Why we put an 'avoid' on the Rex ICO (REX)
Rex is a US and Australian operated startup seeking to disrupt the real estate industry by utilizing ethereum smart contracts to streamline the listing and sales process of physical real estate.
The company has two main goals:
- to reward participants including brokers and agents for crowdsourcing and contributing relevant information relating to new properties
- create a platform and protocol to allow the purchase, sale and land ownership transfer to be held entirely on the blockchain
Rex has released several ‘Alpha-stage’ demos to convey the vision of future development.
Token Sale
Under the code REX, Rex is raising a maximum of ~$30m (133k ETH) for development and commercialization of the platform.
As detailed in the company’s white paper, only 50% of the tokens are being sold in the crowd sale, while approximately 27% are kept and vested by founders, angels and advisors of the ICO.
The white paper does not detail a breakdown of future expenditure of operation costs or where the funds raised are going.
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