What Is Quarteria?
Quarteria believes in breaking down the barriers of real estate. The solution is the creation of a platform for real estate transactions that run on the blockchain. Through this platform, the developers hope to solve issues by facilitating two main tasks:
- Listing and marketing properties globally
- Providing an escrow service that is powered by the blockchain to transfer real estate.
To accomplish these goals, Quarteria will offer an international listing service powered by the blockchain. On this service, anyone will be able to list a commercial or residential property for lease, sale, or auction. Anyone from any location in the world will be able to browse the listed properties. The properties will be valued in fiat and crypto. Besides viewing the properties, users will be able to conduct transactions, lease property, and even make purchases using crypto.
Quarteria XQT NEO Blockchain Real Estate Coin ICO Details
Quarteria works as a custom decentralized system that is built on the NEO platform. The platform is powered by the XQT token. On the Quarteria network, there are three main layers. These layers are the Buyers, Sellers, and QuartMasters. Buyers utilize the network to find a listing and make purchases or leases using tokens. Sellers utilize the platform to advertise their properties that are up for lease or sale.
QuartMasters are holders of the XQT tokens. They review every transaction and act as the decentralized third party for the escrow service. Thus ensuring that property transactions are performed by staking the XQT tokens. Via this model, Quarteria will successfully get rid of the third parties who usually charge huge fees.
The ICO for the XQT token is complete. Tokens can now be purchased on different exchanges.
The Inefficiency Of The Current System
The major controversy in the Real Estate sector today is the lack of a single centralized or decentralized listing service for commercial and residential properties. Most listing services in the US have been embroiled in numerous lawsuits with homeowners. This is because their appraisals are usually full of inconsistencies. In some cases, the values shown have a standard deviation of as much as 60 percent.
Besides that, the local multiple listing service databases in the US have never come to an agreement on one national database. Globally, there are thousands of disjointed platforms without any uniformity. In the US, the issue has been partly resolved by aggregated listing services such as Trulia and Zillow. However, Brokerage firms need to pay the platforms huge fees if they want to be part of the databases.
In most cases, the minimum amount you can pay is $200 a month but can be as high as $1000 a month. These fees are often passed on to the buyers and the sellers. In the end, everyone makes loses except the corporate database. Besides that, the information on these databases is often wrong and hard to correct due to inefficient customer service.
The result is that Quarteria will offer a mainly fee-less platform for real estate, which will be the first of its kind globally. This platform is going to support users through the transaction cycle. The aim is to create a one-stop shop for the real estate sector in the modern era.