ZoZo PLATFORM FOR DECENTRALIZED P2P SALESThe ultimate vision of ZoZo is not merely to operate within the existing real estate legal infrastructure, but to disrupt the legacy system by providing a far superior solution. The ZoZo team has developed an idea for advanced real estate transaction services, provided that the legal environment catches up with this disruptive new blockchain technology. The ZoZo Registry, Property Store and other services will achieve its full promise if and when land registries are modernized to support this technology and recognize the ZoZo Registry as effectuating a binding and legally enforceable change in title. Among the things that need to happen to make this possible are:
- Digital signature in public blockchain need to be recognized as legally binding. An identity system needs to be adopted, it would associate individuals with a specific blockchain address (eID cards with biometry is one of the options).
- Each government agency, participating in real estate transaction, should have a smart contract-based API (especially crucial for entities in charge of property taxes estimation and collection).
- All records from real estate land registries should migrate to the blockchain.
SMART CONTRACTS PARTICIPANTS
1. Seller
2. Buyer
3. Notary or •Notary or Government Validator
4. Broker (optional)
5. Real Estate inspector (optional)
WORKFLOW
The workflow below gives a high level overview of how a P2P real estate transaction would work:
- Seller lists a property in the ZoZo DApp.
- Buyer finds a property in ZoZo DApp that matches his criteria.
- Buyer submits an offer via smart contract to the registry subject to minimum legally compliant conditions (including specifying whether to include an inspection report).
- Seller accepts an offer by signing it with their digital signature. Intermediaries perform their actions (inspection and other requirements of the smart contract, provided by the buyer).
- Once the conditions mentioned above are met a smart contract triggers the payment system for Buyer to pay in cryptocurrency (any currency can be supported).
Smart contract accepts the payment and transfer the ownership to the new owner on the ZoZo Registry once all terms and conditions are met. As mentioned in (3), we are making the system modular and letting Buyers provide a number of conditions and inspection requirements. In such a circumstance, the third party involved in satisfying the conditions signs the smart contract with a digital signature. System notifies intermediaries.
Intermediaries carry out their respective actions, and notify the system that their actions are complete
- Buyer submits offer for property
- Seller accepts offer
- Intermediaries
- Buyer
- ZoZo Registry on Blockchain
- Seller
Property changes ownership in ZoZo registry Cryptocurrency is moved from Buyer to Seller with P2P Transactions in the ZoZo DApp.
TOKEN FLOW OVERVIEW
The specific flow of ZZCs would be slightly different for users who already own ZZCs than for those who do not at the time of the property purchase. The users who do not own ZZCs have to buy them in the third party marketplaces in order to transact.
Below is a description of the basic flow of ZZCs:
- Once a Buyer has selected a property to buy, it will initiate the transaction via the ZoZo website/application.
- As Buyer goes through the KYC process, an identity record will be created in Identity contract.
- Buyer would then make a Reservation fee payment in fiat and pay the Registry Fees in ZZCs
- Records in the Deed and Title Contracts are intended to be unlocked and executed as the purchase process occurs.
- The collected ZZCs are intended to be distributed as per section 5.5
ECONOMIC MODEL
The ZZCs hove a fixed supply of 32 million. The entire supply of tokens will be issued at the beginning of the token sale. New tokens cannot be created and the existing ones cannot be destroyed. Therefore, as demand rises, there is no corollary increase in supply.
The ZZC will be necessary to utilize the ZoZo Registry regardless of whether it is accessed through the utilization of ZoZo services or a third party interface.
1. 65% or 3,510,000 ZZC for Development of ZoZo Flat Form
2. 5% Advertisement
3. 10% Legal/Compliance
4. 5% buy back program
5. 5% administrative
6. 10% company reserved & locked for 12 months
Bug Bounty Program
Although our team of experts has made every effort to squash all the bugs in our systems, there's always the chance that we might have missed one posing a significant vulnerability. If you discover a bug, we appreciate your cooperation in responsibly investigating and reporting it to us so that we can address it as soon as possible.
Reward- The minimum reward for eligible bugs is 100 USD.
- Rewards over the minimum are at our discretion, but we will pay significantly more for particularly serious issues.
- Only one reward per bug.
- Details here http://zozocoins.com/bug-bounty
CONCLUSIONZoZo's vision is to ultimately enable a global real estate market with a unified real-time purchase interface and a decentralized title registry. It is being designed to allow real estate assets to become more liquid while providing users with greater control over the transaction process. To achieve that goal, ZoZo intends to further the development of a new ecosystem of token holders, brokers, governments and end users incentivized to support the transition to a seamless, secure, and globally recognized real estate transaction network.
ZoZo expects that if it succeeds in carrying out its vision the following will occur:
It is anticipated that brokers and real estate corporations will progressively start using the ZoZo platform to access foreign buyers in an easier way and to beable close transactions nearly instantly and securely online.
Government alentities, notaries and title companies need a system to transfer data among each other and combat fraud and, in some cases, corruption in global real estate markets. ZoZo proposes that governments could use the ZoZo platform to improve the transparency of local real estate markets and therefore improved attractiveness for foreign investors.
Finally, most importantly, the consumers - buyers and sellers - will be able to buy and sell real estate assets faster, cheaper, and more securely.
