Blockchain is bringing about a revolution for the financial services sector and business in general. However, despite its wide recognition and popularity, blockchain and cryptocurrency remain intangible and virtual. Brick applies cryptocurrency to the tangible sector of real estate, to provide real world value to cryptocurrency.
Real estate is the largest asset class in the world with a global market. However, real estate is also one of the most inefficient asset classes with trillions of dollars tied up due to the difficult in buying and selling real estate and the long, cumbersome processes and timeframes for real estate transactions.
Bitcoin, Ethereum, and other blockchain networks have proven the utility of decentralized transaction ledgers. These public ledgers process sophisticated smart contract applications and transact crypto-assets worth tens of billions of dollars. Our goal is to develop a platform that will facilitate creating digital tokens for real estate and add transactions worth trillions of dollars to the blockchain.
We intend achieving this by creating the Brick (“BRK”) token and real estate marketplace that will provide a highly user-friendly portal (the BRK portal) for real estate owners to tokenize their real estate assets and make these available for people and organizations to rent or buy using the BRK token. In order to achieve early adoption and develop the market, the BRK portal and its BRK token will be based on Ethereum and released within 12-16 weeks of completing the ICO. Digitizing and automating real estate transactions while complying with laws globally requires special provisions for tying ownership and trade related rules and information to the real estate asset that is being tokenized, and also requires keeping an electronic record on the blockchain of transactions. In order to facilitate this, we will develop a native blockchain with real estate specific features for streamlining the recording of real estate transactions and ownership and globally enforcing ownership and regulatory rules. Once this is developed we will transfer the BRK marketplace to this native blockchain along with a value transfer from the ERC20 token to the BRK blockchain.
The BRK portal and token will be designed to encourage real estate transactions and grow the usage and value of the BRK token. No asset is more important to people than real estate, whether it is a dream home, a vacation home or an investment property. People find security and comfort in acquiring real estate, and it is a proven asset class the world over for investors.
The BRK token is designed as a pure payment token, while the real estate assets published on the portal are crypto-assets that people buy, sell and rent using the BRK token. on the BRK portal are crypto-assets that people The BRK portal will reward token owners in many ways for owning and transacting with the BRK token. It will implement proof of HODL by rewarding people for holding onto the token, and proof of care for rewarding people whenever they transact with BRK tokens.