Real Estate X - Decentralized Real Estate Marketplace and Tokenized Asset Exchange Challenge

[GENERAL] Name and surname of main applicant

Xuan Phong Dong

[GENERAL] Are you delivering this project as an individual or as an entity (whether formally incorporated or not)

Individual

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

12

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

Yes

[GENERAL] Summarize your solution to the problem (200-character limit including spaces)

Real Estate X is a Decentralized Real Estate Platform on the Cardano blockchain that revolutionizes the real estate market by tokenizing assets and providing secure, transparent transaction services.

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

Yes

[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.”

There is the problem of how to digitize real-world assets in a decentralized manner.

What is the specific technology solution? How have government agencies digitized land and property data on blockchain?

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

Yes

[GENERAL] Please provide here more information on the open source status of your project outputs

This is the basic idea for the community to build a better project together.

[METADATA] Horizons

Real Estate

[SOLUTION] Please describe your proposed solution

 • Property Listing Platform: A comprehensive marketplace where users can list and explore residential, commercial, and land properties.

 • Tokenization of Real Estate: Properties are tokenized into security tokens, enabling fractional ownership, allowing investors to buy shares of properties.

 • Smart Contract Execution: Automates legal checks, payments, and ownership transfers, reducing the need for brokers or middlemen.

 • Decentralized Property Transactions: Peer-to-peer (P2P) mechanism for seamless global property trading.

[IMPACT] Please define the positive impact your project will have on the wider Cardano community

Many countries around the world (such as Dubai-UAE; Zug City-Switzerland; USA-Chicago city; Japan; Sweden; Ghana; Estonia) has begun applying blockchain technology to the real estate sector, from digitizing ownership, property transactions to information and asset management. This Real Estate X project hopes to pilot the application for the above countries. The project hopes to bring Cardano into practical applications, especially in the real estate sector. We will build a beta for everyone to use, test and give feedback. We will then continue to upgrade based on the development of the Cardano ecosystem.

[CAPABILITY & FEASIBILITY] What is your capability to deliver your project with high levels of trust and accountability? How do you intend to validate if your approach is feasible?

A combination of blockchain developers, real estate experts, and legal advisors ensuring both technical and regulatory aspects of the platform are fully supported.

[PROJECT MILESTONES] What are the key milestones you need to achieve in order to complete your project successfully?

Platform development for property listings and tokenization.

(5 months from the date the proposal is accepted)

Launching a trial version for selected areas and pilot properties such as in Dubai-UAE; Zug City-Switzerland; USA-Chicago city; Japan; Sweden; Ghana; Estonia)

(next 5 months)

Complete the platform and global expansion for regions that already have blockchain applications in the real estate sector.

(next 2 months)

[RESOURCES] Who is in the project team and what are their roles?

• Xuan Phong Dong: Construction engineer, real estate and technology exper.

https://www.linkedin.com/in/dong-phong-868bb0332?trk=contact-info

• Trang Pham Thi Thu: legal, financial, economic, market and marketing adviso

https://www.linkedin.com/in/trangnikipham?trk=contact-info

• Other blockchain and technology partners (to be announced later)

• We will propose ideas, and expect to cooperate with organizations such as:

+Japan: [Athome](https://www.athome.co.jp/)

+ Switzerland: Crypto Valley Labs, Zug, Switzerland (https://www.cvlabs.com/)

• [Homegate](https://www.homegate.ch/)
• [ImmoScout24](https://www.immoscout24.ch/)
• [Comparis](https://en.comparis.ch/)

+ Sweden:

• [Hemnet](https://www.hemnet.se/)
• [Booli](https://www.booli.se/)
• [Fastighetsbyrån](https://www.fastighetsbyran.com/)

+ Dubai, UAE:

• [Property Finder](https://www.propertyfinder.ae/)
• [Bayut](https://www.bayut.com/)
• [Dubizzle](https://dubai.dubizzle.com/)

+ Chicago, USA:

• [Zillow](https://www.zillow.com/chicago-il/)
• [Realtor](https://www.realtor.com/)
• [Redfin](https://www.redfin.com/)

[BUDGET & COSTS] Please provide a cost breakdown of the proposed work and resources

1) Legal, Real Estate Consultancy fee: (30000 ADA)

• Real estate tokenization is a highly regulated sector, so it is necessary to have legal experts, real estate experts to ensure compliance with the  regional and international.

2) Smart Contract Development on Cardano: (60000 ADA)

• Developing smart contracts on Cardano using Plutus or Marlowe requires a team of highly skilled developers.

3) UI/UX design and development: (46000 ADA)

• Develop a user-friendly trading platform, integrate wallets, and manage real estate token dashboards.

4) Maintenance, system management, other fees (12000 ADA)

• After the system is built, ongoing maintenance costs must be considered, including smart contract maintenance, feature upgrades, user support...

Total estimated cost: The cost of this real estate tokenization project in the Cardano ecosystem is estimated at 148000 ADA (as of October 2024).

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

• Due to the size and complexity of the project, it will affect the overall cost. Because of factors such as: complex features of smart contract management, user interface, dividend distribution features...
• Requires a team of highly skilled programmers who are knowledgeable about Blockchain technology, especially the Cardano ecosystem.
• It is necessary to have support and cooperation from legal experts, real estate experts, to ensure compliance with regulations of private and international regions.

Value for the Cardano Ecosystem:

• Enhanced Real-World Applications: This project will demonstrate Cardano’s ability to process high-value asset transaction

• Increased Liquidity and Global Investor Access: Tokenizing real estate enables asset fragmentation, increasing liquidity and attracting more investors to the Cardano ecosyste

• DeFi and Smart Contract Development: The project will drive the growth of decentralized finance (DeFi) applications on Cardano, such as collateralized lending and token trading, boosting Cardano’s competitive advantag

• Expanding the ecosystem: If pilot models are successful in areas such as Dubai-UAE; City of Zug-Switzerland; (or US-Chicago; Japan; Sweden; Ghana; Estonia) can attract more businesses and organizations to the Cardano ecosystem, driving user growth and long-term sustainability, helping Cardano strengthen its position in the global blockchain and financial landscape.