REITCIRCLES: Creation of the backend for decentralized verification marketplace for real estate transactions globally.

[GENERAL] Name and surname of main applicant

Nilay Saha

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

Entity (Incorporated)

[GENERAL] Co proposers and Additional applicants

1. Huy Nguyen
2. Vinh tuan
3. Giang Nguyen
4. Nilay Saha
5. Manas Dewan

[GENERAL] Requested funds in ada

300000

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

9

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

No

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

This platform will enable asset owners to drive the process of verification using automated selection of verifiers and tasks associated, leading to issuance of NFT with the results of verification.

[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.”

No dependencies

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

No

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

• 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] 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.

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

• 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.

[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?

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

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

Milestone:

• investigate requirements for creation of the marketplace especially in the context of having it as a mobile app + part of the portal with inbuilt verification of assets.
• Investigate how this integrates with DIDs (decentralized identifier) + privacy enabled storage and transmission.

Acceptance criteria:

• Requirements and JIRA tickets to drive the tasks generated from the above investigation

Milestone

• Creation of backend micro-services that supports the flow for task creation, multisig review process and marketplace driven review process

Acceptance criteria:

• The set of microservices should be able to support the frontend flow and also be the off-chain code for interacting with the smart contracts related to this proposal

Milestone:

Integration of backend to frontend

Acceptance criteria:

• We are able to drive the marketplace from the frontend.
• Modular structure using micro-services interactions from frontend can be tested.

Milestone 3:

Integration testing end to end , including enough of unit test and integration tests from the frontend.

Acceptance criteria:

All the above test cases should be passed before committing this.

Milestone final:

The overall flow for the backend should work, and all the functional and integration tests for the services modules should pass.

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

• 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. Also a stake pool operator in Cardano running LKBH pool since start of Shelley.
• Huy, Vinh : Developers working on the platform ( backend and frontend)
• Giang: UI/UX lead
• Manas Dewan: He is currently the Co-Founder of Brand Kiln Pvt. Ltd. which offers full-suite Metaverse solutions in addition to Consulting, eLearning & Brand Solutions. He was earlier the Chief Operating Officer for the AJP Group, responsible for global brands like Shelby cars, Scomadi scooters & AJ Performance Studio. Previously, Manas worked with the US$ 5billion OTE Group in Oman where he was Chief Marketing Officer for the Group, responsible for 25+ global brands across Manufacturing, Logistics, Mining, Automotive (Hyundai, Cadillac & 6 auto brands), Consumer products (LG, Samsung, Bosch, & 10+ brands), etc.
• Advisors:
• Andrew Westberg: An active member of Cardano community and has provided key technical advices since the beginning of the project.

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

That is equivalent to 420K ADA at current market rate.

[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 agrees to Fund 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