When a property is listed on Binaryx Marketplace, its ownership rights are transformed into digital tokens on the blockchain. Investors who buy these tokens become co-owners of the property according to U.S. law.
Here’s our legal framework, step-by-step:
1. Before listing the property on Binaryx Marketplace, we create a legal entity (LLC) for this property in the USA. According to Wyoming law, this LLC has a special characteristic – it isn’t owned by traditional shareholders. Instead, it issues its “shares” in a digital format – as tokens on the blockchain.
2. When the property is put on sale, investors buy these tokens and become co-owners of this LLC.
3. When enough funds are collected, the LLC buys the property. Investors who own the tokens (and the LLC) become co-owners of this property in the real world.
4. Our partner finds a tenant, collects rent on a monthly basis, and puts it on the blockchain to distribute between property owners.
5. We increase the property tokens’ price a few times per year as the property value grows.
How do I verify my ownership of a property?
You can confirm that you own the property after buying the tokens in just a few clicks. The instruction below will help you see that the blockchain address of the property and the tokens that you buy are recorded in the official LLC documents.
1. Visit the governmental Wyoming portal and type “Binaryx” in the search bar. You will see the list of LLCs created in the State of Wyoming:
2. Click on the “Binaryx Bali Asset 1 DAO LLC”. This is the LLC created for the first property that we’ve sold, PARQ Penthouse 61.
3. Scroll down to the “History” section and open the Filing ID – an official document of the LLC.
4. See paragraph VI which mentions the blockchain address of the property:
5. Go back to the property page and click on the Property address:
6. You were redirected to the blockchain explorer – an open database of all transactions ever made. This page shows all transactions that were made with the property blockchain address. You can see that this address is the same as in the LLC document above:
7. You’re almost there! Below on the same page, click “Binaryx Bali Asset 1” to see the list of property owners:
8. On this page, you can see how many people have purchased the tokens of the property and co-own it now:
9. Scroll down and select the Holders tab. This is the list of wallet addresses that own the property tokens:
