REX is a blockchain-based property listing service that promises to create a “real estate revolution”. Find out how REX claims to revolutionize real estate today in our review.
What Is REX?
REX is a peer to peer real estate platform that aims to modernize the world of online property listings industry. Today, the real estate industry is locked into the same online listing services they’ve used for over a decade.
These listings (like MLS) charge high fees and deliver intrusive ads. They also monopolize the industry. It’s time for a change – and REX wants to be that change.
REX, found online at REXMLS.com, describes itself as a “revolutionary new global listing platform”. At REX, you can list properties for free and search them for free. You’re not bombarded by advertisements, and you’re in complete control of your data. And transactions take days – not months.
Another unique feature about REX is that it pays you to participate. Users receive rewards for contributing market data to the platform, for example, or posting detailed information about a specific listed property.
REX’s platform is scheduled to launch in December 2017. The company’s token sale is scheduled for July 2017.
Ultimately, REX is a free real estate listing service with no advertisements and faster speeds. How does the company plan to make this business model work? Let’s take a closer look at how REX works.
How Does REX Work?
REX is built on blockchain technology. That blockchain connects vendors, buyers, and agents over an open network that rewards you for contributions.
There are three core parts of the REX ecosystem, including:
- Decentralized Data Distribution
- Digital Currencies
Together, these technologies have made REX “the world’s most advanced global real estate listing service”.
How can REX be free to use? Instead of fiat money, REX uses a digital token called the REX token. This token is used to interact with all different products and services on the platform. That currency enables frictionless transactions between members on the platform. Users are paid in REX tokens to list properties or to provide network data.
You might receive REX tokens for providing a history of a property, for example, and other relevant real estate information.
Tokens can then be exchanged within the platform for REX features and services. You could spend REX tokens to create a professional profile, for example, or to promote your profile across the REX network.
If you want to “cash out”, then you can trade REX tokens for real-world fiat currencies.
Like other blockchain technologies, REX is based on a decentralized, distributed network. There’s no centralized server that you need to pay to access. Anyone can access the platform anytime from anywhere in the world.
Ultimately, the goal of REX is to connect vendors, buyers, and agents through an open network. By distributing data across thousands of computers, information is democratized and storage becomes exponentially cheaper.
REX Development Path
REX has broken down its development into four phases, including each of the following:
Phase 1) Build: Build the free, open database.
Phase 2) Filter: Create advanced database filtration using human curation and machine learning.
Phase 3) Implement: Implement title, escrow, and financial processes.
Phase 4) Own: Enable real estate transactions and tokenized ownership.
The company has scheduled its ICO for July 2017. The first seed round closed in October 2016, while launch dates appeared online in March 2017. Test listings went live in April 2017.
By December 2017, the company hopes to launch phases 1 and 2 of its platform. They haven’t yet announced when they plan to launch phases 3 and 4.
Who’s Behind REX?
REX is led by Stephen King (Principal & Co-Founder), an entrepreneur with a focus in commercial real estate and blockchain technology. Other key members of the team include Russell McLernon (Principal & Co-Founder), a technology strategist with 15 years in enterprise software development and 7+ years in blockchain development.
The company is also assisted by advisors like Duke Long, a 20 year veteran in commercial real estate, as well as William King, the founder and executive chairman of Zephyr Health, and Dr. John Balian, an active real estate investor in New York City.
REX is based in Princeton, New Jersey as well as Sydney, Australia. You can contact the company at [email protected]
REX has an ambitious goal: they want to disrupt the property listing industry the same way Netflix, Amazon, and Uber have disrupted their industries. Using blockchain technology and a free, open listing service, REX offers a more viable alternative to platforms like MLS, which charge high fees, display intrusive ads, and have monopolized the industry.
The next step for REX is to release its tokens. The REX ICO is scheduled for July 2017. Details about the token sale will be released in the near future.