realXmarket user journey

This is a step-by-step guide detailing all aspects of the user journey.

Any page users land on will direct them to having the correct credentials. For the purpose of this documentation we have used the homepage to start their journey. This page explains the purpose of the dApp and the key stages throughout the process.

A user can browse the marketplace and view property information however no transaction can be made without first completing the KYC process.

1.0 User Verification

To transact with the realXmarket dApp, all users must have already gone through the KYC/KYB/AML process (through a regulated verifiable provider like Sumsub) in order to be able to call any function or submit any transaction.

1.1 Know Your Customer (KYC) / Know Your Business (KYB) / Anti Money Laundering (AML) checks

In order to be regulatory compliant all users must complete a process that verifies the users personal (and business) data. Once completed, verifiable credentials will be stored on the users device and presented when required to perform specific tasks.

Watch this video to understand the process for the personal identity check.

Watch this video to understand the process for the business identity check.

1.2 Digital Identifier (DID) & verifiable credential creation

Once you have successfully completed the KYC/KYB/AML process a DID (acts as an account reference) and verifiable credentials are automatically created. Then when you return to the application as long as your credentials are still valid you can interact with the application without having to repeat the KYC process.

1.3 Issues with your DID or credentials

If you are unable to connect for whatever reason please raise a support ticket with our help desk.

2.0 User Accounts

There are currently four types of user accounts. If a user type button is clicked for the first time, then the user is prompted to pass an independent KYC & AML process through an accredited partner like Sumsub.

A returning user will simply be logged in and directed to their profile.

2.1 Real Estate Developer

Once the user account button has been clicked, then an account is created.

The account creator can add a company and other team mates. Once a company has been set then the company needs to pass an independent KYB & AML process through an accredited partner.

2.1.1 Adding a property

A real estate developer can add a property by clicking the "add property" button and filling in the form.

A partially completed form will be saved and can be edited at any time.

Once all the fields have been completed and the "list" button clicked the property will be verified using several preconfigured oracles.

If there is a problem then a field may need to be amended prior to resubmitting.

If all checks have passed, then the property will appear in the marketplace and the property tokens are available to be purchased.

2.2 Real Estate Investor

Once the user account button has been clicked, then an account is created.

2.3 Letting Agent

Once the user account button has been clicked, then an account is created, which corresponds with a user DID.

The account creator can add a company DID and other team mates. Once a company DID has been set then the company needs to pass an independent KYB & AML process through an accredited partner.

2.3.1 Letting process

Once the SPV has been created a verified letting agent can "claim" the property and rent it out on behalf of the property token holders SPV.

2.4 Legal Representative

Once the user account button has been clicked, then an account is created.

The account creator can add a company and other team mates. Once a company has been set then the company needs to pass an independent KYB & AML process through an accredited partner.

*** add screenshot of lawyer account ***

2.4.1 Claiming property

Once the SPV has been created then all verified lawyers can claim a property to represent either the real estate developer or the SPV but not both at the same time.

2.4.2 Review Property Documentation

Both lawyer review the property documentation and vote to complete the sale through the exchange of contracts.

2.4.3 Distribution of funds and tokens

Once the vote has been cast and both lawyers have voted to complete the transaction, then all the property tokens are distributed to the investors and the funds are distributed to the real estate developer (less fees and taxes).

Should the vote not be agreed, then the funds are returned to the investors and the property tokens are burnt.

3.0 NFT Marketplace

All the properties listed (passed price, ownership & planning permission Oracle checks) appear on the marketplace.

3.1 Explore property details

Each individual property can be clicked on to expand on its full details.

3.2 Purchase property tokens

Once an investor has made a decision to purchase some property tokens they click the "buy" button and select the number of tokens they wish to purchase.

3.3 Property token sale

If its the first time the property has been listed, then all of the property tokens will need to be purchased before the Special Purpose Vehicle (SPV) can be created.

3.4 Property token refund

Should all of the tokens not be sold within a specified time period (initially set at 30 days). Then the funds will be returned to the buyers and the tokens burnt.

4.0 Legal process

Once the last property token(s) have been purchased an API creates a Special Purpose Vehicle (SPV), which is a Limited Liability Partnership (LLP), this is the legal entity that owns the property. All the property token holders are the legal partners in that company and can vote on all property ownership based decisions.

5.0 Property Management

Contracts are electronically signed between the Letting Agent and the SPV.

5.1 Rental income distribution

The first months rental for a property (less fees) is deposited by the letting agent. The is to be used as a SPV treasury fund to pay for costs relating to the day to day running of the property. All other months rental income is to be distributed to the property token holders wallets based on the number of tokens they hold.

5.2 Property voting

All property token holders based on their token holding can vote on all decisions of the property management over and above a pre-determined threshold (initially set to £500).

A property token holder can propose a vote based on certain criteria.

6.0 Secondary Market

Any property token holder can re-list the property tokens back on to the realXmarket within the pre-determined lower and upper price band based on current market value.

Potential buyers can then make offers to the seller.

The sale is concluded once an offer has been accepted by the seller.