COiTON USER FLOW:
Link: https://miro.com/app/board/uXjVKSLpxGc=/?share_link_id=836656075422
The verification process for real estate is crucial to confirm the legitimacy of properties listed on COiTON. To facilitate this, a DAO has been integrated into the system, managed by the land and property administrations across various states and regions. This DAO acts as a multi-process approval mechanism for authenticating listed real estate. It enhances COiTON's security by mitigating potential vulnerabilities in the services it offers.
As a result, each DAO must be registered specifically for each state and region. This necessity arises because different states have their own unique land and property regulations. By having separate DAO for different states, COiTON can accommodate the varied requirements of listed properties from different regions, ensuring a flexible and secure platform.
Any agent wishing to list properties on COiTON must pay a listing fee . Once this is done, they must wait for the DAO to review and verify the legitimacy of the property. If the DAO approves the property, half of the listing fee is retained. Similarly, if the property is not approved, the same amount (half of the listing fee) is still deducted from the listing fee.
During the listing process, users can select an NFT (Cover photo when uploading) to represent their real estate and properties on COiTON. This NFT serves as a proxy for the user's property on the trading platform, and its value is assessed according to the actual price of the real property. Traders have the option to trade these NFTs by purchasing shares in the NFT, or they can choose to buy all the shares of the NFT, thus gaining ownership of the NFT without the need to own the physical property.
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