Each property is represented as a standard ERC1155 token
id : uint256
supply : uint256
operatingAgreement : string
definition : string
configuration : string
validator : address
A property (defined by an
id) can have a
supply of 1 or multiple tokens, fungible amongst them:
supplyof 1 means that there can only be one owner for that property
supplyof more than 1 means that the property is owned proportionally to how the tokens are allocated. (e.g.: If you own 57 tokens of out 100 outstanding, you own 57% of the property)
The governance of the property is defined in the legal agreement linked to the NFT through the
operatingAgreement property, which represents the legal firmware of the property. See Operating Agreement.
The definition property can only be set at minting time and it's immutable. It's the core definition of what real estate property the NFT represents. See Definition Object.
The configuration property can be updated by the owner(s) of the NFT and it links to additional information about the property. See Configuration Object.
Validators have a key role in bridging the standard ERC1155 interface with the reality of the processes, operations and regulatory framework to which the real property belongs. NFT owners elect a validator (identified by a smartcontract address) to take care of these duties. See Validators.
Updated about 1 year ago