Project Overview: Dominium - Global Property Platform
Dominium wants to become a global property platform. Leveraging blockchain technology, its features and benefits are to provide improved services when it comes to property management and investing. They want to solve problems connected with real estate investments, such as high entry barriers and liquidity problems.
The project founders have noticed that "the global real estate market is worth 217 trillion USD but has antiquated technologies, is subject to complex regulation and limited by centralization from authorities, agents and financial institutions. Languages and financial barriers also affect the market, making it a lucrative but often inaccessible space."
Dominium is built upon Ardor, which is an extension of the Nxt blockchain. It has been designed to allow scalability and avoid extensive mining. Importantly, it also offers the feature of child chains which allow various businesses to use specific features and applications on their own, while still having access to the main Ardor features. It is being used to provide permanent and complete transparency to property finance and management records, investor holdings, property listings, and rental and sale agreements.
The developers believe that Ardor is the platform with the best features for what Dominium wants to offer and the real estate business, especially the controlled trading of asset feature.
Dominium's Managing Director, Mark Lloyd said: “For a property project with potentially millions of users and assets worldwide, blockchain bloat and functionality are of a primary concern to us.”
The Dominium network is in a sense divided into two platforms; one for investments and the other for property management. The former allows any investor to participate in the real estate market, thanks to the tokenization of assets, which means that an investor can buy as little as one share or token of a property he or she is interested in. He/she is then entitled to a fraction of the profits based on the number of tokens bought.
Moreover, this feature allows for a peer-to-peer asset trading without the need for any intermediaries. It is especially convenient as there is no need for unnecessary bureaucracy when changing the ownership of assets. However, all of the users need to be identified and whitelisted in order to comply with all applicable laws and regulations. Anyone can participate in the platform and trade their real estate, even with the smallest amount of investment of 1 Euro.
The second element to the platform involves the management of assets. The use of blockchain technology allows property managers, tenants, agents, and real estate professionals to record information transparently. This eliminates any potential fraud attempts, forgeries or misunderstandings between parties.
All in all, Dominium platform will allow users to list, trade, finance and manage property assets. The available tools will allow for all activities to be safely recorded on the blockchain. Business tools will include full Client Relations Management, project management and maintenance systems.
KYC and AML
Since the real estate market is unavoidable dealing in real physical assets, a huge part of the industry is still based on mainstream economy. To offer services to their fullest, Dominium needs to comply with any applicable governmental regulations, especially Know-Your-Customer (KYC) and Anti-Money-Laundering (AML) laws, and require their users to pass a verification process. Despite the possible inconvenient to users, , this shows that compliance is being taken seriously by the Dominium team and that all legalities have been taken into consideration.
This adherence to compliance will also allow third party companies to digitalized their assets and create suitable tokens for their properties for Dominium users to trade and own.
While the platform allows for the tokenisation of various types of assets, there will be one main token, called DOM, which will act as a utility token. It will be used for paying for all services, fees and activities on the Dominium platform. For example, with DOM tokens one will be able to create assets, trade them, list a property for sale or rent and register agreements.
The Initial Token Offering aims to raise at least 2,500,000 Euros, which is the ITO soft cap. The team behind Dominium states that a majority of the raised funds will be devoted to purchase property portfolios in countries such as Netherlands, Germany and the United Kingdom to start generating a passive income for the company. This will then be used to maintain the platform development.
The main ITO phase is scheduled to start on the 3rd of September. It will consists of 4 phases with each having a different token price discount. At phase one, DOM token will be priced at 0.10 Euro. The coin offering will last for three months, which is relatively long. There are ICOs who aim to finish their token sales within few days only. However, the longer approach gives an opportunity for more investors to get familiar with the project and do their own research.
The team also plans to distribute parts of the generated tokens through airdrop, referral and bounty programs.
The project is being developed by a group or real estate professionals, Munte Immobilien and Max Property Group, whose industry experience can date even back to 1833. They specialize in running property portfolios, funds and developments and manage assets worth hundreds of millions of euros.
Each of the members have extensive backgrounds and experience in asset management and the real estate market. The directors have many years of experience in the industry and have already grown multiple successful businesses. At this stage, there aren't any developers or programmers listed among the team members, however there are blockchain specialists and advisors on the board.
The whole project gives an impression of being very well-prepared with all of the needed documentation, descriptions of the main idea and core features, as well as good site design and experienced team members. It is easy to research the information and the fact that they want to take care of all of the legal issues connected with real estate investments also acts as an advantage and shows that they are taking the project seriously. Ultimately, Dominium can be the blockchain-based platform to offer inexclusive opportunities to invest in property. Moreover, blockchain technology makes it much easier than modern mainstream solutions, therefore those who couldn't explore real estate opportunities because of regulatory complexities, price entry levels, language barriers etc. may soon be able to do so online and with a reduction in cost, time and centralisation.
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