Why?:

The primary reason for starting this DAO is to solve a personal problem. During my career I have worked at various big name tech companies. All of which place a high priority on innovation, however red tape and bureaucracy often get in the way of any ideas ever making it to the playing field. I’ve always thought organizations should have a flat structure in which anyone has the power to make changes for the better. I am yet to find a single one. Thus why I stumbled upon the DAO structure. Already infatuated with the philosophy behind Bitcoin, DAOs are the next step in a decentralized future in “the real world”. In the same way many of the big tech companies solved many ethical problems in the workforce, Web3/DAOs will take things a step further. Gone are the days of companies having undue power over their employees. Unnecessarily long hours and manipulative management practices stifle the freedom employees have to pursue their personal goals. The best companies like “Apple” understand that happy employees make for happy customers and a better business all around. Still, even the all mighty “Apple” falls short of providing the freedom their employees truly want. This is where DAOs play an important role. The last and possibly most important benefit is that each individual will be there for the same purpose; to advance the organizations mission. Without financial incentives clouding the judgement of otherwise good people, organizations can flourish and have a 100% positive impact. Additionally in a DAO everyone holds a significant ownership stake and has power to make decisions without the need of approval from a supervisor. This makes everyone invested in the success of the organization.

Decentralized autonomous organizations, or DAOs, provide a unique opportunity to solve a multitude of problems. First they are inherently transparent. All accounting is public and available for anyone to see. Each significant decision is made with a vote and the result is recorded on the blockchain. Making it impossible for any sustained amount of fraudulent activity to take place without being uncovered. Since members can provide a large portion of services anonymously it will reduce any discriminatory practices typically found in organizations. Employees or members will always have complete freedom to leave, start their own company, or stay in the organization for as long as they see fit.

Mission:

Give everyone the freedom to live in a home they love.

From a young adult looking to escape an unhealthy environment. To an NBA player looking to buy his loved ones their first home. Everyone needs to find a home at some point in their lives; whether they are renting or buying. We seek to assist in this regard by providing exceptional services. Not only as realtors but also as coaches interested in creating the best possible outcomes for each client. This service will be available to all regardless of economic status.

Vision:

To give web3 a solid foundation

The next generation of companies will be global and decentralized. This DAO seeks to set the tone for web3 businesses by creating incentive structures that are perfectly aligned. The business will always have the clients best interest at the fore front and the clients will return the favor.

Real Estate. X DAO will be the first to operate in this manner. It will tackle the real estate industry simply because that is the area where I have the most expertise. Additionally it is a big enough problem to solve.

In the future being that this organization is decentralized. Members will want to expand into other industries. This will create endless forks that stem from similar beliefs. We will see Transportation. X, Fashion. X, and maybe even one day we will get Elon Musk to turn Space. X into a DAO. As bitcoin started the decentralization of currency DAO have sparked the decentralization of companies.

Structure:

Financial structure is non negotiable and is simple. All resources will be used to further the mission of the company. 50% of all available funds will be allocated for salary purposes. While the other 50% will be used to further the mission. This can refer to overhead such as office space, advertising, software, etc. Or simply to help expand into new markets and fund research for new ideas.

All involved parties need not hold tokens nor participate in the technical aspects of the DAO. However all parties will be governed and held accountable by the rules of the DAO. For example a vote may be passed to hire a realtor who has no knowledge of blockchain technology nor any desire to learn about it. They can still be payed in U.S. currency but none the less will be held accountable by the DAOs governance.

Salaries will be uncapped and unlimited. Governed by token holders all salaries will have to be approved initially. However if someone seems to not be providing sufficient value a vote can be passed to change the amount they are paid or otherwise remove them from the organization. Since 50% of all available funds will always be allocated to salary there may be a large surplus of funds even after team members are paid out. In this case anyone can vote to have their salary raised or to add new team members to expand the business. All team members will also have significant ownership in the organization incentivizing all of their decisions to be made behind the idea of keeping the business alive.

Unlimited compensation is a key tool in attracting top talent. As Realtors typically work on a commission base. If they can make significantly more money elsewhere there will not be a strong incentive to work here even though it is a noble cause. The idea is too have everyone be able to support whatever lifestyle they feel best suits them depending upon their personal circumstances. Compensation will NOT be based on results. For example one team member may bring in a significantly more donations for the organization based on their specific clientele. However this person is single and prefers to live in a small apartment thus they chose a relatively small salary. In contrast another team member may take home a far greater salary while providing much less results. This person justifies their larger salary by not only their intense dedication to the organization as a whole, but also by their differing personal circumstances. Of course a person supporting a wife and children will have different income requirements. Obviously the point isn’t to get into the personal affairs of each individual or judge what is considered an acceptable salary. Governance exist to ensure no one is abusing the system and or performing fraudulent activity. Since salary can only ever be equal to half the organizations resources a bad actor can never fully cripple the business.

Tokenomics:

The $REX (short for Real Estate X) token should NOT be purchased as an investment. It is used for governance as Token holders will be able to vote on business decisions. However it will hold value in the same way a corporation’s shares hold value. This token is different than others in that it will be designed to be stable. Not backed by any other asset such as the US dollar but rather pegged to the health of the underlying business. Real Estate. X is designed to be an everlasting organization. Without the never ending growth incentives of a typical company beholden to their shareholders, the organization will become stable and consistent overtime.

For the purpose of illustration; a person does not keep growing taller and taller every year of their life until infinity. But rather grows until maturity, then stays about the same height for the remainder of their life. The same will be true for this DAO, it will grow until it reaches a mature size and then become stable. This is important to understand for the $REX token since it will hold a value by means of supply and demand like any other token except that its value will stabilize overtime. The DAO will at times dilute the value of its token for fundraising purposes. Similar to a stock split, the existing token holders will receive additional tokens in this event to keep the monetary value of their holding the same. However this practice will become unnecessary as time goes on. Ideally this token will not be traded widely by retail investors. The main holders should be those who purchase because they support the mission and want to be an active member. No doubt there are many technical considerations to be made in order to execute on this vision. This is why a a private sale is being conducted to fundraise and onboard team members to assist with this and other tasks.

Business Model:

Real Estate. X will operate as a non-profit to the outside world. The only difference being the token ($REX) attached to this organization. This is publicly available and although its main purpose is governance, it will realize an increase in value. All other aspects of a typical non-profit remain the same. Firstly it will never store resources; all capital will be reinvested to further the mission. Second all revenue will come from donations. Meaning there will be nothing expected in return from the users of our service. If we do our job and provide an exceptional experience to every person we interact with, people will undoubtedly want to help support the organization. Clients can support by making a donation in U.S. dollars or $ETH , but we will recommend they do so by purchasing our $REX token. This will benefit us by creating more demand and thus making it easier for us to sell the token, and raise funds as needed. Although we encourage the purchase of our token primarily for a more holistic reason. To introduce every day people to crypto currency and give them a vested interest in our business. If we encourage clients to have ownership in the business, they will be more likely to be interested in its success. Thus increasing referrals, reviews, and any metric that aids in business growth. Of course when the token they purchased increases in value overtime they will certainly feel a deep sense of loyalty. Imagine using a realtor to find your perfect home. Then supporting that realtor and the company by making an investment; only to have that same investment increase in value overtime. It would undoubtedly be the best commercial transaction in your lifetime.

About Me:

I have a great deal of experience in two industries. Automotive and Real Estate. This stems my family background as my mother’s side of the family has invested heavily in Real Estate while my father’s side has done the same in the Automotive industry. I pursued both heavily going on to becoming a mechanic at TESLA and having a solid track record of selling high end residential homes as an independent contractor. Real Estate took over my interest primarily for financial reasons as a commission based salary meant I’d always be compensated accordingly for the work I accomplished. However this lead me to make decisions solely for financial reasons. Why sell a 400 thousand dollar home in a suburban neighborhood when I could sell a million dollar home and make a much larger commission. This is one of the many ways financial incentives begin to undermine simple decisions. Now someone who owns an average home does not have access to quality service because any realtor who values their craft will be in a bigger market. This is just one example.

I learned the power of one’s environment when I myself began living on my own; renting a small home. Having a healthy environment where someone goes to sleep has an extreme impact on an individuals well being. I wanted to do what I accomplished for myself for others as well. Again though typical financial structures meant I’d either have to give a subpar service or only cater to those with the means to afford an exceptional service. This lead me to research the non-profit business model. Promising but still seems to suffer from unethical handling of resources at best and fraudulent practices at worst. Given my keen interest in Blockchain technology I stumbled the concept of a Decentralized Autonomous Organization (DAO). The inherent transparency and decentralized nature make it the perfect solution for aligning incentives properly. This structure along with my experience as a Realtor and ties to the community make it a perfect match.

After years of experience as a Realtor, acquiring my Mortgage license, and making many relationships within the industry I am well equipped to start this journey full time. I have turned down various high paying positions to give my full attention to participate in the web3 cohort of businesses. I believe Bitcoin, Blockchain, and Web3 technologies will run the future global society. Real Estate. X will be there at the start.

Why?:

Written by Sean Anthony Miller