Decentralized ownership verification of Real estate assets

[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

• An Sy Tung
• Vinh Tuan
• Tri Giang
• Malay Saha
• Manas Dewan

[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

No

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

Smart contracts will enable asset owners to drive the process of verification, using role tokens and a platform-oracle to settle both payment to verifiers and auditable verification records.

[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?

Yes

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

The smart contracts that we will create, will be open sourced for all to verify. It is the hope that this will drive more real world applications to reuse this contract for their purpose (fine tune as required)

[METADATA] SDG rating

• Reduced inequality : Now every individual can issue their own verification data via this platform that will ensure property rights globally.
• Sustainable cities and communities : Now communities can use this platform to issue themselves NFT based on their asset requirements.
• 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

1. 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.
2. 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.
3. The job allocations will be done on the basis of different parameters such as region, city, province , country, qualifications, age and reviews.
4. Smart contract driven workflow will determine the lifecycle of tasks published on the marketplace. Role tokens will manage authorization on the platform. A platform-oracle will update completion-flags on datums.
5. 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 solutions can be implemented.

Who will your project engage

• We will be working with real world projects involved in real estate (including ESG driven projects such as green energy, mining etc.).

How will you demonstrate or prove your impact

• The data being used in these projects, will be verified and put on chain. We will comply with country laws etc. for this purpose.

Explain what is unique about your solution, who will benefit, and why this is important to Cardano.

Cardano will benefit from dApps built on the platform. Our technology provides a firm foundation for other data analytics apps that can exploit the data that real world actors will be putting on the chain and create industry / segment specific apps.

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

In what way will the success of your project bring value to the Cardano Community?

• Blockchain is now entering the world of real world adoption. Projects such as Reitcircles are leading the way for this, with the goal of creating open data standards and libraries to interact with data generated.

How will you measure this impact?

Number of apps building on the cardano block chain with real world applications.

How will you share the outputs and opportunities that result from your project?

The smart contract will be outsourced so that different projects can use the same.

[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.
• Smart contract based REIT token issuance replicating BTC (with halving every 4 years)

• 
  

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.
• Tony Mönicke: Computer science graduate based in Berlin and working in cardano ecosystem for last 2+ years.
• 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.
• An Sy, Vinh tuan: Developers working on the platform (frontend and backend)
• Giang Nguyen: UI/UX lead

We will be delivering using open source code, where commits can be monitored. And to give a proof of concept / working version, we will integrate the same into our verification platform that is already live on mainnet.

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

Objective:

Establish project goals, define roles and responsibilities, and create a detailed plan for conducting the overall requirement analysis for smart contract driven marketplace.

Deliverables:

• Project Charter:
• Clearly defined project objectives, scope, and stakeholders.
• Roles and responsibilities assigned to team members.
• Project timeline and milestones.
• Requirement Analysis Plan:
• Detailed plan outlining the approach, methodology, and tools for conducting the requirement analysis.
• Stakeholder engagement strategy.
• Data collection and analysis techniques.
• Kickoff Meeting:
• Presentation of project objectives, scope, and plan to stakeholders.
• Clarification of roles and expectations.
• Agreement on project timeline and deliverables.
• Identified stakeholders and their roles in the project.
• Documented business objectives, functional and non-functional requirements, and constraints.
• Functional and non-functional requirements documented with clear acceptance criteria.
• Project Closure Report:
• Summary of activities conducted during the requirement analysis phase.
• Lessons learned and recommendations for future projects.
• Handover Documentation:
• Transition plan outlining the transfer of responsibilities and knowledge to the development team.
• Documentation repository containing all relevant project documents.

Timeline:

• Duration: 3 months
• Start Date: 01-09-2025
• End Date: 30-11-2025

Acceptance Criteria:

• All stakeholders have reviewed and approved the project charter.
• A detailed requirement analysis plan is documented and approved by the project sponsor.
• A kickoff meeting has been conducted with key stakeholders, and there is consensus on project objectives and timeline.
• Comprehensive requirements documentation is compiled, and stakeholders have provided feedback or approval.

Milestone Cost: 150K ADA

Objective:

Initiate the project, establish goals, define roles, and create a detailed plan for smart contract Architecture and development.

Deliverables:

• Development Plan:
• Detailed plan outlining the approach, methodology, and tools for smart contract development.
• Technical stack selection, including programming languages and development environments.
• Kickoff Meeting:
• Presentation of project objectives, scope, and plan to stakeholders.
• Clarification of roles and expectations.
• Agreement on project timeline and deliverables.
• Smart Contract Architecture:
• High-level architectural design outlining the structure and components of smart contracts.
• Design patterns and best practices for Cardano smart contract development.
• Specification Document:
• Detailed specifications for each smart contract, including input parameters, state variables, and functions.
• Design rationale and considerations for scalability, security, and interoperability.

Timeline:

• Duration: 3 months
• Start Date: 01-12-2025
• End Date: 28-02-2026

Milestone Cost: 150K ADA

Acceptance Criteria:

• Development plan is documented and reviewed by the project manager and technical lead.
• Kickoff meeting is conducted, and all stakeholders agree on project objectives, scope, and timeline.
• Smart contract architecture is finalized and approved by the development team and architects.

Overview:

The Smart Contract Implementation phase involves the actual development and deployment of smart contracts on the Cardano blockchain. This roadmap item outlines the key activities and milestones to be achieved during the implementation phase.

Deliverables:

• Initial Smart Contract Prototyping
• Begin development of smart contracts based on finalized specifications.
• Focus on implementing core functionalities and basic features.
• Conduct initial code reviews and iterations for quality assurance.
• Feature Implementation and Testing
• Implement additional features and functionalities as per requirements.
• Conduct comprehensive unit testing for each smart contract.
• Address any bugs or issues identified during testing.
• Integration with the existing multi-review backend (including with blockchain)
• Integrate smart contracts with the Cardano blockchain.
• Deploy smart contracts on the preview for initial testing and validation.
• Ensure proper interaction with the Cardano blockchain network.
• User Acceptance Testing (UAT) and Deployment
• Conduct User Acceptance Testing (UAT) with stakeholders and end users.
• Gather feedback and make necessary adjustments.
• Deploy finalized smart contracts on the Cardano mainnet.

Key Deliverables:

1. Developed Smart Contracts: Complete codebase for all smart contracts developed according to specifications.
2. Test Reports: Comprehensive test reports including unit tests, integration tests, and UAT results.
3. Deployment Documentation: Instructions for deploying smart contracts on the Cardano blockchain, including any necessary configurations.

Timeline:

• Duration: 6 months
• Start Date: 01-12-2025
• End Date: 28-02-2026

Acceptance Criteria:

• Smart Contract Development Kickoff:
• Kickoff meeting held, and project objectives and timeline agreed upon.
• Smart contract specifications and architecture finalized.
• Initial Smart Contract Prototyping:
• Core functionalities and basic features developed according to specifications.
• Initial code reviews conducted, and codebase follows coding standards.
• Feature Implementation and Testing:
• Additional features implemented as per requirements.
• Thorough unit testing conducted, and all test cases pass successfully.
• Integration with Cardano Blockchain:
• Smart contracts integrated with the Cardano blockchain testnet.
• Integration testing completed, and smart contracts interact successfully with the blockchain.
• User Acceptance Testing (UAT) and Deployment:
• UAT conducted with stakeholders and feedback gathered.
• Smart contracts adjusted based on UAT feedback and ready for deployment.
• Mainnet Deployment and Launch:
• Smart contracts successfully deployed on the Cardano mainnet.
• Deployment monitored for any issues, and all contracts execute as expected.

Milestone Cost : 300K ADA

Overview:

The final milestone focuses on delivering a smart contract for a multi-reviewer oracle, ensuring that the developed solution meets all requirements and is ready for deployment and use.

Deliverables:

• User Acceptance Testing (UAT)
• Invite stakeholders and end users to participate in User Acceptance Testing (UAT).
• Validate the functionality of the multi-reviewer oracle in a real-world environment.
• Gather feedback and address any usability or functionality concerns raised during UAT.

Acceptance Criteria:

• Just show that the entire flow using the smart contract driven review is working in the backend.

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

Team members

• Antonio Hernandez-Garduno: Platform lead in Smart contract development who is a PhD graduate from Caltech, leading security solutions. Certified Cardano Developer Professional by Emurgo Academy. Ample experience developing in Haskell, Plutus, Plutarch, Opshin and Aiken.
• 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.
• An Sy tung, Vinh : Developers working on the platform (frontend and backend)
• Giang Nguyen: UI/UX lead

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

Multiple reviewer using smart contract Analysis: 150K

Smart contract requirement analysis : 150K 

Smart contract development & Integration : 300K 

Total: 500K ADA

[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. Over time we have developed a set of good processes internally that enables us to roll out a professional product that meets the highest goal of the industry.