Tokenizing Real Estate on ICP

[@elchingon3546]

#ICP ❤❤❤ LFG!!🔥🙏

[@LiangShanPo]

Bit Frankenstein's monster like but i guess most revolutionary ideas start out that way. Thank's for breaking it down!

[@Damien-Infinity]

ICP❤

[@db-zf3zc]

They may just need a better PR person to explain this but for me, this doesnt pass the smell test. Real estate transactions are heavily regulated with different laws everywhere. Thank you for asking real questions. I understand the benefit to the buyer and the seller. The investors (who essentally are just lenders) are making an extremely high risk investment. What if the buyer defaults? Is the most obvious problem. A bank would foreclose and sell the underlying asset but if im a fractionalized lender im just screwed.

[@veeso_rustdev]

Christian here. Yeah absolutely, the first investment we'll have to make is to find someone able in communications, which is for sure the thing we're lacking. Anyway, the use of the EKOKE DAO tool doesn't bypass the law. Everything must be guaranteed by local laws when using our system to sell/buy a property. Indeed only real-estate agencies verified by the DAO will be able to create the sale contracts. The investments I would say are moderate-risk investments, both because the agencies should check whether the buyer is reliable and in case of fraud the DAO could ask to refund the scammed users.

[@Happy-go-luckyTV]

See I don't understand it that way, am I wrong? They're not lending anything. They're just paying off the installments and in return, they get EKOKE (think Bitcoin effect where they hope it is worth more than what they put in to pay the installments. So if they buyer "defaults" the seller has the paid off installments, the buyer loses all the installments they paid off. The seller keeps the house.... The EKOKE farmers don't have any "loans defaulted" because they basically traded their money for EKOKE... and they are left holding EKOKE, which hopefully appreciates in value.... so the EKOKE farmers don't really care whether the buyer fulfills the installments or not, because the EKOKE farmers are just paying off installments in return, they get EKOKE.

[@veeso_rustdev]

@@Happy-go-luckyTV No, you actually are lending money and get EKOKE tokens as a reward for doing that. Then you get your money back when the property buyer pays the installment, so they care to get the money back. Anyway the project doesn't let anybody to create a sale contract, but only through trusted agencies.

[@Happy-go-luckyTV]

@@veeso_rustdev Oh, gotchu.... yeah can't grasp my head video is so poor.... So EKOKE simply offsets the risk factor where you would want score/deposit. And they also cannot "hold the NFT hostage"? It's basically paperweight to them, but their only link is that's how they get their money back?

[@AlphonseSiglinda]

Thank you so much for this amazing video! I need some advice: My OKX wallet holds some USDT, and I have the seed phrase. (alarm fetch churn bridge exercise tape speak race clerk couch crater letter). How should I go about transferring them to Binance?

[@aspeg]

At 1st I didnt like how you interrupted them. But then I realized they did not come prepared at all. Nice work!

[@cxc]

Definitely didn't want to be douchie but they were drifting a bit

[@aspeg]

@cxc a bit? Lol

[@cxc]

@@aspeg 🤣

[@MrSethshapiro]

what happens if the owner does not pay nft on time ? or at all ?

[@arahant69]

Isn't there already estateDAO on the nns.

[@visq]

yes, nothing wrong with competition

[@veeso_rustdev]

The purpose of the project is completely different. EKOKE DAO is about replacing mortgages with installments over blockchain

[@thorazine0076]

Ive tried to wrap my head around this concept before, seems to require a high level of trust from investors, don't have time to watch now but will later.

[@duncanwierman]

I only see this on ETH blockchain not ICP

[@veeso_rustdev]

The end-user side is on Ethereum, while the back-end is on ICP

[@Happy-go-luckyTV]

After reading FAQ, seems like a load of BS. The wording just sounds like they spin up abunch of BS. "Why should I pay an installment of another's house?" - TLDR to earn EKOKE token. "Could the buyer just wait for the installments to be paid by the others and then stop paying for the property?" - TLDR DAO will take legal action..... WAIT, isn't that the whole point of the EKOKE farming? Win, Win, Win? So long as EKOKE attracts people to buy the DEFERED token? "What happens if the seller/buyer is a scammer?" - RED FLAG.... Sounds like "verbiage targeting a specific subset of people susceptible to scams". Find me one legit project that says this. No legit project tries this hard "what happens if seller/buyer is a scammer?" really?

[@veeso_rustdev]

Lol so you say if a project covers edge case where frauds can happen is a red flag. So PayPal providing terms in case of frauds is a red flag too!? Yeeeah sure, go buy some shitcoins with absolutely no coverage or guarantee for scams