What is REX?

A Multiple Listing Service and Real Estate Transaction Platform for the Decentralized Web

At REX, our mission is to connect vendors, buyers, sellers and agents over a decentralized network that rewards contributors for their participation, to incentivize the creation of a new global real estate listings database that is open and accessible by all. We plan to tear down the walls of one of the most fragmented and slow to evolve industries there is, paving the way to a world where cheaper, more efficient real estate transactions are possible. To do so, we are developing an open multiple listing service and transaction platform built on Ethereum.

Multiple Listing Service
If you have ever bought or sold a home, leased office space or purchased an investment property, chances are you have used a multiple listing service, also known as an MLS. Multiple listing services originated in the late 1800s when real estate agents would regularly congregate to exchange information about the properties they were trying to sell.

Fast forward to today, and the MLS network is comprised of 1,000’s of regional databases, and many restrict access to licensed agents and brokers who in return pay exorbitant membership fees. Each regional multiple listing service has their own listings. Agents have to pay fees to tap into each one, costs which are passed on to buyers and sellers.

With Ethereum, we think there is a better way. By building a multiple listing service on the blockchain, we can remove the barriers to access that have hindered innovation in the real estate industry for so long. We can create a set of global standards for listings, allowing for enhanced interoperability between applications and participants in the market.

A Real Estate Data Trove
We currently live in a world in which data is dominated by massive technology companies such as Google and Facebook. The network effects they have managed to create with the scale of their platforms, is strengthening their stranglehold of their world’s information. We see this in the real estate industry as well, with the large MLS’ leaving little room for smaller players to operate.

Blockchain technology allows for even stronger network effects. Token economics give us the ability to incentivize contributions to the network and enable the distribution of platforms to the participants who make them tick. Rather than building moats around collections of data, the blockchain opens it up for all, inviting developers, data scientists, and AI to hack away at this pool of information. Open and connected worlds are better worlds in our opinion.

The REX token’s initial purpose will be to incentivize user’s to upload listings to the REX database and reduce spam. Anyone can upload a listing to REX and listing rewards are distributed in exchange for verified uploads by sellers or brokers. REX will provide Proof of Approvals (PoA) to users submitting listings that are not their own. PoA’s will require evidence from the user that the listing broker or landlord has authorized them to submit listings on their behalf.

Via this mechanism, we believe we can build an open real estate database that will power numerous real estate dApps in the future and change the way properties around the world are discovered.

Starting Small With a Big Vision
While an open global multiple listing service would provide a useful tool for the world, we understand this alone won’t revolutionize the real estate industry. We think it is a logical place to start though for a few reasons.

Real estate is one of the world’s most highly regulated industries. Just because it may be possible in theory to tokenize a property and sell it to an anonymous party on the Ethereum network, doesn’t mean that transaction will be recognized or legal in the jurisdiction in which the property exists. Trying to disrupt the way transactions work currently, would be an effort in futility.

As unglamorous as a multiple listing service may appear on the surface, it is a touch point in nearly every real estate transaction. It is estimated that they are utilized at some point in more than 90% of real estate transactions in the US. Given such, we see no better way to start bringing the power of Ethereum to the industry.

The REX database can be thought of as the Trojan horse via which the use of blockchain technology in the space will spread. By supplanting an important group of providers in the industry with new, free, open-source technology; we can make it in every participant’s best interest to put our database and the Ethereum network to the test.

It is our belief that once the shift from incumbent services to the blockchain begins in the industry, it will bring about a wave of change that cannot be stopped. This will pave the way for the REX platform to be able to facilitate transactional real estate services on Ethereum, allowing us to execute on our long-term vision of reducing costs, improving transparency, and increasing the speed at which real estate transactions around the world occur.

To achieve the above vision, REX will hold a token sale in July 2017. Funds raised will be utilized to build and scale the database then introduce transaction phases. REX will release a pre-alpha in early July then launch in January 2018.

Meet the team
Stephen King CEO/Co-Founder
Stephen King is an entrepreneur with a focus in real estate and blockchain technology. Stephen graduated from the University of Denver in 2009 with a dual degree in real estate and international business. Subsequent to University, Stephen worked in entitlements, construction management and real estate finance. Since 2013, Stephen has built/lead King Realty Group in Princeton, New Jersey and participated in over tens of millions in real estate transactions. Stephen has worked on several real estate related technology startups and is the founder of Princeton Ethereum Meetup.

Russell McLernon CTO/Co-Founder
Russell McLernon is a technology strategist with over 15 years in enterprise software development and over 7 years in blockchain related development and projects. Subsequent to University and working at several major software firms, Russell has created a number of blockchain related projects on NXT and Ripple. Russell is a technical guru with an instinct for instantly deciphering user needs.