Analysis of Rex ICO – Peer-to-Peer Real Estate Platform - Crush Crypto

Analysis of Rex ICO – Peer-to-Peer Real Estate Platform


  • Project Name: Rex
  • Token ticker: REX
  • Website
  • Whitepaper:
  • Hard cap: 133,333 ETH (ICO contributors own 50% of total token supply if hard cap is reached)
  • Soft Cap: No soft cap
  • Conversion rate: 1 ETH = 700 REX
  • Maximum market cap at ICO: US$53 million if hard cap is reached assuming current ETH price of $200
  • Bonus structure: Week 1: 1 ETH = 1,000 REX / Week 2: 1 ETH =900 REX / Week 3: 1 ETH = 800 REX / Week 4: 1 ETH = 700 REX
  • ERC20 token: Yes
  • Timeline: July 31, 2017 at 4pm UTC for 4 weeks (please refer to Rex’s website for most up-to-date information)
  • Token distribution date: Immediately, tokens tradable after crowdsale ends

Project Overview

What does the company/project do?

Rex is creating a decentralized Multiple Listing Service (MLS) and real estate transaction application. With Rex’s platform, listing fees will be lowered and brokers/owners will have more control on their listings.

Eventually, Rex plans to 1) provide users the ability to create sale and lease smart contracts, and 2) develop an architecture to create tokenized contracts with an exchange where property tokens can be traded.

How advanced is the project?

In October 2016, Rex received an undisclosed amount from angel investors.

In July 2017, Rex released a pre-alpha demo, displaying the UI and functionalities of the platform. Here is a video demo of the pre-alpha (video is 7:48 long):

It is scheduled to launch phase 1 (building the global real estate database) and phase 2 (filtration layers) by December 2017.

What are the tokens used for and how can token holders make money?

REX will be used to perform different actions on the Rex platform. The more adoption and usage the platform has, the more valuable REX should be.

Some examples are listed below:

  • Listing Rewards: Verified users are paid REX for every listing they contribute to the database.
  • Listing Spam Reductor: Users pay REX when submitting a new listing.
  • Market Sponsorships: Users pay REX to sponsor a geographic market.
  • Featured Properties: Offered through Curation feeds.
  • Broker & Landlord Professional Profiles: Users pay REX to create a professional profile. Users with Professional Profiles are searchable in the Rex database.

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Rex has a small team of 2, with one having background in real estate and the other having background in tech.

Stephen King, Principal & Co-founder – An entrepreneur with a focus in commercial real estate and blockchain technology. Since 2013, Stephen has lead King Realty Group in Princeton, New Jersey and participated in tens of millions in real estate transactions. Stephen has worked on several real estate related technology startups and is the founder of Princeton Ethereum Meetup.

Russell McLernon, Principal & Co-founder – A technology strategist with over 15 years in enterprise software development and over 7 years in blockchain related development and projects.


  • Real estate listing is a genuine problem and if REX can solve it and become the real estate listing platform of choice, token value should appreciate substantially.
  • Network effect is present. The more users / listings the platform has, the more valuable it is.


  • REX is trying to solve a business problem (the inefficiencies in real estate listing) but I don’t really see the need for a decentralized solution. The whole platform can be built using centralized solutions.
    • As the target users are not familiar with blockchain, Rex will need to do a lot of customer education to bring them on board.
  • Since REX is solving a business problem, it should have a detailed business plan that talks about their strategies on go-to market, customer acquisition, listing acquisition, etc. However, this section is basically absent in the white paper.
    • The white paper does discuss about how the platform works, but the platform is worthless if there is no users or listings.
    • In the Slack channel, they did mention that they will talk to brokerage firms and trade groups in the beginning, and that they will focus on Europe, China, US and Australia. This is still really broad and vague in my opinion, which may indicate that they haven’t really thought the game plan out yet.
  • Their phase 1 of the road map is to “build the global real estate database”. So they are going really broad in their targeting even from the start. In business, it is much better to dominate one sub-section of the market before expanding. This is especially important for a dual-sided network like listing services because if there aren’t many listings in one local area, it has no value to users, and vice versa.


Overall, I dislike the ICO for its short-term potential and am neutral about its long-term potential. Our thoughts of the tokens for short term and long term are as follows:

For short-term holding

Not good because of the high hard cap of 133,333 ETH. If the hard cap cannot be reached, then there is no unmet demand when the tokens hit exchanges.

For long-term holding

Neutral. The business makes sense but there is a lack of substance in the roadmap to demonstrate that the team can bring wide adoption of the platform. Being a successful real estate broker and building a real estate platform require different skill set and I am not sure if the team has the capabilities to fulfill Rex's vision.

For more information about the ICO, please visit the following links:



Rex blog:

Bitcointalk thread:;all

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