Decentralizing the Commercial Real Estate “Comps” Market

LDCRE (originally Leavitt Digital) was started in 2015 as a commercial real estate marketplace to market and view for sale and for lease properties. LDCRE’s marketplace has grown to over 33,000 users across 49 countries marketing a collective $1.89 Trillion in properties for sale. LDCRE is the predecessor to Oracre.

Our community has continuously requested that we add comps (comparables – closed commercial real estate transactional data) into our platform, but we didn’t really see how to best design the platform. The legacy Comps marketplaces never really made sense to us, from the cost, the data quality, and no tangible returns to the community that verifies the data. We felt if we were going to create a comps platform and for it to be successful it had to be built with the community at the forefront.

What does putting community first mean? Oracre designed its comps marketplace based on rewards and revenue share where our active community members are rewarded with Oracre’s Utility Tokens when they submit comps into our platform. If they add data, or validate other comps in the platform they earn tokens. If they invite their network to our platform they are attached to those members and participate in the revenue share on comps submitted by those members.

How does this work? To design a rewards system that truly puts community first and removes any ability from Oracre to cancel or claw back rewards we realized we needed to build our platform on a decentralized ledger and mint our own utility token, which is “a cryptocurrency on a smart contract blockchain that serves a specific function in a crypto project’s ecosystem.” The smart contracts are a series of rules that are put into place that determine the design for how processes and payment distributions function. Minting our own utility token allows us to give contributors to our platform a crypto currency they can then use like real money on our platform to access services (in this case comps). In the future there maybe additional services that can be accessed with this token. Most importantly, once Orace distributes these tokens to its community those tokens are forever out of Oracre’s control (we can never take them back). Oracre is minting a fixed total of 100,000,000 utility tokens (25% of which will be given to community within the first 5 years), so the value will not be diluted with future tokens being added.

Once we decided this was the best path forward the next step was to find the right Blockchain (also called a Layer1, or decentralized ledger). There are a number of things to consider when picking the right Layer1 including for instance security, predictable transaction cost, transaction speed, ability to last and function when a lot of layer2 applications are built on it, its operational structure/management, and their developers availability/approachability. After speaking with a number of Layer1 platforms Hedera best fit our needs today.

Once we agreed on Hedera we designed our development plan and tokenomics with input from Hedera, and our outside engineering team at Lab49. Over the last 12 months we have been in development on Oracre’s new platform. Our private Beta is expected to launch in April and it will be open to the public in May via invite only.

Brokerage firms interested in doing a bulk upload, or API connection for comps submittals should contact us directly. This will be handled on a first come first serve basis. 

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