Great review! I have a question though.. One thing that I have trouble figuring out with these RL tokenization-projects is: How are they going to enforce it? I mean, sure you can tie property in the real world to tokens and divide those tokens and spread them around. But when push comes to shove, how will it be lawfully tied together?
Speaking of which... anybody interested in buying a bridge? I've got one for sale in San Francisco.. 😁
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Hi Pandorasbox - I consult with ATLANT, and may be able to shed some light, here.
ATLANT, when it launches, will be like a NASDAQ, but for real estate assets. That, in a nutshell, is what makes it unique and potentially revolutionary. Because it's difficult, for various reasons, to tokenize property directly, ATLANT will tokenize SPVs (Special Purpose Vehicles), a common type of corporation for owning real estate assets.
Just as traditional shares can be issued by a corporation, so a cryptocurrency token can be created by a corporation. Relevant law is, admittedly, not nearly as defined for anything related to cryptocurrencies as it is for traditional currencies - but there is still a direct line between the token created by each SPV that will list properties on the ATLANT platform, the SPV itself, and the relevant properties that the SPV owns.
ATLANT will also perform due diligence on all facets of each listed property to be sure it is free of liens, etc., via our legal partners in each relevant jurisdiction, before allowing it to list on the ATLANT platform.
And so, just as any publicly-traded company is pre-vetted for anyone who wants to buy its shares, so the individuals tokens available for buying, selling and trading on the ATLANT platform will have their controlling corporations and the properties they own, pre-vetted, as well.
How enforceable it all is, in terms of anything tied to cryptocurrency, is a question tied to the rapid evolution of related cryptocurrency law.
However, not only is the relevant real estate law enforceable, in ATLANT's case, it's a non-issue: a given SPV and its properties are qualified to list with us - or they're not. And it's very difficult to fake the requisite proof - especially to our legal partners who know the applicable real estate law in any jurisdiction.
Our initial minimum requirement to list on the platform, in terms of property value will be €20 million. Per that level of value, the entire history of such a property will have every pertinent aspect of it recorded as a matter of public record.
I hope that helps clear up how ATLANT plans to handle such matters, in any case. The ATLANT platform is scheduled for launch in March 2018, and we should be in good shape to meet that goal. For further details, please see https://atlant.io/ - thanks.
Wow, thanks for the long and thorough response @dougsandlin ! I must say my knowledge on legal issues is lacking, and as a non native speaker of English it doesn't make it any easier to fully understand everything you wrote.
If there will be laws that can connect tokens lawfully to property then for sure you are in a good place and this is probably the main objective for any tokenization project. I see many hurdles and uncertainties in this regard though, because it'd almost have to be an international law, seeing as blockchain is decentralized and not limited to nationstates? So a lot does depend on what regulation will determine. I mean, what if ATLANT goes bankrupt, who guarantees that my tokens are still worth 1/100th of a project?
I think we're definitely going to a tokenized world though. I'm just not sure how, and more importantly when, as a lot seems to depend (in my mind) on governments and regulations. Currently governments seem to have a love/hate relationship with crypto.
Good luck with the project though I definitely hope you succeed because if the wind blows your way then I think it's a great idea! You seem to be well versed in these matters and know your stuff, in any case!