SMARTRealty & RLTY Tokens
AS SEEN ON:
Frequently Asked Questions
What is SMARTRealty?
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.
What will drive demand for the RLTY tokens beyond the ICO?
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.
Will SMARTRealty’s contract and listing platforms be available worldwide?
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.
How do I see my RLTY Tokens in an ERC20 compatible wallet, like MyEtherWallet?
Add a custom token, and use the following info:
Contract Address: 0xbe99B09709fc753b09BCf557A992F6605D5997B0
Token Symbol: RLTY
What do things like "Legal", "SMARTRealty Economy", and "SMARTMortgages" mean in the token distribution diagram?
“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.
How SMARTRealty Works
Two Parties Agree to Transact Using SMARTRealty
This could be for the purchase and sale of a piece of property, or a simple one year rental agreement. The parties use the SMARTRealty platform to solidify the terms of their agreement in a SMARTRealty smart contract, which includes whatever terms and conditions the parties agreed to, including dates of payments due, amounts due, length of the agreement, penalties for non-compliance, etc.
The SMARTRealty Contract Manages The Relationship Between The Parties
The paying party can make payments using ETH, BTC, LTC, USD, EUR, or many other currencies, which would automatically be converted to RLTY tokens and applied to the SMARTRealty contract. Payment can also be made directly with RLTY tokens, if preferred. The contract can even be ‘pre-programmed’ to automatically serve notices in the event of breach, or to terminate upon expiration, or whatever protocols the parties agree to upon contract creation and/or are required by local statute(s).
SMARTRealty Contract Executes and Deal Closes
Upon final payment(s) or whatever variable the parties agree to, the contract executes and, upon expiration, the transaction is completed. Upon expiration, any necessary filings can be made or, if rental agreement, tenancy can be terminated and any security deposit refunded according to the terms of the agreement. Contracts can even be set to auto-renew, if required, or new terms can be negotiated and a new contract executed, if the parties agree.
Why Use SMARTRealty For Real Estate Transactions?
ALLOCATION OF RLTY TOKENS
- Development, Executive, and Advisory Teams
- SMARTRealty Economy
- SMARTMortgages (2020 Roadmap)
- Bounties and Giveaways
- Charitable Use
Any tokens allocated for pre-sale and ICO that remain unsold will be destroyed.
RLTY tokens do not represent equity, shares, royalties or rights to capital, dividends, profit or income in the entity that issues tokens or any other entity in any jurisdiction. SMARTRealty does not offer securities, shares, options or futures, or solicits any securities or assets for investment purposes.
Neither any information on SMARTRealty websites, blogs, presentations and other publications, nor its whitepaper or terms and conditions are intended to be a financial services offering document or a prospectus.
You should be mindful of the potential high risks involved in the token sale. You must use your own judgment or consult a professional for advice on such matters.
The RLTY token sale involves and relates to the development and use of experimental technologies that may not turn out as expected or be brought to completion as specified in the whitepaper, on the SMARTRealty websites or in other media.
The use of any data or information about SMARTRealty products, services and the RLTY token sale provided by SMARTRealty in the whitepaper, on the SMARTRealty websites or in other media, does not and cannot guarantee that you will not incur losses. Such data and information is intended merely for informational purposes.