Overview
The Deed Protocol is an innovative Open-Sourced Application (OSA) that harnesses the power of distributed ledger technology to digitize the entire spectrum of property transactions.
It serves as a pioneering Automated Transaction Layer, enabling property owners to Register, Sale Finance and Transfer their properties by creating a unique Digital Deed or Title that acts as a 1-to-1 Legal Representation of Ownership for a variety of Real-World Assets.
How it Works
At the heart of the Deed Protocol is the Property Registration Contract, the minting machine of Digital Deed. Each Digital Deed stands unique, tethered to a specific real-world property.
Property Types: The properties come classified into distinct types such as Land, Vehicles, Real Estate, etc.
Deed Information: Each Digital Deed carries a token URI that points to a JSON file containing exhaustive information about the property.
Users interact with the protocol through a series of steps:
Property Registration: Users initiate their journey by registering their property, providing necessary documents, and proving their ownership.
Off-Chain Verification: The Deed Protocol team verifies these documents off-chain, ensuring the integrity of the process.
Minting the Deed: Upon verification, users receive a verification code, which they can utilize to mint the Digital Deed that signifies their property.
The protocol extends its functionality by incorporating a Leasing Mechanism that allows property owners to lease their properties.
Lease Agreement: The terms of the lease, such as rent, deposit, lease period, and more, are dictated by a smart contract.
Lease Payments: Leases can be remunerated using Fiat (USD) or an ERC20 token such as xDAI.
Owners also have the option to Sell their Properties via the platform.
Purchase Methods: Potential buyers can secure properties through bidding, direct sales, or Dutch auctions.
Purchase Process: A purchase entails not only on-chain transactions but also off-chain actions such as signing of traditional agreements like purchase agreements.
Technical Overview
Deed Protocol stands built with Solidity for smart contracts on the Ethereum blockchain and is compatible with the Gnosis (xDAI) Chain. It complies with the ERC-721 standard for NFTs, adding functionalities tailored for property management, leasing, and sales.
IPFS Storage: The protocol exploits IPFS for storing property metadata, assuring data immutability and permanence.
Wallet Compatibility: Users can manage their Deed NFTs using their preferred Ethereum wallet, highlighting user convenience.
Transfer Fees: The protocol leverages EIP-2981 standard for royalty fees, ensuring a percentage of every on-chain sale circles back to the platform to cover off-chain costs.
Legal Framework
Operating within an intertwined legal framework of traditional property law and blockchain technology, the Deed Protocol offers an innovative solution that combines the best of both worlds.
Property Wrappers: These are adaptable legal structures, including LLCs and Nominee Trusts, designed to seamlessly integrate real-world assets with blockchain technology. They ensure legal compliance, provide asset protection, and facilitate digital transactions.
Traditional Agreements: Deed Protocol utilizes traditional agreements such as lease agreements and purchase agreements to ensure legal compliance and clarity of terms.
Verification & KYC: The protocol stresses user verification and Know Your Customer (KYC) processes. All parties involved in a purchase or lease agreement must undergo KYC procedures to ensure compliance with applicable laws and regulations.
With this, the Deed Protocol presents a revolutionary blend of blockchain technology and traditional property law, providing a streamlined, secure, and decentralized platform for property registration, management, leasing, and sales.
Fees & Service Charges
Utilizing the Deed Protocol comes with certain fees and service charges that are essential for maintaining and developing the system. We've aimed to keep the structure as transparent and user-friendly as possible. Below is a summary of these costs:
Gas Fees: As with any Ethereum-based DApp, executing transactions on the Deed Protocol requires payment of network gas fees. These fees are not collected by the Deed Protocol but are used to incentivize miners who validate and add transactions to the Ethereum blockchain.
Minting Fees: When you mint a DeedNFT, there is a nominal fee associated with it. This fee supports the costs of the smart contract execution.
Transaction Fees (Royalties): Deed Protocol utilizes a royalty system for on-chain transactions of DeedNFTs. Each time a DeedNFT changes ownership through a sale, a 5% fee is applied and paid to the platform. These fee support the ongoing development of the Deed Protocol and cover both the associated with on-chain computation and off-chain administrative costs
Lease Agreement Fees: When initiating a lease agreement, a certain fee applies. This fee contributes to maintaining and servicing the agreement on the protocol.
Dispute Resolution Fees: In the case of disputes arising from leasing agreements or DeedNFT transactions, a fee will be required to engage the dispute resolution system and services of the protocol.
Please note that fees are subject to change and can vary based on the nature of the transaction and the current conditions of the Ethereum network. Always ensure to check the specific fee details at the time of conducting any transaction. Your understanding and support help us maintain and continuously improve the Deed Protocol.
Conclusion
In conclusion, the Deed Protocol is an innovative application leveraging the decentralization and transparency offered by blockchain technology to disrupt the real estate and property industry. By digitizing the entire spectrum of property transactions, it ensures convenience, security, and seamless management for property owners, leasers, and buyers.
Moreover, the protocol is not a static creation. It thrives and evolves through the invaluable input and expertise from the global developer community and passionate property enthusiasts.
Get Involved
Deed Protocol is an open-source project, which means that it grows and evolves with the help of contributors worldwide. We welcome anyone and everyone who shares our vision to join our mission in transforming property transactions globally. Here are some ways you can contribute:
Join the Conversation: We have a vibrant and welcoming community on our Discord channel. It's the perfect place to share your ideas, discuss new features, and get involved in the future direction of the protocol.
Code Contribution: Developers can contribute directly to the Deed Protocol's codebase by submitting pull requests on our Github repository. Whether it's fixing a bug, improving the documentation, or adding a new feature, your contributions are appreciated.
Bug Bounty Program: We believe in the strength and innovation of our community. As such, we host a Bug Bounty Program to encourage users to help identify and fix potential security issues in the Deed Protocol.
Financial Contribution: Your financial support can go a long way in fostering the development of the Deed Protocol. We have token sales/auctions which allow you to directly invest in the future of property transactions. By investing, you are not just buying tokens; you are supporting the protocol and its continued development.
DAO/Corporate Governance: The Deed Protocol believes in the power of decentralized decision-making. We have a Decentralized Autonomous Organization (DAO) structure where members can participate and vote on important decisions related to the protocol's development.
Join us in creating a more transparent, efficient, and accessible property transaction process for everyone. Together, we can make a significant impact on the world of real estate and property management. Welcome to the future with Deed Protocol!
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