How does it work legally? Confirm your ownership
Last updated
Last updated
When a property is listed on Binaryx Marketplace, its ownership rights are transformed into digital tokens on the blockchain. According to U.S. law, investors who buy these tokens become co-owners of the property.
Before listing the property on Binaryx Marketplace, we created a legal entity (LLC) for it in the USA. According to Wyoming law, this LLC has a unique characteristic—traditional shareholders don't own it. Instead, it issues its "shares" in a digital format—as tokens on the blockchain.
When the property is put on sale, investors buy these tokens and become co-owners of this LLC.
When enough funds are collected, the LLC buys the property. Investors who own the tokens (and the LLC) become co-owners of this property in the real world.
Our partner finds a tenant, collects rent monthly, and posts it on the blockchain to distribute among property owners.
We increase the property tokens' price a few times yearly as the property value grows.
After buying the tokens, you can confirm that you own the property with just a few clicks. The instructions below will help you see that the property's blockchain address and the tokens you buy are recorded in the official LLC documents.
Visit the governmental Wyoming portal and type "Binaryx" in the search bar. You will see the list of LLCs created in the State of Wyoming:
Click on "Binaryx Bali Asset 1 DAO LLC". This is the LLC created for the first property we sold, PARQ Penthouse 61.
Scroll down to the "History" section and open the Filing ID, the LLC's official document.
See paragraph VI, which mentions the blockchain address of the property:
Go back to the property page, scroll down to the Documents section and click "Token":
You will be redirected to the blockchain explorer – an open database of all transactions made in this network. This page shows all transactions made with the property blockchain address. You can see that this address is the same as in the LLC document above:
You're almost there! Below on the same page, click "Holders" to see the list of property owners:
You can find your Binaryx wallet address (or MetaMask address if you're using it) in this list and thus verify that you own the property – not only on the blockchain but in the real world. Learn how to find your Binaryx wallet address in the top-up explainer.
