other developers build on the platform will be kept open.
• Also we will open source tools that helps us decentralize the platform using the SPOs

[CAPABILITY/ FEASIBILITY] What is your capability to deliver your project with high levels of trust and accountability?

Reitcircles has achieved the following milestones already:

• A working portal with wallet based login
• An onboarding module with document upload and review
• Payment module for taking NFT payments and minting the same.
• House NFT creation based on documents and smart contract based verification.
• Portal based chat communication between members of the platform.
• Role NFT based access to the platform.

Our team brings in more than 40+ yrs of software development experience.

• Antonio Hernandez-Garduno: Platform lead in Smart contract development who is a PhD graduate from Caltech, leading security solutions.
• Malay Saha: Head of marketing and CEO of Reitcircles. He has been country lead of automotive operations for Isuzu, Hyundai, Carrier Transicold, and has more than 27+ years of marketing experience and leadership.
• Nilay Saha: Worked in leading multinational companies such as ASML, AUDI, Hilti and extensive experience in banking. Has 25+ years of development, solutions architecture and technical leadership experience in large/mid size industry.
• Huy Nguyen, Vinh Dang, Minh Vo: Developers working on the platform (frontend and backend)
• Giang Nguyen: UI/UX lead

[CAPABILITY/ FEASIBILITY] What are the main goals for the project and how will you validate if your approach is feasible?

• Enable real world assets (in this case real estate) to be digitized using NFT : We work on principle of garbage in garbage out. So verification forms the pillar of digitization.

Feasibility: Using KYC, legal verification of documents using digital signatures (wallet based) and using verified legal persons we ensure the above.

• Enable data ownership to the right set of individuals (data should be owned only by the owners of the assets): NFT as the source of truth.
• Feasibility: Our data is stored in permaweb and that becomes our source of truth reflected via NFT ownership.

• Reduce corruption in the area of real estate ownership verification: Data ownership with owners and verifiers acting independently (sourced by platform).
• Feasibility: Since data ownership is now distributed using NFT we reduce drastically the ability of centralised providers to manipulate the source of truth and hence reduce corruption

• Democratize process of verification : marketplace has to have enough verifiers registered and oracle based inputs leads to better judgement from the verifiers.
• Feasibility: Since we have an open marketplace professional verifiers can now be allocated jobs to be done for verification and hence remove the bottleneck of centralized verifiers.

[CAPABILITY/ FEASIBILITY] Please provide a detailed breakdown of your project’s milestones and each of the main tasks or activities to reach the milestone plus the expected timeline for the delivery.

1. Microservices to support the frontend along with unit tests : 3 months
2. Integration of backend to frontend: 1 month
3. Integration testing end to end : 2 months
4. Integration of all above to form for proof of concept application.: 1.5 months

[CAPABILITY/ FEASIBILITY] Please describe the deliverables, outputs and intended outcomes of each milestone.

1. Microservices (backend): Task microservice that will be integrated with other services of Reitcircles.
2. Integration Testing: A set of automated and manual test cases that help to test the flows of the marketplace.
3. Smart contract integration: Smart contract for value transactions (following the footsteps of Marlowe Pioneer program).

[RESOURCES & VALUE FOR MONEY] Please provide a detailed budget breakdown of the proposed work and resources.

[RESOURCES & VALUE FOR MONEY] How does the cost of the project represent value for money for the Cardano ecosystem?

We are a bootstrapped project trying to execute on a very lean budget, using hourly rates of 25 $/hr for all of the persons concerned. Over time we have developed a set of good processes internally that enables us to rollout a professional product that meets the highest goal of the industry.

[IMPORTANT NOTE] The Applicant agreed to Fund10 rules and also that data in the Submission Form and other data provided by the project team during the course of the project will be publicly available.

I Accept