We’ve already started talking about a huge impact that blockchain can have on real estate while describing the operational concept of smart contracts. Actually, a slightly different and very effective solution has already been offered by Atlant. It is a revolutionary global real estate platform enabling tokenization of real estate ownership and P2P rentals. Although we’ve said a few words about what they do earlier we want to review the key points of the project including some updates, and describe how to store, send and exchange Atlant tokens in Lumi.
Tokenize Your Property
So you want to sell your commercial property but struggle with finding the right person for the offer. What can you do? You can lower the price although it doesn’t seem to be fair enough or you can list it on the Atlant platform. At the beginning of November the team announced a beta release of real estate tokenization platform and we have to wait a little more before they start operating at full capacity.
How will that work?
After you submit the request, a qualified officer (an attorney) checks if everything’s in order and validates the parameters you’ve set for it. Then Atlant tokenizes your property and divides it into a certain number of tokens, depending on the total size and value of your real estate, and later lists the tokens on the company’s trading platform. When all the tokens are sold off you get the payment and the token can be sold or bought again on the secondary market via Atlant’s decentralized exchange. Meanwhile, the token owners get their profits from the property’s rental income.
In October Atlant proposed a new security token standard — ERC-1462 token, and intends to apply the ERC-1462 Base Security Token standard to all Property Tokens created on the ATLANT platform. For users, this means that those tokens will be automatically supported by exchanges, wallets and any apps that support ERC-20 tokens, which promises a seamless integration with all popular platforms.
Apart from selling and buying property, users can choose a place to rent. Basically, the decentralized Airbnb everyone’s been talking about is already there. Although it is still in beta, the platform offers quite a few options and new properties are being added regularly. P2P rental system is supposed to offer more security and efficiency and eliminate the middlemen.
The users are offered to pass the KYC in order to buy, sell and trade Atlant property tokens that are security tokens. This is also required for receiving listing fees for tokenized properties in the future, commissions for P2P rentals or P2P rental arbitration fees, for work as an arbiter. However, if you want to get ATL equity tokens, you won’t need to go through KYC procedures. ATLANT’s ATL token can be purchased and stored via the exchanges and wallets listed on the ATLANT website. Also, you can use Lumi Wallet to store, send and exchange them.
Getting an Atlant Wallet
Go to your Lumi Wallet app, tap on the plus sign in the ‘Wallets’ tab and choose the ‘Atlant’ wallet.
Go back to the ‘Overview’ and check out your new wallet.
In case you want to sell your ATL tokens, simply go to the ‘Exchange’ tab and choose the currency you want to buy.
Check the details and tap the confirm button.
If you want to send somebody ATL tokens, tap on the ‘Send’ sign on the bottom of the screen. Choose the amount and fill in the address.
Double-check it, confirm and check your balance on the main screen.
Cannot get easier than that!
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