Proptech startup, Dominium, announced its launch today. The property platform, developed and funded by Munte Immobilien and Max Property Group, with nearly two centuries of combined experience in the property business and hundreds of millions of euros of property under management, wants to digitalise the entire global property market, reputedly worth over 217 trillion dollars*.
By leveraging blockchain technology, Dominium offers a solution to the property industry's lack of efficiency, liquidity and transparency. Dominium Chairman, Sven-Thomas Munte, says:
"The property market is as old as human culture. It is one of the most important facets of human life but it is also one of the most antiquated. Dominium aims to solve some long-existing problems affecting the global property industry using technology that has become available through the emergence of the blockchain." Be alert to read related news.
The Dominium property platform will allow users to list, trade, finance and manage property assets utilising a suite of tools, with all activities safely recorded on the blockchain. Business tools will include full Client Relations Management, project management and maintenance systems. Read this for more information.
Property investors will have instant access to legally compliant property listings available at a unique low entry point (from 1 euro). They will be able to trade assets on the platform, providing an immediate exit strategy, without the use of fund managers, agents or other centralised parties, provided their account is approved.
"Thanks to blockchain technology, people all over the globe will be able to invest in property from just €1," says Managing Director Mark Lloyd.
The platform aims to be completely regulated by providing standardised legal documents for each jurisdiction, making processes such as setting up a property fund affordable and simple for the first time. Other features include peer-to-peer lending, affordable asset trading and on-platform communication.
The rental market could also be significantly affected, as agents, renters and property owners will have access to past information recorded on the blockchain. Property Director, Esther Dekker, says,
"Dominium could mean the end of hiding property faults from prospective tenants or buyers."
Not based on Ethereum, the property platform runs on its own blockchain, making it a global first. The Dominium blockchain in based on an Ardor childchain which is designed to avoid blockchain bloat and high transaction fees and times. The self-funded platform has gone live today in seven languages, with many features already fully functional. The Dominium airdrop and referral program are now available to anyone registering on the platform, and the company aims to launch a pre-ICO and an ICO in the coming months for the sale of the DOM utility token which will be used to pay for all activities on the platform.
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A large proportion of the funds raised through the pre-ICO and ICO will be used to purchase a property in Germany, the Netherlands and the United Kingdom. The rental income from the portfolio will be used to pay for the continuous development of the platform, including obtaining relevant regulatory licences, and the remaining income will be used to buy back DOM tokens, thus ensuring a steady demand and diminishing supply of the token.
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*Savills
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