Let’s face it — most people in the world today learned about the fantastic innovative capabilities of blockchain technology thanks to one word — bitcoin.
But lest you think that this post will turn into some kind of soap-box rant on the incomparable advantages of the “one and only true blockchain” — rest assured — that isn’t the point.
When we set out to build Property DNA®and provide a foundation for the tokenisation of property and property data, we had a specific set of criteria in mind — and a clear vision of what we wanted to see emerge.
How many buildings are there in the world? Neither you nor I have any idea…
But the vision we have for Property DNA® is that of a tool that can be used by anyone, for any property, anywhere. And let’s admit it — that’s pretty big!
Obviously scalability is of prime concern.
Using the throughput capacity and reach of Lightning, we can scale up or down as much as needed. So if every property owner using Property DNA® decided to record data at the same time, there would be no problem at all.
And if just one needed to connect — that would be fine too.
One cornerstone of the foundation we are building with Property DNA® is trust. When data is entered into the application, stored and verified — it creates trust, transparency and hopefully brings people closer together, for the benefit of everyone.
Now many blockchain protocols claim to address “the trust issue” and true enough — blockchain technology at its core promises to enable trustless transactions between parties who do not know each other.
But let’s be honest — there is trust…and then there is trust.
It is one thing to believe in the power of a decentralised network of validation and it is another to commit wholeheartedly to putting your entire system of data validation and value transfer in the hands of a community of developers and supporters. Here a proven track record is paramount.
So while there may be different options on the current blockchain scene which could potentially serve our needs, we have chosen to use the bitcoin blockchain because:
a) it has stood the test of time
b) its structural weaknesses (if any) are significantly less than other well-known protocols
As we build the Property DNA® we are dedicated to build a bridge of trust between the different players in the real estate ecosystem, opening up new economies and breaking down data silos — it is absolutely essential that we be able to offer a tool that users can trust 100% — and that won’t be exploited by amateurs or disrupted by hackers.
Beyond this high level of trust among network participants, we want to foster a trustworthy bond between owners and tenants as well. Such a bond requires commitment — even in monetary form — from both sides to enable things like automatic crypto payments for rent, incentives for tenants who do repairs themselves and crowd-funded renovation.
Part of establishing trust and creating a trustworthy network is maintaining stability.
Just think about how you would feel about your electricity if it went off every couple of hours, even for a minute or two. Not very stable, right?
Because property owners will be using the DNA at their discretion — generating reports, adding data, making transactions at any time of day or night — we need our technology to be reliable and stable at all times.
The bitcoin blockchain has not only continued to operate smoothly despite growing demand, the improvements brought about by the Lightning network have created even more reason to believe in its reliability.
Global free market philosophy
And finally, there is philosophy.
Our long experience in the real estate market has given us deep insights into its workings, both good and bad. Like many markets, it has its dominant players, its smaller ones along with vested interests and inefficiencies. Even in countries where free market economics are long established, there are always conflicts of interest and a frequent lack of transparency that help certain market players maintain their positions.
The advent of crypto finance technology has enabled a level of decentralisation that has rarely (if ever) been seen in the world thus far.
And it all started with bitcoin.
So in keeping true to the spirit of this original movement of independent thought, of democratisation and “coined freedom” (to quote Fyodor Dostoyevsky), we choose to build on bitcoin technology.
Because our goal with the Property DNA® is to enable smaller property owners, individual property managers, to foster a network, not only among real estate owners and managers in small localities, but all across countries and continents.
This network effect will empower them to be able to do things they have never been able to do before:
- get real-time updates on their costs
- create seamless relationships with their tenants
- get a fair, unbiased appraisal of their property’s value, based on hard data
By leveraging the strength of the bitcoin blockchain and the improvements on its basis provided by Lightning — we will keep true to the goal of a truly people-centered technology that enables participation by literally anyone who wishes to.
Our focus is unlocking ALL the true potential in the buildings where you live and work — and most of all on making blockchain & crypto “real”…!