SMARTRealty & RLTY Tokens

The SMARTRealty system has three primary elements:

1) The SMARTRealty contract platform – The contract platform consists of a template system that allows contract creators to create their own SMARTRealty smart contract that fits the needs of their specific transaction and complies with local statutes for their jurisdiction.

2) The SMARTRealty listing platforms – The SMARTRealty listing platforms will allow property owners to list their properties for rent or for sale, and will distribute these listings to many other popular real estate sale and rental sites all across the web.

3) RLTY Tokens – RLTY Tokens are the official SMARTRealty token for use with SMARTRealty smart contracts. Payments can be made with any major currency (crypto and fiat), but will be automatically converted to RLTY tokens so payments are properly recorded and tracked.

As mentioned above, RLTY Tokens are the official SMARTRealty token for use with SMARTRealty smart contracts. Payments can be made with any major currency (crypto and fiat), but will be automatically converted to RLTY tokens so payments are properly recorded and tracked. Since every transaction on our platforms, even payments made with fiat, will be converted to RLTY tokens, there will be a constant demand for RLTY tokens with many purchases occurring automatically as every transaction is converted. While the market exchanges will determine the value of RLTY at any given time, we believe the consistent usage of the utility token will keep demand high. It is important to reiterate, however, that the SMARTRealty team cannot guarantee or control future token values, and makes no guarantee or assurances in that regard.

Initially, we will launch in select test markets in the US. From there, we plan to expand to cover all of North America, and then the rest of the world soon after. We have to launch in phases, because every state, province, country, etc. has unique laws and unique elements that should be present in contracts in the respective jurisdictions. This requires consulting with attorneys in every location in order to ensure that contracts created on our platform are enforceable and legal in the jurisdiction where the property is located.

Add a custom token, and use the following info:

Contract Address: 0xbe99B09709fc753b09BCf557A992F6605D5997B0

Token Symbol: RLTY

Decimals: 8

“Legal” means compensation for lawyers, essentially. Since our smart contract template system has to support users in multiple jurisdictions all over the world, we need to consult with attorneys who can ensure that we have the right “ingredients” for each jurisdiction. For example, the US state of Arkansas has no statutory implied warranty of habitability for leases - that’s basically a law that says every rented home must have certain things, like running water, heat, no bug infestations, etc. Most states have such a law, Arkansas doesn’t. Therefore a smart contract that handles a lease in Arkansas will have to contain extra language to cover such things.

Similarly, there are other lease clauses that are required or recommended in some jurisdictions but not others. Every location in the world is a little different in that regard. The notice period for terminating a tenancy in Colorado, for example, is 7 days. The notice period in Florida is 15 days. The notice period in California is 30 days if you’ve lived there less than a year, but 60 if more than a year. With all these differences, it’s important that we comply with each jurisdiction’s different requirements, laws, etc. That’s what the legal fund covers.

The “SMARTRealty Economy” is the tokens set aside to facilitate and process smart contract transactions, beyond what tokens are available on exchanges. For example, if a tenant wants to pay in USD or Bitcoin, our payment processing system will need to convert that bitcoin or USD into RLTY tokens to record the payment in the smart contract. While we expect to have RLTY listed on plenty of exchanges with plenty of liquidity, we don’t want to rely on that or, in the event of a home purchase, be forced to buy $500,000 worth of RLTY on an exchange to facilitate that size of transaction in times of low liquidity, so it’s important to have the option to “mix in” tokens from exchanges, the economy fund, etc. so as to not have any given transaction manipulate the markets. Without an internal economy fund, one seller who sells a million dollar piece of property via SMARTRealty smart contract, then wants to cash out, could significantly drop the market, so our economy fund will need to hedge against that to keep the exchange markets positive and fair for everyone.

“SMARTMortgages” are something we plan to introduce in 2020. After our listing platforms are out of beta stage and open to the public, we will start work on the SMARTMortgage platform, which will allow people to finance home purchases using cryptocurrency (and convert it to USD or other currencies as needed). This token supply will allow us to facilitate such mortgages and lend to buyers directly, much like a bank or mortgage lender does with fiat.