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By Mica
Mica simplifies renting by underwriting tenants' risk and equipping them with financial tools.
Due to the lack of escrow solutions, the majority of real estate transactions are done on goodwill and are therefore exposed to fraud or abuse. Our project seeks to address this problem by creating a secure and reliable decentralized escrow solution that can be used to protect security deposits and later also be applied for buying properties. Our solution will enable renters to place their deposits in a secure, decentralized escrow account that cannot be tampered with. By using Soroban's unique capabilities, we can create a transparent and efficient system that will provide peace of mind to both renters and landlords. With the support of the Stellar Community Fund, we will be able to accelerate the development and launch of our escrow solution on the Soroban blockchain. We believe that our project will make a significant impact in the real estate sector in LatAm, and we are excited to bring it to market.
The technical user flow will be: Using Soroban SDK we will build and deploy an escrow smart contract to act as an intermediary between tenants and landlords on a MicroService that will be created and consumed from our platform. We will build and deploy first on the testnet, of course, initially, it will receive the damages schema (agreed by both landlord and tenant). The smart contract will have methods to receive and lock the money, finalize and unlock the money, receive updates regarding the possible damages to the property, and use the storage to update it once the rent contract is finished. This Smart Contract will be used for all the rent contracts so it will never be invalidated. When a rent contract is signed, the tenant and landlord agree on the percentages to be deducted for each type of repair, and an instance of the Smart Contract will be signed by both users and with Mica as an intermediate. That Smart Contract instance will be provided with the same Id from our database and with the damage type and percentage defined and agreed upon. Both Landlord and Tenant will sign the token through us. A custodial wallet will be used for this purpose. We will be receiving the payment and moving it from FIAT to USDC using an anchor (we are having conversations with Bitso). The Smart Contract instance will execute the method to lock the money, which will receive the contract duration and deposit amount, and the security deposit will be locked. We would like to explore the possibility of Stellar products or programs where we could invest the USDC for the whole rental period generating profits for the tenant, landlord, and Mica. The Smart Contract method to update itself with the possible damages will be executed 15 days prior to the rental contract ending with the data of the inspection and evidence of the damage provided and define how much of the deposit will each part receive. Once the rent ends, based on data provided from the previous step, the money will be unlocked and returned via anchor and split as per defined by the Smart Contract rules.
$138.7K
Julian Stastny
No other submissions.