What Is Vinestate?
VINESTATE is a decentralized platform that focuses on providing global real estate services. According to its whitepaper, the platform was created on the Ethereum blockchain. When it comes to investing and trading within the real estate market, VINESTATE claims to provide methods that are transparent, efficient, and secure.
Ultimately, they will be working towards promoting the notion of fairness, while making a digital record available – in which details regarding financial stance, previous work did, and occupancy and other legal matters will be outlined.
What Problems Will Vinestate Address?
Based on VINESTATE’s beliefs, majority of the problems that it will be addressing are based on traditional real estate measures. Some of the areas that will be accentuated include high transaction costs, inefficiency, middlemen fees (i.e. booking services, guarantors, etc.), and reviews that may have been altered by higher officials within the respective industry. A common example of this is of service providers who focus more on convincing and gratifying reviews, while hiding or completely eliminating those that mention any type of flaws.
The Vinestate Blockchain Real Estate Cryptocurrency Solution
VINESTATE supposedly will implement two solutions that can create a decentralised, trustworthy and transparent real estate platform for users to consider and they are as follows:
Buying And Selling Property
In order to prevent any scams from being uploaded, landlords will have to provide real information and a security deposit to the escrow contract supported on the VINESTATE platform. Should conflict resolution rise, the decentralized negotiation will come in handy. To avert arguments related to rent prices, the VINESTATE platform will use smart contracts to lock securities from both the landlord and the tenant.
Eliminating Middleman Fees And Fake Reviews
Next, the reputation system has been integrated to ensure that fair and trustable reviews are available to users. According to the claims made, this system will be able to differentiate an honest reviewer from a fake.
Vinestate VEC Token ICO Details
In regard to its Initial Coin Offering (ICO), it appears that the VINESTATE’s built-in token, VEC, will be distributed by blocks between June 5th to 29th, 2018. Its prices will vary based on how early on one chooses to invest. It can be as inexpensive as $0.01 per token to eventually $0.30 by month-end. As for the token, whether it can be useful in real-life is yet to be disclosed.
Overall, it is clear that VINESTATE’s goal is to demolish centralized systems by reducing the presence of any factors that put either a tenant or landlord at risk. Founding the project on the Ethereum blockchain can be an advantageous move on the team’s part, as its level of transparency can support property buying and selling altogether. Similarly, making such transfers openly available can possibly close doors to hackers.
For more on the VINESTATE project, go to: vinestate.co/