Speakers:
Joe – Sei, community manager.
Grover- Sei, previously Vortex
Seigon- CodedEstate,previously Thorchain, Solana
Derek- co-founder and CEO of CodedEstate
♒️Joe: What CodedEstate is aiming to do?
🏠Derek: CodedEstate main purpose is to become the biggest platform for bridging traditional housing markets into web-3, by allowing both exchange of real world assets as the dynamic NFTs across multiple markets, they’re both in rental and for pure transactions between buyer and seller. And for in order to make that possible, we are totally dependent on Sei smart contracts and blockchain itself and we will also combine it with zero knowledge proof technology for. bridging the deep web-2 documents to other things that is needed for in order to just create transactions and prove ownership and do transactions from buyer to seller and rental all in one there. So that’s the main purpose of CodedEstate.
♒️Grover: It’s really interesting, because I think when people think of Sei, they don’t realize that NFT’s come into this in quite a large way. So talking about these dynamic NFT’s. If we’re building out the best possible infrastructure for exchanges, that includes exchanging NFTs on top as well, which CodedEstate, sort of, you can see these interesting use cases that appear when you want to represent real world assets on-chain using NFTs. And this is one of the big narratives that I’m super bullish on overall in DeFi and generally in crypto, so I’m really excited to see what we can build around on-chain houses.
🏠Derek: Absolutely, that’s also one of the main reasons why we wanted to get this early into the Sei community and build it together with the Sei team. Because there is a lot of technology to be formed at this point. And this is a really early project for bridging real world assets into blockchain. We believe that through smart contracts and other technologies, such as the Sei blockchain. will allow the possibility to bridge the web-2 world and the web-3 world together into one and make a more decentralized world not only on blockchain, but also in the real world was just the ultimate goal here.
♒️Joe: Have you guys always been interested in real estate? Has this always been something that, you know, you’ve always thought of doing and you just saw crypto as a means to just execute it in the best way.
🏠Derek: Absolutely. So it’s been bothering me for many years now how slow and chaotic the traditional real estate market is here, and people have no clue where the documents are. It’s a lot of expensive middlemen, such as real estate agent banks that we are aiming to remove all in one purely through how we are creating a platform and through the smart contracts that will do the work needed from a real estate agent. So we want to make it a lot more frictionless and decentralized. Because at this point, the traditional housing market and real estate market is the barriers between countries is really high, it’s really hard to invest in real estate and also, if you’re invested in cryptocurrencies before, and you want to invest in real estate, you will need to onramp the cryptocurrency to your bank, which they in many cases won’t allow you to do. And then you’re pretty much stuck with your cryptocurrency so that’s also one of the main purposes here is to make the housing market a lot more liquid and also for the cryptocurrency market and cryptocurrency holders. So that’s one of the the main aspects that we’re really excited about for the future is to seamlessly invest in real estate and do rentals on your own and real estate NFTs, so you can earn passive income on your we will rural assets on the blockchain and also exchange them between buyer and seller. with a lot less friction than what we have today.
🏠Seigon: I think if I can just add on to what Derek is saying, it comes down to those main points, we’ve been in real estate for a while studying the market. And I think it applies for a lot of other industries, in terms of the friction that’s faced, especially when we’re looking at cross border transactions and that sort of thing. But we get to all the intermediaries, and as you possibly intermediaries, the fees stack up. So we want to break down that barrier, remove that friction, eliminate those fees, as much as possible. I think the fees, not just on the buy-sell side, but also on the short term rental side, I’ve gotten really exorbitant in the last few years.
♒️Joe: What is CodedEstate’s vision for the future of Sei and DeFi? What does the success for CodedEstate look like to you? What does success for the Sei ecosystem look like to you?
🏠Seigon: Europe and the US are really the markets that we want to be in. So I think success for us is when we can actually enable and onboard those markets, because it’s currently, you know, quite difficult, and a lot of liquidity sitting in those markets. So you want people to be able not to necessarily withdraw any of the crypto gains, bring it back into interfered, and then only be able to do the transaction. And we also want them to have a fully decentralized solution, when it comes to buying and renting and we are aware of what the industry looks like, it’s not quite as decentralized as we’d like it, and we really want to fast track that and be able to do that. So I think success for us is. building that into a decentralized solution to this working closely with the relevant parties in terms of regulatory, and that thing to be able to enable some of these big markets. And even some of the small markets we’re looking at in Africa, for example, where the rental market is performing well in the major countries, and most of that is peer to peer volume. So we want to also enable and onboard those people.
🏠Derek: I can add on there. That’s like a lot of the aspects that surround the housing market in general at this point. But as we are focusing solely on the technology that we are building on the decentralized web-3, there is no doubt about that. We have the overview there. We know exactly what’s needed in order to proceed there and create adoption, which is obviously our main goal down the road. And it’s not even for the future, it should be like in the shortest possible time. Because we want this product to be accessible as quickly as possible. Because the world, in general, I’m not talking about countries or anything like that, I’m talking about like the whole world leaders fractionalized between borders and everything. And so we are doing our best here to push this technology out as quickly as possible. And Sei is definitely the main engine here that we are building on. And we are totally dependent on what Sei is building and that’s why we’re so happy that we can come in here early and shape this technology together with them. So we can apply to Dapps. like ours. And also obviously, from a technical point of view. What we are looking at now is how to make this process as. seamless, easy and clean as possible for users. So there are not many hurdles or barriers to go through when you’re trying to exchange one real world NFT for another and actually transfer the real world documents in the smart contract transaction. So that will be the next main milestone for us to automate this process where the user easily can access the real world documents from web-2 servers, and get them on the blockchain completely, confidential, and also just in his easiest possible way.
♒️Grover: And I think from the same point of view, not only by bringing these properties on-chain and having these dynamic NFT’s representing houses, obviously, you make that market super efficient, but then also because they’re programmable, this is kind of the whole benefit of DeFi. Because you have these programmable assets, you can find a bunch of very interesting use cases for them on chain as well, from using them as collateral. You know, you’re borrowing against them on-chain. This is success from my perspective as we foster this really broad DeFi and a bunch of use cases for these NFTs on chain. And they get deep integrations and in a wider economy that exists on Sei. So that’s, I think that would be success for sure.
♒️Joe: So, I do have a couple more questions from the Sei community. What’s the current status. of Sei, and what’s the current status of CodedEstate? I would just say that we are very excited to roll out. Atlantiс-2, which is imminent to the public, which is going to include a lot of the optimizations that Sei has been working on. And every iteration of testnet is one step closer to mainnet, which is imminent, so it’s going to be a very exciting year for Sei.
♒️Grover: So I think like Joe says, There like all of these optimizations, we’ve been talking about optimistic block processing, all this innovation that we’re doing, and actually sort of improvements we’re making to consensus on Cosmos, that’s getting rolled out on the Atlantic-2, which is really, the last thing that needs to happen before we can go to mainnet. So keep your eyes peeled because we’re going to have a whole bunch of applications including CodedEstate, deploying out on Atlantic-2 and you’ll be able to try out the applications and user interfaces that provide feedback ahead of mainnet.
♒️Joe (in jest): When can I expect to go leverage long on my home?
🏠Derek: It totally depends on when the backend is completely finished there. Because if we’re talking about our roadmap, rental will go first out there because that’s less complicated in terms of documents needed and e-signing protocols, this need to be aligned with the SDK that we will be building out when it comes to bridging these documents to web-3, and the Sei blockchain and smart contracts there. So once we have the testnet go in there we will most likely start to work on the backend here. Because we are currently building the demo, it will give our users or the Atlantic-2 users a good feel of how it is to be CodedEstate and how it will be to navigate their NFT’s in the dashboard section and see how the market looked like.
♒️Joe: How can the community get involved with you today? Is there anything Seilors can do to help you guys ? Do you guys have a discord up? Or are we just patiently waiting, following Twitter and turning on notifications?
🏠Seigon: Yeah, so there’s quite a few ways that the community can get involved, we have thrown up our link, we’re going to open up our Discord from today. It wasn’t open before. So there’ll be a few quests that the community can do that will not only expose them to the social media platforms, but they can begin learning about what CodedEstate is and will also have something similar to the growth program. We will be throwing out a whitelist for the core Seilor community over the next couple of weeks. And also once we go on the testnet, there’ll be different missions and stuff. But for now the first couple of 100 people in the discord. will have access to a whitelist.I will link in our bio now, people can start completing those quests (Crew-3). As the weeks go on, there’ll be more quests. There’ll be more fun things. And of course, OG NFT’s on the other side of it.
♒️Joe: Right, as soon as I hang up the spaces, I’ve learned that the Sei community loves NFT’s. And, at the end of the day, one of the best use cases of NFT’s is training. And so it’s actually a lot of synergies between, where NFT’s are heading and Sei so.
🏠Derek: Yeah, just to shoot in quick there, we’ll actually make it possible to trade your home, which is pretty cool.
♒️Grover: Yes, there’s a sliding scale here of earning yield against your home all the way up to the other side of the spectrum here. And I think, Joe, you mentioned going leverage long, I don’t recommend anybody goes to leverage long, however, it will be something that might be possible as well. So this is kind of like the design space that opens up, which is really interesting. And a lot of fun. So yeah, looking forward to seeing what the guys come up with, and what kind of integrations. get created.
🏠Derek: And. also down the road we are in our roadmap, we are planning on making it possible for our users to actually do under. collateralized loans here just like you do in a bank just in DeFi so that’s the exciting future that we have for this, so the market will also not only be for crypto whales here but. it should be possible. for. every normal person to get a loan and buy their home as an NFT and get all the documents in tech there.
♒️Joe: Is there anything you want to share before we kind of pass it over to the community if they have any questions?.
🏠Seigon: We are super keen to build the community, and get feedback from them as we go. Anybody who wants to reach out and connect to the team, we’re always available, you can just DM us, we’ve connected with quite a few teams and quite a few players in the ecosystem. So just super keen on expanding that and hearing back from the community as we go.
🏠Derek: Yeah, it was awesome. Thank you. Thank you so much. And yeah, just as a last reminder in there for the community that we will be starting checking out the official links for our website, and also for the demo. So you can actually try out how it will feel like to do real estate on web-3 through Sei. Sо, it’s only a demo for now. But it will give a good feel about how CodedEstate. will work on the Sei blockchain. And also we will in a very short time announce the demand for Atlantic-2 and we are really excited for that.
♒️Grover: Looking forward to Atlantic-2, we’re going to run a bunch of missions here. Curtis state will be one of them and just get you again everyone using some applications getting a feel for what it’d be like when we get to mainnet and all the different teams building a variety of interesting products on top of SеI.
♒️Sei official links:
•Twitter •Discord •Website
🏠CodedEstate official links:
•Twitter •Discord •Crew3