Property Tokenization
Last updated
Last updated
To maintain the integrity of the platform , Together requires a one-time verification of your identity. This process involves collecting essential personal information to confirm your identity, aligning with our commitment to transparency and trust. This foundational step is critical for establishing a reliable ecosystem within Together. This information will be handled by a 3rd party such as Plaid, Stripe, etc.
Upon successful identity verification, Together proceeds to confirm the ownership of the property you wish to list. Initially, this verification is centrally managed. However, in alignment with our vision for a decentralized future, we are transitioning to a decentralized verification system. This leverages publicly available real estate data, utilizing UMA’s Optimistic Oracle.
The decentralized verification of property ownership is a core component of Together's innovative approach to curating a registry of properties on-chain. This process ensures that users indeed own the properties they list, leveraging the capabilities of UMA's Optimistic Oracle. This innovative approach enables decentralized agents to confirm your property ownership with higher efficiency and accuracy, enhancing the integrity of our decentralized property registry. Here's a detailed walkthrough of how this decentralized verification process works in conjunction with UMA and Together:
The process begins with Together proposing a specific query to UMA's Optimistic Oracle, such as "Who owns X address?" For instance, we might ask, "Who owns 246 Bishop St. Miami, FL 33123?" This initiates the verification process in the decentralized network.
Upon the query's initiation, a decentralized agent within the network takes action by staking a bond to propose an answer. This bond acts as a form of collateral, ensuring the agent's commitment to providing a truthful and accurate response.
Following the agent's response, a dispute period commences. This critical phase allows other decentralized agents in the network to review the proposed answer and, if they believe it to be incorrect, challenge it by also staking a bond. The length of this dispute period is flexible and can be set to meet the specific needs of the verification process.
If no disputes are raised during the designated period, the answer provided by the initial agent is accepted as final. However, it's important to note that this answer remains open to future disputes, ensuring ongoing accuracy and integrity.
In cases where a dispute arises, the matter escalates to a final settlement process adjudicated by UMA tokenholders. The community of tokenholders votes on the disputed answers, and the outcome with the majority support is deemed the definitive answer.
At the conclusion of the verification process, the outcome not only determines the accuracy of property ownership information but also directly impacts the participants involved. The agent whose response is ultimately validated—whether the original proposer or a disputer—receives a reward as acknowledgment of their contribution to maintaining the integrity of the registry. This reward serves as an incentive for agents to participate diligently and accurately in the verification process.
Conversely, the party whose proposition is deemed incorrect incurs a penalty by forfeiting their staked bond. This forfeiture acts as a deterrent against speculative or inaccurate submissions, ensuring that agents engage with the verification process with the utmost integrity and commitment to accuracy.
This balanced system of rewards and penalties underpins the reliability and trustworthiness of the decentralized verification process, fostering a community of engaged and responsible participants.
This decentralized verification mechanism ensures a transparent, secure, and community-driven approach to confirming property ownership. It significantly enhances the trust and reliability of the property listings on Together, fostering a robust and accurate property registry.
View here for further details on the mechanics of UMA's Optimistic Oracle.
Once your identity and property ownership are verified, Together offers the unique opportunity to tokenize your property. This step not only integrates your property into our decentralized registry but also rewards you for your contribution. As an incentive for tokenizing your property, Together introduces a points system. These points accumulate as you engage with the platform, unlocking various perks and benefits within the Together ecosystem. This system is designed to reward active participation and foster a vibrant community of properties and their owners.