Place/Date: Los Angeles, CA - June 22nd, 2017 at 11:10 am UTC · 5 min read
Contact: Lauren Glasses, Source: REX
Blockchain-based property listing and transaction platform, REX has announced its upcoming token sale, set for launch the last week in July, 2017. The token sale will allow contributors to participate in the platform that connects vendors, buyers, sellers and agents over a global decentralized network. REX is in the process of building a universal real estate listing database that is open and accessible to all. The platform has a built in incentive system to reward contributors, thereby encouraging the users to create more listings.
Through its platform, REX aims to reinvent an industry that has seen little to no technical innovation in recent years. The open MLS built on Ethereum enables REX to make real estate transactions cheaper and more efficient. The platform’s model offers a new twist to the age-old system, bringing it up to speed with present day technologies.
Most individuals who has ever bought or sold a home would have used a Multiple Listing Service, also known as MLS. These MLS’ originated in the late 1800’s when real estate agents would regularly congregate to exchange information about the properties they were trying to sell. The present-day MLS network includes over 800 regional databases that are accessible mostly to licensed agents and brokers with an active membership. Each regional multiple listing service has its own listings, and agents are required to pay fees to access each individual database.
REX believes that building a multiple listing service on the Ethereum blockchain will offer massive benefits, otherwise not feasible within the traditional systems. By developing a multiple listing service on Ethereum blockchain, REX can create a set of global standards for listings, allowing for enhanced interoperability between applications and participants in the market.
A Real Estate Data Trove
The world’s data is currently dominated by large technology companies like Google and Facebook. The network effects they have managed to create with the scale of their platforms is strengthening their stranglehold on global information. The same trend is visible in the real estate industry, where large MLS’ leave little room for smaller players to operate.
Blockchain technology has the potential to offer much stronger network effects. Token economics give individuals the ability to incentivize contributions to the network and enable the distribution of platforms to the participants who make them tick. Blockchain technology has the potential to open up data for developers, data scientists and give AI the possibility to hack away at this pool of information that is currently over-controlled.
The REX token’s initial purpose will be to incentivize users to upload listings and reduce spam. Anyone can upload a listing to REX and listing rewards are distributed in exchange to verified users. REX will provide Proof of Approvals (PoA) to users submitting listings that are not their own. PoAs will require evidence from the user that the listing broker or landlord has authorized them to create listings on their behalf. This mechanism can build an open database that will power real estate dApps in the future and change the way properties around the world are bought, sold and discovered.
Starting Small with a Big Vision
REX believes that opening their global multiple listing service is the first step in a roadmap that will enable them to revolutionize the industry. It is estimated that MLS plays a significant role in over 90% of all real estate transactions that happen in the United States. REX believes that its initiative will show how the Ethereum blockchain can have a positive effect on the industry.
By supplanting an important group of providers in the industry with new, free, open-source technology, REX offers an opportunity for users to put its database and the Ethereum network to test and experience its advantages first-hand.
With the creation of a blockchain solution for the real estate industry, REX intends to consolidate its position in the segment as the cryptocurrency revolution catches up with the industry, gradually replacing the existing systems with blockchain-based tools. As the shift happens, REX can to execute its long-term vision of reducing costs, improving transparency and increasing the speed at which real estate transactions around the world unfold.
REX Token Sale
The upcoming REX token sale in July 2017 will enable the platform to raise the necessary funds required to build and scale the database. The funding will also help REX introduce transaction phases within the platform. The company intends to release the pre-alpha version of its platform in mid-July 2017, followed by a full-fledged launch in January 2018.
About the REX Team
Stephen King, CEO/Co-Founder
Stephen King is an entrepreneur with a focus on real estate and blockchain technology. Stephen graduated from the University of Denver in 2009 with a dual degree in real estate and international business. After University, Stephen worked in entitlements, construction management, and real estate finance. Since 2013, Stephen has built/lead King Realty Group in Princeton, New Jersey and participated in over tens of millions worth real estate transactions. Stephen has worked on several real estate related technology startups and is the founder of Princeton Ethereum Meetup.
Russell McLernon, CTO/Co-Founder
Russell McLernon is a technology strategist with over 15 years in enterprise software development and over seven years in blockchain related development and projects. After University and working at several major software firms, Russell has created a number of blockchain related projects on NXT and Ripple. Russell is a technical guru with an instinct for instantly deciphering user needs.
Visit the Official Website Here – http://www.rexmls.com
Disclaimer REX is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest.