AQWire ICO: Technology and Implementation

AQWire ICO: Technology and Implementation | Ecency

Hybrid Decentralized Application
The AQWIRE platform will be launched in two main phases. The first phase will be a hybrid DApp (decentralized application) that will interact with the Ethereum blockchain using the QEY token. QEY is the ERC20 compliant utility token that exist on the blockchain. The QEY will allow access to specialized features within the DApp that are restricted to token holders. Features such as detailed regional real estate market ROI reports, live data and trends, as well as partnership level real estate deals that is only available on AQWIRE.

Second phase will comprise of launching a consortium blockchain for the AQWIRE network. The network will be made up of partners (property developers and listing sites) acquired during the first phase. The strategy is to use the first phase to identify software requirements and specifications and solidity our DApp before launching the blockchain. This will enable us to execute more efficiently as fixing issues on a live distributed network will be much harder compared to a standalone one.

Blockchain for the AQWIRE Network
Standard Protocol for Real Estate Inventory Management

AQWIRE is currently developing an API standard for Enterprise Software (ERP) – Blockchain integration that will allow for real-time data updates for property inventory all over the world. This API will push and pull data from any real estate ERP platform. All data will be managed by a smart contract queuing system to ensure single entry booking for all listed units. With this protocol, brokers can confidently offer and book units from any of the partner developers and it will be available at the time of booking. Data will be updated in real-time, preventing double booking, confusion, and potential loss in sales. Brokers can now list in multiple listing sites in any market all over the world without having the need to
update all listings manually once a unit is booked or sold. Unit status is updated in real time across all ERP platforms. By creating a global industry standard on the blockchain, fragmented data will be a thing of the past, and brokers now have a reliable information source which will allow them to work with any developer around the world and make it easy for them to access foreign property buyers.

One of the biggest challenges for international property investors is validating the legitimacy of the property being listed, and therefore validating the developers as well. For property developers, having access to foreign buyers is critical if they want to grow their global customer base, and having a way for them to demonstrate that the units they are selling are legitimate projects is critical to achieve this goal. The blockchain can do this very effectively. For the AQWIRE platform, two levels of validation would be required; validating the developer and validating the specific unit being listed.

Initially, AQWIRE will only list developers who are already live clients of the Qwikwire payments platform. Short term expansion of the property developer list will only come via enterprise sales and direct partnerships where partners that have gone through our rigorous due diligence process and who meet our criteria will be given a specialized node in the Proof of Authority network. In addition, AQWIRE will offer limited validator nodes to brokers, agents, lawyers and other relevant parties deemed dependable for such status.

In addition to validating transactions on the network, there will be needs for other types of validations.
Here are some of examples:
• Query government databases to find incorporation documents to ensure it is a legitimate company.
• Find information on specific developers and ensure they have prior records of developing properties.
• On-site inspection and photo proof that the property is being built.

These types of verification come from individual participants in our network. The validation process will be incentivized by a token bounty and reward process. Potential property buyers can put out bounties for specific validation requests. These bounties can then be filled by ordinary people crowdsourcing for specific information required. There will also be some bounties that can be filled only if a user is a "validator" in our network, depending on if the task requires special entity/authority to execute.

VALIDATING TRANSACTIONS
For AQWIRE, the most important use of the blockchain is validating transactions. While it is generally easy to validate transactions initiated on blockchain based currencies such as BTC, ETH, and LTC, it is more difficult to verify transactions on the blockchain when traditional payments network (credit/debit cards, electronic check/ACH, SWIFT, OTC) is used.

How can payers validate transactions if they use traditional methods of payment? Compared to most payments service providers, Qwikwire’s gateway automatically records transactions on the blockchain even if payments are made through traditional facilities using our end-to-end multistage verification API.

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AQWIRE TOKEN (QEY)

QEY tokens are built on the ERC-20 token standard, which gives QEY the ability to be transacted on the Ethereum blockchain. QEY is primarily designed to be a utility token to access specialized features on the AQWIRE platform.

The following are some auxiliary utilities for the QEY token:
• Get global and regional real estate market report.
• See live data and trends on real estate investments in a specific area.
• Get discounts on monthly property payments if users purchased a property and continue to hold token in the designated wallet
• Access to discounted properties, rentals, and vacation homes in the platform
• For property developers, ability to list properties, rentals, vacation homes (supply side) on AQWIRE and other localized listing partners.
• For property developers, the ability to conduct KYC (know your customer) cross-border via blockchain.