Features of Fair Squares

Exists of the required building blocks we have already seen with many other chains such as Kusama, but giving it other properties and flows.

Bonding Capital

Users can bond their capital on the platform interface, which will be a stable token(USD or EUR). This makes their capital available for a future investment in housing. The bond of the capital goes to the housing fund. This fund holds the entire amount of stable tokens of different users. All values ​​(investments) assigned by the users and the time of the investment are registered through the fund.

Users can take out their capital any-time they want when it's not invested in a house. By bonding there capital users have already agree that the

Requirements:

• a Stable token
• a Fund that hold all the funds and keeps track of amount, time bonded.
• a Fund that is allowed to invest that in real-estate, when passing governance.

Adding homes

We expect homeowners and brokers to be able to list property on FS. This is a fraud sensitive topic because FS will become an open system. Before a house is fully placed and can be bid on, we expect that we can place checks with the necessary stakeholders such as notary and verifiers for approval and another quality check done by the fs-community. For the sake of hackathon we will not be focusing on the verification aspect.

We will treat people listing their homes as trusted in this current stage.

Requirements:

• NFT Pallet
  • Create class within pallet for houses
  • Create a constant for Sqm price, maximum price for a house
  • People can list houses and say how big the house is, which will result in a base price.
  • The NFT's should be able to be fractioned bases on their share of the bid.
• The house will be on the page of listed homes and the fund and it's stakeholders can decide to buy it up with fast-track voting

For the hackathon we will not build functionality to verify currently if the house price or the actual house is valid or exists

Bidding and purchase engine

Bidding on a house does not take into account bids outside the blockchain. A bidding mechanism based on the valuation report provides a price range. The FS stakeholders arrive at a bid price based on off-chain computations and on-chain voting. Before an offer can be made on a house, it must be known with which investors and how much money per investor together the total bid is formed. The general procedure to determine the minimum number of investors and the maximum investment amount per home will be further worked out. The intention is that an offer must be made quickly and then it is up to the seller or authorized representative to make a choice.

For this hackathon, we will mock as all actors are verified and trusted. As in the real world there are security checks needed before the house can actually be handed over to the buyers. Such as a notary check, so that the house cannot be sold twice. If the bid is successful, the property will be transferred to the new owners and the money transferred to the former owner in its most simple form. To verify that the house is sold only at one place, this falls under the verification of a notary that we expect to be part of our solution.

Requirements:

• Logic to check if the fund holds => then the base-price of the house + house treasury for unforseen costs (5%).
• Calculate the inclusion metric:
  • Time of capital bonded: People that have bonded their capital at first are able to get in fist.
  • Diversity: bigger investors are welcome, but we want the smaller investors need to fill up the spots too
  • Not more than X investors as that would make decision-making over a house hard.
• Place a bid on-chain.
• All investors are listed as shareholders

Scenario's will be outlined in the issue regarding this feature.

Renting

Registering for a rental can be done via another interface. Tenants can join by creating a profile with preferences. The interested tenants will be selected in the order of the steps below, namely:

1. With the registration, small deposit and verification.
2. The order of registration determines the position on the rental list. Preferences, such as location, m2, number of people.
3. A set response time if the renter doesn't apply, then the proposal moves on to the next match.

Requirements:

• Set status on homes: available or occupied
• Rental agreement date and price
• Price get's deduced on investment + 3% annually return on rent. [to be decided by governance] on new contracts.
• Recurring payments for rent