London, United Kingdon: Crypto peer-to-peer (P2P) lending platform DeFi For You is launching a sovereign blockchain called Dig. The new chain will facilitate real estate tokenization and governance, and avoid the problems faced by earlier blockchain real estate projects by using Cosmos IBC for jurisdictional compartmentalization.
Real estate tokenization has become a hot topic in the cryptosphere. With $280 trillion worth of property and land yet to be represented on the blockchain, it’s no wonder projects are trying so hard to bring this bridge to life.
“Dig will act as a parent blockchain with numerous geo-fenced sub-chains, each representing a different jurisdiction and thus able to comply with local regulations,” said Jacob Gadikian, principle engineer of Dig Chain.
“I’ve worked on two projects before that aimed to tokenize real estate and they both failed because they were trying to tackle it globally.”
“I realized that to make this work, it needs to be done locally so that the overall project can easily comply with regulations in different countries and territories.”
The future of real estate tokenization
Real estate tokenization could allow instant transfer of ownership of land and property, causing a fundamental disruption in the industry worldwide. The big cherry on top is fractionalization.
“Imagine being able to buy $10 worth of a hotel in London, $20 of a beachfront property in Bournemouth and $40 of a Victorian townhouse in Nottingham instantly from your phone,” said Adam Chaplin, CEO of DeFi For You.
“Tokenization has the potential to open up real estate investment to everyone, regardless of their economic background.
“And, what’s more, they’ll be able to use the NFTs representing the real estate as collateral for a DeFi loan.”
Dig was built using Tendermint, the Cosmos SDK and Starport. Dig uses inter-blockchain communication to ensure that its token will be widely traded with zero dependency on centralized exchanges, as well as for structuring the Dig network of local blockchains.
DeFi For You is a peer-to-peer lending platform built on Binance Smart Chain, and it will augment, and be augmented, by Dig.
Dig has completed a proof of concept airdrop on 0x addresses using c17, a set of tools developed at Notional Labs in partnership with DeFi For You, designed to ease migration from Ethereum Virtual Machine smart contracts to Inter-Blockchain Communication-compatible blockchains.
Visit digchain.org to learn more.