Director of Operations for DeedCoin, Charles Wismer speaks to ICOWatchlist about their project;
Hello Charles, briefly tell us what DeedCoin is about.
6 percent of your house does not belong to you, but rather to your future real estate agent. U.S. property owners hold $15 Trillion in private property and stand to lose $900 Billion to future commissions. Through blockchain technology, the real estate industry can be decentralized and streamlined. DeedCoin returns up to $750 Billion to home owners by tokenizing real estate commission and connecting customers and agents directly. The problem of predatory real estate commission is not exclusive to the United States. Globally, there is over $200 trillion in privately held real estate. DeedCoin harnesses blockchain to remove the centralized bureaucratic authorities that raises costs for homeowners and agents. DeedCoin displaces the monolithic middlemen and restores control and equity to the homeowner. The network and infrastructure are already usable with partnered brokerages in 140 cities across all 50 States. DeedCoin agents and a revolutionary platform are standing by to help homeowners. Only 50 DeedCoin is needed to retain 5% more of the equity in a property upon sale, while still enabling owners to access full service agents for a mere 1% commission. DeedCoin is one of the first tokens to apply as a direct percentage to a high value asset in a massive real world industry. The DEED token is not just usable for those in the tech space or a niche market, it is for everyone that owns a home.
How do you see your project functioning properly if you are going to take away up to 80% away from agents who are active players in the Real Estate marketing?
The DeedCoin platform already functions. The team decided to build a network and platform of 140+ cities worth of real estate brokers across all 50 states before launch. This “backwards” approach of building before raising funds has allowed DeedCoin to sell to U.S. people, accept credit cards for the token sale, and eliminate a lot of the uncertainty regarding typical blockchain launches. Our first DeedCoin transaction closes in a few days and saved the customer $3,700 using 20 DEED. Only a few people currently own DEED from the presale and private sale and have already begun using it on the network.
Does you project make use of smart contract and if it does, how will smart contract technology help with transactions on the platform?
DeedCoin has already released an ERC20 token, however DeedCoin does not plan to stay on the ERC20 protocol. The process solves one thing at a time to build a base for ongoing solutions. By moving an industry customer base to blockchain for cost reduction and efficiency, DeedCoin creates a platform to direct other solutions in the space. The first iteration of DeedCoin is based on the same economic principles as Bitcoin. Bitcoin in concept is very simple, it transfers. However, the capabilities of Bitcoin are so much more. Simply storing wealth personally and being able to transfer value without bank fees and control, built the very foundation of Blockchain. DeedCoin allows this solution of decentralizing the economic control of a major industry through the same method. By taking commissions out of fiat, and into token, the free market can now set the price of commissions for every homeowner. Like banks and Bitcoin, the centralized powers can only control fiat currency, they have no power over blockchain economics. Blockchain economics cannot be controlled absolutely by governments or lobbyists. DeedCoin bypasses centralized control in real estate through decentralizing the commission. The institutions driving up commissions lose the central position. This is the first problem to solve but blockchain empowers many more solutions in the industry. Upgrading the protocol after launch, to a proven and existing 3rd generation blockchain, would enable future DEED to move listing information through a decentralized MLS (Multiple Listing Service). An open MLS would allow lower costs for agents, free access for customers, and unalterable property history storage. By giving open access to home listings, the predatory marketing companies that syndicate this data for fees are removed from the equation. DeedCoin will redefine the real estate industry: First, through a simple token to give back 5% of each homes equity to the rightful owners, and second, as a blockchain data solution to keep the entire industry, balanced, decentralized, and fair. DeedCoin will redefine the real estate industry and hone a new cutting edge through blockchain.”
How do you plan to build an ecosystem of users around the project?
DeedCoin establishes a user base initially through wide distribution and “anti-whale” token sale mechanisms. The word of mouth impact of saving 3% to 5% of a homes value is incredibly powerful along with the marketing budget derived from the initial token sale. Although DeedCoin will start in the U.S., it is planned to grow the broker network to other countries where the commissions in real estate remain too expensive. The funding behind DeedCoin is designed to enhance the platform, market the solution to new adopters, and add more blockchain solutions in the real estate space (both in the U.S.A. and internationally). The first phase of our blockchain solution empowers the public to stop losing 6% of the cash value of their home when they use real estate agents.
How soon will your tokens be tradable on exchanges and any hints of which exchanges will be trading?
Due to SEC Compliance, we cannot discuss specifics regarding exchange listing. We can however say, it is a goal of DeedCoin to list on the exchanges for DeedCoin to pass to new users hearing of the solution to begin property transactions and DeedCoin alpha maintains usability. A customer can always purchase DeedCoin and the system always remains cost effective to retain equity in an upcoming property sale regardless of exchange price.
Briefly run us through the process of your token sale.
We have finished both, a successful private sale and presale as of March 2018. DeedCoin has not needed whales or venture capital funding to reach this point. We will be launching in phases to raise funds as needed to enhance the project with all sales phases listed on deedcoinlaunch.com.
Thanks for making time for the interview and giving detailed answers.
Thank you too ICOWatchlist, we appreciate the effort.
For more details, follow the DeedCoin ICO here.