Technology Behind LandOrc
It seems like we are in the third part on the technology behind LandOrc. With the present evolution of technology, LandOrc’s adoption on it is not surprising especially with their targeted niche that has never been explored by anyone thus far.
Land NFT Tokens (LandNFT)
In our previous part we looked at what NFTs are. LandOrc’s own LandNFT is based on ERC-721 standard of Ethereum (yeay! We have explored Ethereum too). ERC-721 is the essential set of rules for NFTs, defining them as a way to identify something or someone in a unique way. It basically introduces a standard for building NFTs on Ethereum. NFTs are unique tokens and have a different value from other tokens that are part of the same smart contract. Basically, one of the ERC-721’s main goals — to make tokens different.
LandNFT, via blockchain, represents a form of digitization of land titles whereby it enables storage and security for all relevant land title information for collateralization of assets under LorcFinancing by real estate owners and/or property developers.
Any real estate owners and/or property developers who secured LorcFinancing will be issued LandNFT for authentication and to be transferred into an escrow wallet during the financing period. The LandNFT will be returned back-to-back to real estate owners and/or property developers for upon full repayment of LorcFinancing at the end of the LorcFinancing period.
LandNFTs are connected and synchronized to the IPFS (Inter Planetary File System) database for storage of additional information on collateralized assets like owner information, periodic assessed valuations, GPS enabled visuals, local vicinity analysis, etc. In fact, those who are staking LORC tokens will be able to view these NFTs.
LandOrc Tokens (LORC)
Utility tokens have value, but they cannot be considered money as straightforward as a coin. They can provide value to investors in different ways. They give users access to a future product or service as in the case of LORC. Investors can buy these tokens and use them as a means of payment and/ or staking on the platform developed by the issuing company.
LORCs are utility tokens based on the ERC20 standard and provide the sole means for staking on property development projects on the LandOrc platform. The ERC20 standard has been a used for the creation of new tokens in the cryptocurrency space for some time. This technical standard dictates a number of rules and actions that an Ethereum token or smart contract must follow and steps to be able to implement it. It is perhaps easiest to think of ERC20 as a set of basic guidelines and functions that any new token created in the Ethereum network must follow.
LandOrc’s Smart contracts using ERC20 allows for Digital Asset owners and/or crypto-investors alike to be assured of a defined annual percentage rate based on the period of staking. Staked LORC are then transferred into the platform wallet and distributed to local special purpose vehicle or SPV for conversion into fiat currencies and then distributed to real estate owners and/or property developers under the terms of LorcFinancing. LORC can also be swapped or bought from exchanges and its value will vary depending on the market dynamics of the crypto ecosystem. There are having their private sales now and you can get them via https://landorc.io/private-sale.html
Land Governance Tokens (LGOV)
Governance tokens are cryptocurrencies that represent voting power on a blockchain project. As of recently, they are mostly integrated into DeFi projects since they need to distribute powers and rights to users in order to remain decentralized. Those who hold the tokens can interact with the community and find out what is wrong with the project, why a specific feature should be changed, and how the team should handle funds and partnerships. It appears that crypto people love having a say in their favourite projects. After all, they stand to directly benefit from their choices!
LGOVs are also based on ERC20 standard and are distributed across all relevant players in the LandOrc ecosystem — real estate owners and / or property developers, lawyers, valuers, Digital Asset owners and technology partners.
LGOV, to be distributed across the LandOrc ecosystem, are designed to allow members of the community to vote on key decisions for the platform like the property development projects that are suitable to be brought on to the LandOrc platform for LorcFinancing, percentage of transaction fee to be charged on the platform etc.
Clearance for LorcFinancing and project staking will be given for respective real estate assets and/or property development projects once the minimum threshold vote of 30% out of all issued LGOV (up to an estimated total of 1 billion units) has been achieved. The voting process is such that the independent professional bloc like legal counsels, valuers, auditors will consist of 20% voting rights, with a minimum of another 10% consisting of votes coming from public Digital Asset owners.
However, the entire voting process will also hang in the absence of this Independent professional bloc. This is to ensure that each project staking and LorcFinancing is carefully reviewed and voted on by both independent professionals and digital asset owners. Details of voting results can be accessible in the LandOrc platform.
It should be noted that real estate assets and / or projects to be registered in LandOrc platform are expected to be widely spread across the world and it would not be possible for all independent professional specialists to have a deep understanding of the dynamics of each respective project in its locality which differs geographically. Thus, the independent professional specialists voting will be regarded as unanimous en-bloc vote; where the en-bloc vote will represent the consensus of agreement from all participating independent professionals from around the world. The en-bloc voting will be executed via a multi-signatory wallet.
(en-bloc = If a group of people do something en bloc, they do it all together and at the same time. If a group of people or things are considered en bloc, they are considered as a group, rather than separately)
This concludes on Technology behind LandOrc platform. At the near future, we will look at couple of other areas of LandOrc, especially their tokenomics. Once again don’t miss out the opportunity to buy LORC tokens through https://landorc.io/private-sale.html
Sources:
https://landorc.io/private-sale.html
https://ethereum.org/en/developers/docs/standards/tokens/erc-20/
https://www.investopedia.com/tech/why-crypto-users-need-know-about-erc20-token-standard/
