Bitrent is a blockchain platform that wants to attract residential and commercial property investments. Find out how it works today in our review.
What Is Bitrent?
Bitrent, found online at Bitrent.io, is a real estate investment platform built on blockchain technology. The goal of the platform, according to the official website, is “to attract commercial and residential property investments at an early stage of construction in order to gain maximum profit.”
The pre-sale for Bitrent starts in late November, with an ICO starting on December 1.
Bitrent is being developed by a construction and real estate development company originally founded in 1995.
How Does Bitrent Work?
Bitrent allows anyone to digitize their assets and become an owner of commercial and residential property objects. The goal is to simplify the process of investing in hotels, businesses, shopping centers, and houses while making it affordable to anyone.
Using RNT tokens, owners can invest in real estate and receive dividends from real estate transactions. All operations performed with the token on-site are recorded within the blockchain using smart contracts. Meanwhile, all real estate documents and digitized and transferred to investors.
The entire construction project can be tracked online using the RFID tags embedded in all structural elements involved in the construction process.
Some of the core functions of the platform include:
Real Estate Investing
The platform will attract real estate investments at all stages of construction
Investors can invest a small amount of money in real estate; investors can gain exposure to valuable real estate assets without necessarily owning the entire asset
Investments are protected by records in the decentralized registry (the blockchain)
You can own a share in real estate anywhere in the world
Digitized Real Estate
Digitized information about real estate objects is stored in the blockchain
Real estate transactions are conducted via smart contracts on the blockchain
Bitrent uses Building Information Modeling, or BIM, as a core layer of its infrastructure
The platform also uses Radio Frequency Identification (RFID) for monitoring and control
Tracking is used to ensure all buildings are constructed with eco-friendly materials that comply with LEED and BREEAM requirements
Together, these two infrastructure technologies allow participants to share vital real estate information in real time. Each participant can check all real estate objects online in real-time to reduce huge amounts of manual data collection.
When the whitepaper mentions “checking all real estate objects”, Bitrent refers to a unique concept: the company plans to embed chips into “all constructional elements”. This allows investors to track and monitor each stage of the construction project. It also allows investors to get complete information on real estate items within a decentralized network in real time.
The long-term goal of Bitrent is to create a blockchain-based platform that attracts real estate industry investments. The end result is a platform where investors can get profit by selling or renting real estate items, receive commercial and residential property dividends, attract investments at any stage, conduct construction monitoring and quality control, access complete information about projects under construction, and access real-time schedule control
Who’s Behind Bitrent?
Bitrent is led by Dmitriy Starovoitov (Founder) and Dmitriy Shapran (CEO and Co-Founder). Both are based in Ukraine, and both list experience with Megaline on their LinkedIn profiles. Starovoitov has been a Managing Partner at Megaline since 2003, while Shapran worked as a Managing Director between 2002 and 2013.
Megaline is a construction company with 50+ successful real estate projects and 2 million square feet of commercial property development in Ukraine, Kazakhstan, and the UAE.
A man named Carl Francis is also listed as a member of the team. Francis is listed as “one of the top 10 architects in the world”.
Bitrent is incorporated under the name LP Bitrent Company, with an office registered in London.
Bitrent was founded in April 2017.
The Bitrent ICO
The Bitrent ICO starts with a pre-sale on November 20, followed by a general ICO on December 1, 2017. Investors can purchase RNT tokens, which are designed as a means of payment for the Bitrent platform. You can also spend tokens on “premium services” of the BitRent platform.
The Bitrent ICO will involve the release of 1,000,000,000 tokens. 100,000,000 tokens (10%) will remain with the company; 200,000,000 tokens (20%) will be released during the pre-sale, 699,000,000 tokens (69.9%) will be available during the ICO, while 500,000 each will be released for bounties and to the team.
Bitrent also plans to incorporate a buyback program. The platform will allocate “up to 50% of profit from the previous financial years” towards a token buyback program, where they’ll repurchase tokens at market price.
Bitrent has scheduled the launch of its platform for March 2018, although this appears to be a beta launch. The full platform will begin operation in October 2018.
Over November and December, Bitrent is holding a token sale where users can purchase RNT tokens. RNT tokens can be used for all transactions on the platform, including real estate investments. To learn more about the Bitrent token sale, visit online today at Bitrent.io.