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ICO Analysis: REX

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With recent advances in peer-to-peer data distribution and blockchain technology, Rex will provide universal access to real estate information and streamline the transaction process.

As the author has been saying all week, when industries are disrupted, money is made, and whoever manages to disrupt the liquid asset world is going to be a long-and-short-term winner. However, whoever does that could turn out to be a large conglomerate of smaller efforts. Specialization did not emerge in our capitalist economies by mistake. Thus, we will continue to have a higher burden of proof for firms which claim they will disrupt the whole assets market, but pay particular attention to specialized efforts – like REX and Propy, who are essentially in very congruent markets. Propy’s drawbacks were as follows:

  • Relying on governments and regulators to eventually choose Propy as the default platform. -3
  • Cronyism creates impossible competition in various places, displacing Propy significantly enough to lower the token’s value. -0.5
  • Unlikely to have real-world value in the short-term. -0.25
  • HUGE AMOUNT OF TOKENS NOT ON MARKET IMMEDIATELY. -0.25

Rex takes a different approach to real estate disruption. Instead of betting on the lethargic hands of state actors, they want to decentralize the listings data racket, a racket which many of us in everyday life were previously unaware of. Rex outlines the cronyism in the following passage from the whitepaper, which is published on Github, meaning that its changes are publicly trackable via Git commitments.

Common complaints amongst users include a lack of price transparency, user experience, and dated information. The MLS’ limit the amount of data a “non subscriber” can view.

As whitepapers go, it’s actually good reading, so for best practices, the author encourages people to give it a look. Essentially what we’re talking about is building a Wikipedia-style platform which allows contributors to derive profit from their listing information instead of allowing a single entity to profit from such information that belongs to many other people.

Rex provides a new type of multiple listing service where data is universal and interoperable with other systems. The raw database is decentralized and owned by the listees. Value to the user beyond ownership and control is a reward system that compensates users in REX tokens for participating in the network.

Like all the best disruption efforts, Rex still allows the legacy actors a place to operate. They may even have a huge advantage on the new platform since they already have access to so much data. The reader may wonder who needs the data, and the answer is that real estate brokers use the data. We should clarify that we’re not talking about real estate agents. The difference is mainly a legal one: in some jurisdictions, an agent must be employed by a broker, and brokers must have college degrees and significantly more government certification. Rex intends act as a Wiki-style all-encompassing data hub for real estate brokers around the globe.

On Rex, the user owns the data and are compensated for their contributions: The more listings a user publishes, the more rewards they earn. The more listings on Rex, the more eyeballs. The more eyeballs the more demand for the REX token. Value is driven from listees and they are the beneficiaries. In addition, users can sell and exchange data, such as market studies, inspection reports and advertising space. Finally, a listees exposure will go from local to global. Rex is one large homogenous database that is not bound by countries or borders.

On a last note as the overview goes, Rex does eventually want to tokenize properties, but that’s not their primary goal, nor does their project fail if they cannot reach that goal, and they only intend it to be in the US and Australia. Their plans in this regard feel more solid and seem fully cognizant of the perils that await them in the halls of the regulators. They’re focusing on two jurisdictions, which increases the chances of succeeding at actually getting the thing greenlit by governments. Moreover, they are also inching in by focusing on lease transactions first, which have significantly less regulation than do sales.

This is to say that while RexDex at first will just be a free-to-read database of real estate listings, it could eventually perform the functions that Propy and others intend to perform.

REX Token

The REX token is used to reward those who contribute listing data to the RexDex. Without any more information, it sounds like a no-go, since there’s nor revenue model up front:

Rex’s database will be free and accessible to anyone with a computer and internet connection. In order to be eligible for the listing reward, the user is required to register with Rex. The registration process includes the submission of a user’s name, contact details, firm (if applicable) and real estate license (if applicable). Once registered, the user can start submitting listings and be eligible for the reward. The listing will publish immediately with a 2-week time delay for the listing reward. During the 2-week time delay other users have the opportunity to flag the listing as spam. If the listing is flagged, both users will enter an arbitration period. The winner of the arbitration period will receive the listing reward. The user found gaming the listing rewards contract will lose their verification status and no longer be eligible for further rewards.

Here we see that the token will have some utility, but now we’re approaching a problem that many ICOs face: the token’s value appears dependent on people actually using the nascent product. Brokers would purchase the tokens to verify listings in the manner outlined above, so that they would be working with good data, and ultimately their data would be more verifiable than the competing players, but the whole thing would seem more promising if there were an access fee. We’re talking about professional data, and the market is already paying for this data, so why should we not continue to charge? There’s a lot of room to charge less, especially since the entire process will be automated and decentralized and crowdsourced, but charging nothing is probably a bad idea.

There is also the psychological concept of value in data. Wikipedia is perceived as less valuable information because it is crowdsourced, despite the many Ph.d’s and experts who contribute to its pages, and despite its dedicated community of fact-checkers and editors. Many professional organizations still do not allow citations from Wikipedia, and we can easily foresee various professional broker organizations, in concert with the MLSs they work with (for whatever reason, cronyism being chief), discouraging use of the “free data platform.”

So what we’re left with for a value proposition in the REX token is that it will be valuable to the people who use the platform, and later on it will be value when actual transactions begin to take place on the platform. That’s where the rubber will actually meet the road, and much like Propy, it will be a delicate situation because it relies on many unpredictable human participants.

Distribution

Probably one of the things grinding the gears of this ICO is their complicated token purchase group scheme.

As you can see, only half the tokens are going up for sale to the public. This is problematic, as always, for obvious reasons of accountability.

Notably, in “Pool B,” we see that the listing reward scheme outlined above is paid for. Presumably the company will eventually have to buy tokens back from the market to keep the program going, but now at least we can see a workable future.

Pool C is a bit mysterious. We can’t let it pass: 5% to an “angel investor.” The angel investor is only noted once in the whitepaper. We’re going to guess it’s King himself or his father. We suppose the reader should be very aware of this reality: a 5% negative possibility exists at all times if a single, positioned person decides to move. This is still a better situation than you would have in some ICOs.

Yet, there is an additional 10% that’s in the wind, too:

Pool E consisting of 7% of the Total REX Token Supply. Pool E will be allocated to partners and/or advisors of the REX Project, as well as to participants of Bounty campaigns.

Pool F consisting 3% of the Total REX Token Supply. Pool F will be allocated to corporate affiliates.

They have a compensation pool for employees. Again, if employees were paid strictly in these tokens, or negotiated for the tokens, then the company would be forced to purchase more down the road. This implicit later demand is important.

We suppose the token distribution could be viewed as a way for them to have some runway to build the platform and get going, but they may be asking for a bit too much in this regard.

REX Team

Principal and co-originator/founder Stephen King is the real deal, and he is not to be confused with the horror fiction writer from Maine. Stephen King of New Jersey’s “recent sales are in excess of twenty-five million dollars and include a CVS Pharmacy in Passaic, historic office building at Carnegie Center and a 40,000/SF building in Ewing.” In a 2015 profile about him by a local circular, writer Michele Alperin said of him:

Stephen, one of King’s six children and the only one to follow in his father’s professional footsteps, learned the ropes of commercial sales from Bill Barish at Commercial Property Network. Now on board with his dad, one of Stephen’s first successes was brokering the sale of the Stone House, which sits close to Route 1 just south of the Hyatt Regency on the first 79 acres that his father acquired to develop Carnegie Center.

Other co-founder Russell McLernon is a “technology strategist” (which is probably a real thing in big companies) who claims there is “no software development or integration challenge he can’t handle.” This is good, since there will be plenty of challenges in securely swapping properties across oceans. McLernon will apparently be in charge of gathering the technical staff necessary, which is a chore on its own, especially regarding security.

In keeping with their gradual approach to the ordeal, the pair have yet to hire anyone officially to work on the project. This is not viewed as a drawback, but it could turn into a setback when it comes time to execute.

Verdict

Better than Propy, better than LAT, maybe not the Highlander of real estate ICOs. Much remains to be seen in terms of how valuable the proposed database will be. Building a better mousetrap instead of trying to exterminate the world’s mice (the Propy approach – government integration) is definitely a better strategy. Overall, positive on REX, but funding so far has not been thrilling, thus it may have to find more funding later if they decide to proceed.

Risk

  • The cronyists this will disrupt have all the levers currently, and could negatively campaign against its usage, crippling adoption for a long time. This can be seen as an act of God, in a sense, since there is no way to know how many MLSs will simply decide to use the database instead of fight it. -0.5
  • Failing to charge for access to the data in the same way that current MLS designs do is only acceptable if you’re sure you’re going to be able to build the tokenization of real assets, the “phase 3” of your mission. We’re not prepared to say we’re sure, so instead we deduct another 3 points on these grounds. The token must generate money or it is just a token of appreciation.

Growth Potential

  • Excellent credentials in the founding parties. Well-connected, financed, prepared for success, and unlikely to burn out. It’s not often we see someone in ICO teams who doesn’t need to be there – someone who could just rest on their laurels and wealth. When we do see this, we take note, because such people are much more motivated by their mission than they are by the desire for more wealth, by comparison at least, from a high level view. +3.75
  • The strategic and building approach to creating this product is important. We often see that ICOs seem to assume the world is just going to conform to their desires. In Rex we see that they are aware it will take a lot of doing to operate legally, it’s not something you can write off with a single sentence such as “liability is on the token offerer.” +3
  • Building a better mousetrap (see summary above). +2

Disposition

The author believes this one can win in the long-game. The reader is welcome to run down any doubts they may have, but we feel that even if this project fails to fund completely, it will build up to something very worth your money. We come to a 5.25 numerical rating.

Investment Details

Everyone has another 4 days to review this ICO and make a decision on it. The author would like to educate himself a bit more on the real estate broker world before personally pulling the trigger, but those with more education on the subject are encouraged to offer insights in the comments section. The token address is listed in the Github whitepaper:

Keep note of this. Cybersecurity bad guys are more clever than ever.

More information is available at http://rexmls.com/tokensale.html.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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5 stars on average, based on 2 rated postsP. H. Madore has covered the cryptocurrency beat over the course of hundreds of articles for Hacked's sister site, CryptoCoinsNews, as well as some of her competitors. He is a major contributing developer to the Woodcoin project, and has made technical contributions on a number of other cryptocurrency projects. In spare time, he recently began a more personalized, weekly newsletter at http://ico.phm.link




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Dash Price Analysis: DASH Sees Change in Sentiment, with Help from KFC Adoption Announcement

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  • KFC to start accepting DASH payments in Venezula, as adoption across the country continues.
  • DASH/USDT has seen a firm bounce, producing a daily hammer candlestick, indicating of a reversal on the cards.

DASH/USDT has bounced over the past three sessions, a promising change from the bearish sentiment seen. Through the month of November, which was very punishing for the whole cryptocurrency industry, Dash dropped over 65%. The price however, managing to find a bottom most recently just below $60, within the $58 territory. This was the lowest level seen since April 2017.

KFC Accepting Dash

Starting this coming week, one of the world’s largest fast food restaurant, KFC, will start accepting Dash payments in Venezuela. This is following suite of several other food outlets in the country that are already facilitating Dash as a means of payment. It is reported that KFC will initially just be rolling this out in the Venezuela’s capital, Caracas. This coming before they fully expand and allow coverage in 24 other locations within the country.

Alejandro Echeverría, who has been a large part of the Dash adoption across Venezuela, commented: “Having a globally recognized brand such as KFC accepting dash payments in Venezuela is a great achievement for cryptocurrency. Further validation of the continuing trend of Dash adoption. Not only from a user perspective, but now merchants as well.” Echeverría is the co-founder of Dash Help, Dash Merchant Venezuela and Dash Text.

Dash Text

This greater adoption for Dash in Venezuela follows news last month of a new service being launched known as Dash Text. This is a Venezuela-based service, which facilitates SMS-based transactions for Dash. Users can buy, store and spend Dash, without access to the internet and the requirement of a smartphone. Anyone in Venezuela with any kind of mobile phone, can participate in the ecosystem of Dash, via SMS.

Technical Review – DASH/USDT

DASH/USDT daily chart

Given the recent stabilization from the lowest levels since April 2017, it does give the DASH/USDT bulls something to capitalize on. A daily hammer candlestick did form after hitting the $58 territory. This demonstrated a strong sign of a potential reversal to come. The bulls have so far followed this through, currently running at three consecutive sessions in the green. There is still some way to go before this can be a confirmed bottom.

Upside Targets

In terms of near-term upside targets, the first challenge for the bulls will be to tackle to the most recent prior acting demand zone. Across the market on 25th November, sellers were very much exhausted, and a bounce was seen. Some thought it was the bottom, however that didn’t prove to be the case. This can be observed tracking from $81-$89; this area had supported the price from 25th November, until 4th December, before a breach was seen. This is a new barrier for the bulls now.

Looking further to the upside, there isn’t too much in the way of the bulls convincingly reclaiming the big $100 mark. Prior to the large November drop of some 65%, as detailed earlier, the price was comfortably trading sideways around the $150 territory. Should the bulls maintain current course of momentum seen and breach the $81-$89 zone. Then it wouldn’t be too surprising seeing a quick move back pre-November fall levels.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.5 stars on average, based on 76 rated postsKen has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.




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Cardano Price Analysis: ADA Subject to Further Downside, Despite Charles Hoskinson Singing Praises of Progress

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  • Cardano founder, Charles Hoskinson, said, “Cardano’s future is looking very bright!” in a tweet update.
  • ADA/USDT is back within consolidation mode, ahead of another potential squeeze to the downside.

Cardano’s native token ADA remains under heavy pressure to the downside. The pick in momentum lower, which came in November, has seen the price fall over 60%. Putting things into larger perspective, the value has dropped around 98%, from highs on January 1st. ADA was trading at $1.40, before tumbling off a cliff, to the lowest print at $0.0275. This current market sell-off may not be done just yet. Despite the unfortunate large bear market, fundamentals continue to remain very much encouraging for the Cardano foundation.

“CARDANO’S FUTURE IS LOOKING VERY BRIGHT!”

The founder of Cardano, Charles Hoskinson, recently took to Twitter to provide another update on what is going on at the foundation. He said, “1.4 is almost out, testnet has been released, rust Cardano is making epic progress, the Haskell rewrite is underway, plutusfest in a few days, Emurgo is growing and the Foundation will soon reawaken from its long slumber. Cardano’s future is looking very bright!” Despite the positive words provided on the upcoming update for Cardano, nothing at this time can stop ADA from falling.

Technical Analysis – ADA/USDT

ADA/USDT monthly chart

ADA/USDT has been falling for five consecutive months, clearly demonstrating the intensity of this current trend. The current drop being observed here is very much uncharted territory, which is likely sparking further panic.

ADA/USDT daily chart

Looking at the daily chart view, ADA/USDT had somewhat stabilized on 25th November from the heavy selling pressure. A small bounce and a form of consolidation was seen with the price’s behavior. The bottom seen on the 25th, around $0.0331, has held right up to the 5th December.

Sellers were very clearly exhausted after that huge November drop. They allowed time to rest, then turned the pressure back on, as seen 5th December. A breakout from the recent bottom came into play. The move was exacerbated to the south, through that initial near-term area of support.

Once again, the price is moving sideways, which is another form of consolidation mode observed. This behavior does still indicate of some vulnerabilities to the downside. When looking at ADA/BTC, the pair portrays there could be another squeeze lower before a solid bounce.

ADA/ BTC monthly chart

In terms of ADA/BTC, the next major area of support via the monthly chart view is not seen until the December 2017 low. This would still mark another 35% drop, before any firm cushion. Further to the downside, the October – November 2017 low area, which would be 70% further south, is the next target.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.5 stars on average, based on 76 rated postsKen has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.




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Ethereum Price Analysis: ETH/USD Spikes 17% as Constantinople Set to Launch in Jan; $60 Still in Sight

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  • Ethereum developers report that Constantinople hard fork is estimated on 16th January 2019.
  • ETH/USD could be driven down further to May 2017 low, around the $60 territory.

Constantinople Set for January Implementation

ETH/USD in the late part of trading on Friday surged some chunky 17%. An update on the highly anticipated Constantinople hard fork launch date has been agreed. This is coming on the back of the Ethereum core developers bi-weekly meeting on Friday 7th December.

As covered here at Hacked, back in October, the delay warning was issued by developers. “Due to a consensus issue with the Constantinople fork, Ropsten is currently not usable. The Ethereum dev community is investigating. Until further notice please utilize one of the other Ethereum testnets.” This was detailed at the time by Infura, an Ethereum infrastructure organization. The developer team were originally planning for implementation in November.

A team lead at Ethereum by Péter Szilágyi confirmed the scheduled update via Twitter account. He tweeted, “Ethereum Constantinople mainnet hard fork scheduled for block #7080000, estimated around the 16th of January, 2019!”.

Technical Review – ETH/USD

ETH/USD 17% spike higher

ETH/USD enjoyed an excessive move to the upside, as detailed above. A spike which initially recovered the heavy double-digit losses of the day on Friday. The intensity of this jump was very much unsustainable and short-lived, given the strength of this current bear market.

Therefore, the sellers have just been too much to contain. ETH/USD attempted to jump back and reclaim the psychological $100 mark. However, given the firm break below this on the 6th November, the recent price collapse has been very detrimental. There is a gaping wound open for further bloodshed.

Firstly, in terms of resistance, due to the large psychological factor behind the $100 mark, it will likely prove to be a tough barrier. Lastly, should the price begin recovery again at some point, this will now be the first challenge for the bulls to break down, for greater upside.

Greater Downside Remains Possible

ETH/USD daily chart

A retest of the wick low produced on 7th December is currently eyed by the bears. This is seen down around $83.00. As a result, ETH/USD is being forced to trade at the lowest levels seen since May 2017. Danger is still at large of further downside.

ETH/USD monthly chart

Furthermore, looking at the monthly chart view, the next major area of support is not seen until the May 2017 low. This would mean a return down to $65 territory. As a result, another potential devastating drop of over 90% remains on the cards.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.5 stars on average, based on 76 rated postsKen has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.




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