Our goal is to create a platform that will provide people from all over the world with an opportunity to take part in the joint funding of construction of any building registered on the platform using RNT tokens.
We will start our journey with launching Bitrent platform MVP in April 2018. Our MVP will be represented by web-interface which links all system components and allows users to easily interact with the platform functionality.
In other words, seed capital necessary to start a construction process could be found without looking for fund sources, with investors to be able to get access to the platform’s functions at an early stage.
The functionality is divided into 3 main parts:
The users are able to invest even small amounts of money in projects. It’s possible by the application of Smart Contracts. They record and track each backer’s investments as well as observe that all requirements are met. In this way, the use of Smart Contracts guarantees that a project backer will get his/her coins according to the Smart Contract conditions.
As for the web interface, the idea is implemented by introducing building catalog so that each user is able to browse and find a project to back.
Verified BitRent developers and constructors build and sign Smart Contracts that define each party’s responsibilities, deadlines, rewards, and penalty costs.
When adding a project to the system, it’s creators should upload all project documents which are added to the project node in the BitRent Blockchain. Once the project is added, BitRent platform analyzes the received data and checks if it complies with the specified criteria. Then, the BitRent team checks and verifies the project, its legality, budget, construction details and only then the project gets the final rating and is marked ‘Verified’.
Analyzing project’s BIM model, BitRent experts define building units and generate ID for RFID tags or barcodes that are to be integrated into building units. Each tag/barcode is entered into the digital progress statement and has 4 statuses (1. In the system 2. Integrated 3. Implemented 4. Approved ).
The platform will have an integration with construction management tools that would catch every action that is performed during the project construction process.
When the action is captured, the platform triggers Smart Contract and if this action leads to a milestone completion, the Bitrent platform makes financial transaction according to Smart Contract terms and conditions.
Then after adding the action to the project node, the platform changes the project Roadmap section of the Project Profile page so that investors may monitor construction progress and get notified of project changes.
All in all, our aim is to develop a forward-thinking solution that will allow developer companies to attract investments without fund sources and omit third party audit service. It means that developers save budget sources and are able to implement equipment and techniques to correspond to “green standards” like Active house, LEED, BREEAM, and etc. without expanding initial budget.
In the nearest time we will launch a website for this platform. Currently, this website-platform is in the development stage, with corresponding Smart Contracts being written.
Soon you will see and experience it all.
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