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EstateX uses a powerful technology, built on top of the Ethereum blockchain. Smart contracts are used to create a decentralised and automated platform that anyone can use to prove ownership of their house and property. On this platform, you are able to easily sell your property directly on the blockchain itself. Not only this, but the full life-cycle of all property events will be recorded: builds, inspections, sales and modifications.
Several smart contracts will exist. The first contains all EstateX tokens and will be distributed out in the ICO. These determine the share of commission from property sales that each holder receives. Equally important are the ownership ledger, the debt ledger and the property events ledger. During property transactions these will be modified to fulfill transactions on the blockchain. Furthermore, we will also tap into automated identity verification systems, which we are evaluating at the moment.
Overall, EstateX makes the purchase and rent of all types of property simpler and cheaper. We only charge a small fee per house sale (0.5%) and this is shared out to all token holders. Some key points about EstateX’s innovative technology follows.