BrikBit, DPoS for tokenizing Real Estate Digital Assets

by Francesco Galati · Published October 1, 2018 · Updated October 1, 2018

This article talks about BrikBit, one of the first ICOs on Lisk, scheduled for the 18th of October – the second, actually, after the recent pre-sale of MADANA, another project building on Lisk.

What is BrikBit?

The BrikBit project is a blockchain-based ecosystem to manage operations for the Real Estate industry. Within the sector, BrikBit wishes to use blockchain technology to automate, disintermediate and make more transparent all processes of a Real Estate enterprise. It uses a logic similar to Lisk’s sidechains, allowing each Real Estate project to create its own blockchain and to customise it, according to the desired rules – and to the local legislation.

This short video might help to capture BrikBit’s value proposition:

Real Estate Digital Asset (REDA)?

BrikBit bases its project on digital assets on blockchain – a topic widely discussed in the sector. They wish to use a native token on their blockchain, representing the Real Estate developments, called REDA (Real Estate Digital Asset).

This token contains the complete profile of a building, including data such as the structure, design, materials and so on. All the information will be organised according to a specific protocol to manage each property. Therefore, the REDA tokens work as an interface between the building and the blockchain platform. In addition, being digital assets, the tokens are linked to specific projects and can be used to signal property and ownership of a building. The tokens will also be issued to follow distinct legislations – depending on where the building in question is located.

Users will be able to manage the tokens thanks to RE-DApps: Real Estate Decentralized Applications.

Thanks to the REDA tokens, users will be able to agree on correctness of property data and on its uniqueness. They also allow users to partition ownership of a building or a project, enabling them to sell only a small partition of a property. They also make it easier for small and medium investors to participate in Real Estate operations, allowing them to invest in projects all around the world. Last but not least, the tokens solve the problem of transparency of data.

This is the process to create a REDA:

Affiliation with Lisk

Although the ICO is taking place on Ethereum – due to logistical advantages of conducting an ICO on the Ethereum platform – the BrikBit team has expressed its willingness to build their platform on Lisk. They motivated their choice because of the JavaScript language used by Lisk, a solution to their necessity to meet the needs of the Real Estate market.

The founders also mentioned further advantages of using Lisk, such as the DPoS protocol that can be useful to share property of digital assets, the reduced energy impact (compared to Bitcoin) and the sidechains philosophy.

As a result, the BrikBit team has been collaborating with Lisk and participated in many of the last Lisk meetups organized in the US, thanks to the support received from Bloqspace.

#Asia vs #Europe: while the #Founder is in Asia for the #roadshow, part of the #team was in #switzerland for #realestate #meetup in #Zurich. Great day for the #brikbit #project #realestateblockchain #news #lisk #cryptolife #cryptoworld pic.twitter.com/l1abKPCcnN
— BrikBit (@BrikBit) September 20, 2018

They also released a recent interview for a US-based crypto TV show and presented their project in South-East Asia: in South-Korea, Thailand, Vietnam and Philippines.

This video is the promo launched during the crypto show:

To spread awareness on their ICO, they also conducted an airdrop that closed down earlier than expected, reaching their target of 10thousand followers on Telegram in a relatively short period of time.

The BrikBit ICO will take place on the 18th of October.

For more information, visit the official BrikBit website.