Nowadays, construction processes are mostly monitored manually. Manual labor slows down the processes and increases the working costs. Recently, blockchain platform Bitrent came with a solution for this problem: the usage of modules and structures chipping to control construction processes in real time. The blockchain-based company offers users the opportunity to control their construction processes and reduce costs of investing in shared-equity construction. Now, BitRent has announced its token sale.
BitRent has given itself a mission: to make real estate investing easy, transparent and profitable all over the world. The platform uses a combination of techniques that will allow its users to control construction processes. These techniques include BIM open modeling and computer-aided monitoring using RFID chips, to make investing in commercial and residential shared-equity construction more transparent and predictable. On the platform, investors can invest in real estate, without a minimum entry threshold. The online mode allows them to control construction processes and receive dividends when the construction has been completed. Moreover, users can receive data on free area or items of commercial property.
The BIM (Building Information Modeling) technology that the platform uses, allows all users of the platform to monitor a project at any stage. This way, all steps in constructing a new project can be followed. The technology collects information on the architecture, engineering, technology, and economics of the construction. Users will get a 3D model, which is easily accessible on a smartphone. This means that investors can already check on a construction from the very first sketches onwards and decide if a building will be profitable within a shared-equity construction. BIM technology will prevent investors from making bad investments, by keeping track of safety requirements of real estate items.
Smart contracts play a big role in the platform’s distributed ledger. A smart contract is not a ‘real’ contract, but an algorithm that is self-executed and self-governing. Smart contracts can control both the construction flow and return on investments. The smart contract will make sure that all investors will receive dividends when the construction is finished for example. Smart contracts are saved to the project’s blockchain node and will act in accordance with its terms and conditions. This makes them a safe and easy replacement of contracts in the traditional sense.
BitRent will seek finance though ICO crowdfunding. The platform will release its RNT tokens, based on Ethereum. The token sale will start on the 1st of December 2017, 11:00 UTC and will last until March 1, 2018. With the RNT tokens, you can participate in activities on the platform and invest in projects. 1 billion tokens will be issued, of which 699 million will be for sale on the ICO. During the pre-sale, which will start on November 24th at 11:00 UTC, 200 million tokens will already be released. 100 million tokens are reserved within BitRent and will not be on sale. During the presale, purchase of tokens is only possible with ETH. At the ICO stage, BTC is also accepted. The price of the tokens is not fixed but will vary depending on the situation. The minimum purchase price will be 0.01 ETH.