Acre Link

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Inspiration

We were inspired to solve the issue of growing high housing costs globally. Most millennials are giving up on their dreams of owning a home because of the high down payment and high credit score required by traditional financial institutions to purchase a property. We believe access to real estate is one of the best ways to acquire wealth and our mission is to enable billions of people globally to have access to this asset type.

We use some unique features of blockchain such as real-time Oracle data sourced from Acre Link and chainlink oracles, hybrid smart contracts to onramp off-chain real estate data, manage property acquisition process, and reduce risk of homeownership for buyers. We created an innovative solution that provides real-time risk management by monitoring the income and reserve data on-chain of a buyer and then comparing that with the amount of mortgage the buyer needs to pay. If the income on-chain falls below a threshold, they get early warnings message to prevent them from becoming insolvent.

What it does

We have built an oracle for real estate data, leveraging a premium data source and chainlink. We have also created a Dapp that provides transparent real estate listing for first-time buyers. Buyers can then submit a competitive bid by connecting their wallet to place the request. We leveraged buyers' verified proof of income and proof of reserve on-chain to determine the buyer's worthiness to acquire the property they submitted a bid for.

We eliminate the need for buyers to submit high downpayment by using data on-chain to assess their risk.

How we built it

We built the web app using react for the front end, we deployed the smart contract on the polygon testnet. We integrated premium off-chain real estate data utilizing the Chainlink node and the oracle that we built. We also utilized IPFS NFT.storage to store all web app images and nft assets.

Challenges we ran into

Accomplishments that we're proud of

We built a working prototype to enable real-time discovery of real estate data
We facilitated real estate transactions and financing using proof of reserve and proof of income. An innovative idea that is not applied currently
We enable a hybrid smart contract to help owners manage the risk of the mortgage payment by monitoring and informing homeowners of insolvency risk in real time

What we learned

We have never worked with NFT.storage, hence, we had to quickly learn how to integrate it into our app. We plan to continue learning about the Proof of Reserve feature provided by Chainlink
We learned a great deal about how to prioritize to be able to deliver a successful demo given the limited time.
We learned a lot about each other and how the ability to operate efficiently under high pressure.

What's next for Acre Link

We plan to continue building and scaling Acre link as this is a useful solution for ourselves and other people interested in investing in real estate globally. After the hackathon, we will apply to Chainlink BUILD. We will set up a waitlist on our website and then set up interviews with users that have demonstrated interest in the solution. Our goal is to scale Acre Link by building additional product features that users need and scale to 1 billion users globally.