Telos has stated that it would join hands with Katalyo, which offers a base for DApp development, to tokenize Croatian properties valued at $35 million.
The core team behind Telos, a proactive blockchain with regards to transactions, has stated that Katalyo would issue two tokens for each of the seashore property, which is participating in the project.
Of the two tokens, one will represent real estate ownership, while the second would be a stable coin pegged to fiat money generated from rentals.
Katalyo co-founder Ivica Ljubicic referred Telos as “extremely well-suited” for property tokenization and the transition to blockchain could assist in drawing real estate investors to the Croatia.
Douglas Horn, chief architect of the Telos blockchain, forecast the collaboration with Katalyo could spark “an explosion of new tokenized projects.”
“We are at the dawn of tokenization revolutionizing the real estate industry.”
Being a smart contract supporting platform, Telos aids in the development of decentralized apps and decentralized autonomous institutions operating on EOSIO, the core software of the EOS blockchain. As per Blocktivity, it is the second most vibrant blockchain, with over four million users per day.
In the beginning phase of the Covid-19 pandemic, tokenization of real estate saw a jump as a lot of people were looking to resolve their issues online, appreciating 4.27% in April.
Nevertheless, industry experts such as Matthew McAuley, director of worldwide research at JLL, stated he no longer trust blockchain “will be as used, or as useful” in real estate as it is touted to be.
