“Everything in Ranchi Mall is henceforth a Blockchain Contract. The incorporation is on blockchain as a Blockchain Contract. All products are Blockchain Contracts. Every Blockchain Contract has an opening valuation and a running valuation as the contract grows. Every contract has an administrator who is responsible for the contract.”
Rohit Tripathy, Founder Ranchi Mall
I am Atul, the administrator for the Real Estate Blockchain Contract. This article is to give you an understanding of what a Blockchain Contract is and what does it comprise of.
What is a Blockchain Contract?
One can think of a Blockchain Contract as a tradeable agreement recorded on a blockchain. Its valuation changes as per its performance. Its aim is to ensure successful execution of projects being tracked on the blockchain. It is a contract between the executor and the internet community. Each Blockchain Contract consists of its projects, objectives and milestones to be met, an opening valuation, a running valuation, an administrator and, a team working on the project. Contracts recorded on the blockchain cannot be tampered with.
Ranchi Mall uses FLO as the blockchain for recording contracts. Ranchi Mall is the executor of all Ranchi Mall Blockchain Contracts. Ranchi Mall is itself incorporated as a Blockchain Contract. The Real Estate Blockchain Contract involves all of its real estate related projects.
In a typical real estate transaction, the buyer buys title rights to a property from the seller. The value being transferred is consumption, and often, appreciation of the asset. But appreciation of the asset can only be realised by selling its title rights.
In a blockchain contract, the seller can create additional financial incentives to the traditional real estate agreement. In this case the buyer can consume the asset and enjoy the financial gains simultaneously. In a typical real estate sale today, there is usually just one seller and one buyer. Blockchain contracts, through a process called tokenization, enable one asset to be split into multiple tokens each of which can be individually sold. With tokens on a blockchain contract, the investor gets consumption and financial appreciation rights in each component project. This alters the traditional incentive structure between buyer and seller making it more gainful for both buyer and seller.
Real Estate project portfolios under a blockchain contract are:
- bringing in trust easily between the parties
- easier to finance
- more conducive to the adoption of sustainable technologies
- more advantageous for the creation of affordable housing — by bypassing the costly middlemen or speculators normally involved in financing real estate transactions
- easier than traditional real estate projects
- and favourable toward any type of new innovation.
None of the above would have been possible without blockchain technology.
Ranchi Mall is innovating an entirely new way of doing real estate. Essentially, in addition to investing in an asset, the investor will have the opportunity to partake in crypto and blockchain experiences. The funding of blockchain contracts will be done through Ranchi Mall Tokens. Current holders and new investors in Ranchi Mall tokens may join in the pool of Ranchi Mall Real Estate Blockchain Contract.*
Elements of the Blockchain Contract:
- Projects of a Blockchain Contract are its actionable assignments.
- Milestones of a Blockchain Contract are the defined objectives for each project.
- Opening valuation is the initial value of the contract denominated in a cryptocurrency. For Ranchi Mall, all contracts are denominated in RMTs (Ranchi Mall Tokens). In all, 21 million RMTs are being released as part of an Initial Coin Offering. Two phases have already been concluded at the time of writing on January 17th, 2018. Information on the ownership of all released tokens is public and full details are available here. Ranchi Mall Exchange.
- Running valuation is the current valuation of the Blockchain Contract denominated in RMTs. If the contract meets its objectives and milestones, its value increases. If the contract fails to meet its objectives, the running valuation of the contract decreases. The running valuation of the contract will be decided by the market over the long term. However, in the short term, the running valuation is decided as per a pre-agreed set formula based on meeting milestones and objectives.
- Administrator is the person responsible for managing the Blockchain Contract by making sure all milestones are met. The running valuation of the Contract depends, to a large extent, on the administrator.
Real Estate Blockchain Contract
Element 1: Projects
The REAL ESTATE Blockchain Contract currently has 2 (two) projects :
Project 1: The Bali Project: This project will buy rooms and local tour packages in Bali, and offer blockchain based travel, training, vacation, education, and facilitation experiences
Project 2: Bitcoin Paradise, Ranchi, Jharkhand, India: This project will acquire land in Ranchi, and create Bitcoin and Blockchain experiences based infrastructure from scratch
Element 2: Milestones and Objectives
Project 1: Bali Project
First Milestone: Sell 500 room nights, and create best three packages which get 100 percent customer feedback satisfaction after 500 nights of experimentation
Second Milestone: Get 2000 users for Bali Project
Third Milestone: Launch the packages, and sell 10000 nights
Fourth Milestone: Will be decided after first three milestones are met
Project 2: Bitcoin Paradise
First milestone: Create signboards, and create information package with elegant and well presented details of the project. These details will be finalized after feedback from crypto community.
Second Milestone: Get 800 fresh Ranchi Mall Tokens sold to new investors to initiate the initial construction on the land parcel
Third Milestone: Will be finalized after first two milestones
Element 3: Starting Valuation
Bali Project: Initial Valutaion is 100 RMTs
Bitcoin Paradise: Initial Valuation is 200 RMTs
Ranchi Mall Real Estate Blockchain Contract Valuation: 350 RMTs (Includes contributions from administrator’s experience, and contributions from other Ranchi Mall Blockchain contracts
Element 4: Running Valuation
There will be >100% increase in the value of each of the projects once all the milestones are met. The running valuation will be updated periodically.
Element 5: Administrator
I am Atul Agarwal, the administrator of the Ranchi Mall Real Estate Blockchain Contract. I graduated in Construction Technology from the School of Building Science & Technology now the Faculty of Technology from the CEPT University, Ahmedabad, Gujarat, India. CEPT is one of the top institutions in India in the field of Architecture, Construction, Urban Planning and Design, Landscaping and the area encompassing the built form.
I have been a real estate developer in Ranchi and worldwide, as a contract manager since 1998. I’m passionate about the potential of real estate as a means of bringing beauty and nature into people’s lives. I believe in developing great, out-of-the-world buildings with inspiring landmarks. I started getting involved with Ranchi Mall in 2016 driven by an idea, which was iconoclastic and completely different. I could relate to Ranchi Mall’s vision and the passion driving it on a deeply personal level. This inspired me to think of hitherto unknown possibilities within Ranchi, Jharkhand and abroad.
Annexure 1: Administrator’s description of the projects
The first project in line for Ranchi Mall Blockchain Contract is:
Project 1: Bali Project
Spread over an area of 25 Acres in terrace format, the rooms and villas are distributed at various heights and locations using the distinct advantage of what nature had created. So by the use of contour interconnected by steps one reaches the room very efficiently.
Alam Puri Art Museum Resort & Spa is a treat to the eyes. It is a refreshing change from the regular mundane glass and shiny material that we are so used to seeing in the spa and resort type accommodations across the hotel industry in India. This facility has in total 17 villas, a total of 20 rooms, in the name of the famous and noteworthy painters of Indonesia whose art adorns the walls. The art is all authentic and painted by Balinese artists such as Nyoman Gunarsa (whose work is housed in the Gunarsa Villa). The Ridi, Lempad, Bendi, Kamasan, Arka and other villas all house original paintings by the artists. In addition, each room and villa on the property has a unique design and style including traditional tribal art, modern art, a view of nature and sky, fountains and other sources of running water, wading pools with fountains, and traditional building materials such as bamboo, terra cotta floor tiles and marble. The swimming pool, again, set in nature and adorned with traditional sculptures of Hindu gods. The terrace restaurant overlooks the pool on one side and jungle and rice paddies, off in the distance, on the other.
The spa is strategically located on one side so that it opens into the jungle and has no walls. I jumped at the opportunity and signed up for a treatment within hours of my arrival to take off the effects from my overnight flight. Dozing to the soothing sound of the flowing stream, I felt as if I were in the jungle.
The resort was designed by its owner Made Putrawan. With tremendous vision, sensitivity, creativity and passion Mr. Putrawan designed a space where running water in the form of fountains and streams, open space, nature, modern art, traditional art are experienced from every spot on the property. The resort’s ambiance is conducive to relaxation and creativity.
The second project in line for Ranchi Mall Blockchain Contract is:
Project 2: Bitcoin Paradise, Ranchi, Jharkhand, India
Bitcoin Paradise is a real estate asset based on Blockchain Contracts with Ranchi Mall. Bitcoin Paradise is dedicated to development of technologies that do or support Blockchain. Our aim is to create a signature, landmark building for the people to savour not only the built space where they live and work but also the abundance of nature, which will be present throughout the building and land.
This is the first such real estate project known to us in the Blockchain world. The project will be located in Ranchi, the capital city of the state of Jharkhand, India. It is aimed at the entire crypto currency community from across the globe. India is known for its contribution and potential in the IT sector. Ranchi, a tier three city, affords not only a tremendous amount of enthusiasm and growth potential amongst its citizens and in particularly, the young people, but the reasonable prices and temperate weather make it particularly conducive for our project.
ADMINISTRATOR’S STATUS REPORT
Project 1 — Bali Project
- Ideation and Identification of Property.
Status — COMPLETE.
- Agreement with the Property owner.
- Execution of idea and renaming of roads, buildings, rooms, villas, etc.
- Create a centralised website where people can check which addresses currently own RMTs and information regarding all the Real Estate Blockchain Contracts. This will act as a block explorer for Ranchi Mall Real Estate Blockchain Contracts.
Status: NOT COMPLETED
Project 2: Bitcoin Paradise, Ranchi, Jharkhand, India
- The administrator, Atul Agarwal, and Executioner, Ranchi Mall have agreed to develop a land parcel together in Ranchi to make it the Crypto Capital of India.
- The land is identified and initial agreement for development is executed.
- The initial design is conceptualized, fine-tuned, finalized, ready for execution, and submitted for statuary approval with the authorities. All sanctioned fees are paid and the first sanction is already in place.
- We plan to redesign and get fresh approvals for the changed design within the next 3 months. The first sanction actually helps us reduce the sanction time in Ranchi. Otherwise the normal sanction time for this projects of this kind and size is more than a year.
- Construction to begin for the portion of the landowners share. The landowner wants to construct a hospital of 1,25,000 sft in the form of a multi-story building on the Northeast Portion of the amalgamated land.
Status: YET TO BEGIN
- Finalisation of new design. Drawings to be released for statutory approval. Status: ONGOING
- Get statutory approval for the Redesign
Status: YET TO BEGIN
- Construction Phase.
Status: YET TO BEGIN
* The details of these contracts are yet to be determined.
· Atul Agarwal’s Medium Post
· Rohit Tripathy’s Medium post Redesigning Ranchi Mall as A Blockchain Contracts Only Enterprise.
Questions? Comments? Suggestions? Leave a comment here or email me at firstname.lastname@example.org