Topic: Token Offer for OZrealestates.com (Tokens to wager property price at auction) (Read 364 times)

Hello and introducing

Ozrealestates.com is offering ERC 20 tokens that can be used for the purpose of waging the final auction property prices in Australia. The tokens will also be used for paying for content curation and paying for datafeed. The offer link is at https://token.ozrealestates.com
(links to whitepaper and source code of contract is found in https://token.ozrealestates.com)

Ozrealestates.com is a project by KHAI KWAN (a law firm in Sydney Australia) to promote “ebay” styled property auctions by vendors or agents. The property auction website is already running and this token offering is to add specific features to complement said auctions. The properties being offered by Ozrealestates are based in Australia.

The problem with selling property is often the nagging question how much the property can be sold. The answer at best, is a promising price at the time of asking by your friendly agent who is looking to collect a listing fee should the vendor be convinced to sell and commission later if said sale is successful. While there are professional valuation services based on past transactions (including those of surrounding properties) and physical inspection, in reality, they may not be as reliable because they do not take into account the expectation of potential buyers or their willingness to pay. In fact, the mark of a good agent is to have a rolodex of these "potential buyers" so he can sound them out at will. Further, this may also affect potential lenders who may have difficulty in deciding the quantum to lend to potential buyers where the asking price is inconsistent with market valuation. There must be a better way to assess how much one is willing to pay for a specific property prior to auction.  

The answer is crowd sourcing by inviting token holders to provide an educated price for a particular property. To do this we provide a reward, ie the token holder with the closest price to the final auctioned price will win the pool of tokens. These "educated prices" will then form baseline data to aid the vendor or bidders but more importantly, new price discovery models be formulated for the benefit of other users. Of course, this will rely on the collective skills commonly found in a team.

Currently, there is no team in place, I am doing this ICO as part of my legal practice which includes testing strategies to limit exposures to issuers in an unregulated environment. Being a project sponsored by myself, it is difficult for me to hire a team as there is no guarantee said features will be successful and change the way property is priced or transacted in the future. In short, (if successful) the raised funds will be used to compensate a future team for their time in the event this project goes south instead. I also do not want people to half commit (or lend their names) either and jump ship later when it comes to committing. It is better to raise the funds then execute and not vice-versa.  

My recent claim in the news is to code the “ebay” style property auction in Australia (http://www.afr.com/real-estate/violatercom-is-the-ebay-for-property-says-sydney-lawyer-who-founded-it-20150524-gh8o22) and being the first to invent peer to peer fund transfer drawn on prepaid card  (according to USPTO see US Patent 8,650,126).

My whitepaper includes terms and conditions (which must be read together). The reason is that the ‘white paper’ is not “mere puff” but also a unilateral offer subject to said terms and conditions which can be used against me should I misrepresent this token offering.
 
I also have put warnings on my token landing page to repose my responsibilities and limit any damages if proven. I have also included specific notices to make it clear to residents in certain countries that it is not a security offer and to take no responsibility by disclaimer. Although not stated so, it is customary for nominated funds to be channeled into a trust account in my law firm as token holders are “clients” and be subjected to an external audit every year. The funds will be drawn according to milestones to complete the features contracted. Most ICO does not even consider an escrow service in lieu. Finally, on the technical side, I started learning solidity in August and still struggling. As for this ICO smart contract, I unashamedly modified another’s audited contract (open MIT license) to suit my offering which I have tested extensively before deploying.  

Since launching my Token Offers on 31.8.2017, I have been subjected to name callings by unknowns/strangers behind questionable identifiers in FB imputing that I am a scammer. I am not sure whether this is due to competition or otherwise. I do not consider such allegations to be helpful unless it can be constructively proven. Be that as it may, if you also consider this to be a scam, my details and where I am located are clearly offered in my whitepaper and as a lawyer, you can also bring a complaint to the law society in addition to regular authorities. This is because the higher requirement of evidence rule is not applicable in a complaint to the law society or law commissioner.

For those who are interested the terms of my token offer is as follows:

Start: Thursday, 31 August 2017 00:00:00 GMT ( 1504137600) or 10 AM Sydney, Australia time ( AEDT).
Ending: 40 days later. 10 Oct 2017 00:00:00 GMT ( 1507593600) 10 AM Sydney Time, Australia time ( AEDT) or when the Maximum cap is reached which ever is earlier.
Only ETH accepted
Minimum cap: No
Maximum cap: USD 2.0 Million
Token name: OZR
Total Tokens will be 100 million.  
A. The rate will be 376 OZR = 1 Ether is currently around USD 376 ( 1 USD for 1 OZR)
B. Contribution will be capped at $ USD 2,000,000 equivalent in Ether. No more OZR will be issued later.
C. Please join us at Telegram for any burning questions. https://t.me/joinchat/C-MSeA1iEIgGKPOvisX7Xg

D. Mile-Stones

> 31OCT2017

Start implementing the feature for user to use their Token to predict the future price of any property auction on the system, the closest to the final price will take all other tokens. Effectively, we have users doing free property analysis which will create rational bids eventually.

> 8FEB2018
Start implementing the feature for Users to use token to get real time data from the auctions.

> 1OCT2018
Start implementing the feature for Users to invite third parties to curate their content and paid them with tokens. Well known property gurus will also allow users to duplicate their strategy or jointly purchase properties in bulk. Members need to provide Tokens.

> 1JUL2019
Assuming all the first three have been completed and there is some funding left will pursue this as an open source model. The concept is to design verifiable title that is linked to a Token. Each transaction is recorded on the Block to provide an immutable record of ownership.

I am also offering a bounty program please DM me if you are interested.  If you have any complaints or comments, please leave them here and I will reply.  

Thank you

CK