Sheriff Garrett finally shot Billy the Kid. Frontier has passed. Homestead is here. Time for stabilization.
The current process for buying, selling and funding real estate has become functionally obsolete.
The idea behind Rex started with an Aussie and an American seeking to streamline real estate transactions. Specifically, we wanted to build an efficient way to transfer title. Whether commercial or residential, purchasing real estate is a time consuming and expensive process. Through extensive research we realized the category is not quite ready for crypto (let alone smart contracts). Real estate, specifically commercial, tends to be the last industry to adopt new technologies. We decided to take the Reed Hastings/Netflix approach:
Reed Hastings built Netflix with the idea of streamlining the way consumers view content. Using Hastings platform, consumers could rent a video online to avoid the inconveniences associated with traditional retail (time, travel, and late fee’s). The value of Netflix was created through the maturity of digital technology and the comfortablility of paying/obtaining content via the internet. Netflix capitalized on both opportunities but remained patient through the transition period. Today, Netflix is one of the largest content providers in the world.
Rex envisions blockchain technology (in real estate) will take a similar path. The technology requires time to evolve and the consumer/user requires trust in the system.
Rex’s first release will be Q1:
A decentralized, global multiple listing service with an internal token exchange (RexDex). The idea being to get the community comfortable with the platform and technology. We also see a major opportunity to disrupt the current multiple listing ecosystem (especially in commercial).
Second, Rex will test a crowdfunding/smart contract feature. We will start with a single property use case. If the beta is successful, Rex will introduce a formal release called World Trade (Release 2: WT).
Third, Rex will test smart contracts as they relate to the transfer of title. This feature is further down Rex’s roadmap (Release 3: 1 Canada Square, 1CS)
We will continue to develop the White Paper and plan to have a beta release sometime in the near future.