Real estate, made divisible and verifiable.
REChain issues fractional shares in individual properties as permissioned tokens. Every holder is KYC-verified before a share can reach them, every document behind the asset is attested on-chain, and rent pays out pro-rata to whoever owned the shares when it was earned.
Property 001 · sample
12 Baker Street, London NW1
- Valuation
- £2,500,000
- Share price
- $100.00
- Shares issued
- 10,000
- Holders
- 342
Title deed and 2026 appraisal attested on-chain
Why tokenise
Property is the largest asset class, and the hardest to own a slice of.
A building is worth millions, sells over months, and settles through a chain of intermediaries. That combination prices out most investors and locks up the ones who get in.
Indivisible
You buy the whole building or none of it. There is no $500 position in a London townhouse.
Illiquid
Exiting takes months and a broker. Your capital is committed long before you know if you want out.
Opaque
Title, valuation and condition sit in a filing cabinet. You take the seller's word or pay to re-verify.
How it works
Four steps, and the legal one comes first.
Tokenisation fails when the token is created before the ownership structure behind it exists. This order is deliberate.
Structure
An SPV takes title to the property. Shares in that entity are what the token represents — the legal wrapper comes first, always.
Verify
Title deed, appraisal, inspection and insurance are hashed and attested on-chain by a named professional who signs their name to it.
Issue
Investors clear KYC, subscribe in USDC, and receive shares. Funds sit in escrow until the raise clears its soft cap.
Distribute
Rent arrives and is split pro-rata against a snapshot of who held shares when it was earned, not who holds them today.
The compliance engine
The restriction lives in the contract, not the interface.
A tokenised property share is a security almost everywhere. That means eligibility cannot be a frontend check — it has to be impossible to bypass, including by a DEX, an integrator, or a direct call.
Investor accreditation
Reg D 506(c) offerings are accredited-only. The gate is in the contract, not the signup form.
Holder limits
US funds watch the 100 and 2,000 holder thresholds. Holders are counted on-chain, so the cap is enforceable.
Jurisdiction allowlists
Reg S offshore offerings must exclude US persons. Country is checked on every transfer.
Holding periods
Rule 144 style lockups block secondary transfers while leaving issuance open.
Concentration caps
A ceiling on any single holding, checked before the balance ever changes.
Issuer controls
Freeze, forced transfer and wallet recovery — because a court order and a lost key are both real.
token.canTransfer(alice, stranger, 1e18) → (false, "recipient not KYC verified") token.canTransfer(alice, bob, 1e18) → (true, "")
Verification
What a chain can prove — and what it can't.
This is where most RWA projects overclaim, so it's worth being exact.
A blockchain can prove a document with a given hash existed at a given time, and that a specific named party vouched for it. That is genuinely useful: nobody can quietly swap an appraisal after you invest.
It cannot prove the document is true. No amount of cryptography verifies that a surveyor measured the building honestly.
So the registry makes that trust visible rather than hiding it. Every attestation names its attestor and timestamp, and revoking one leaves the record standing — an investor who bought on a since-withdrawn appraisal can still see it happened.
Attestations · Property 001 · sample
2 active- active
TITLE_DEED
attested by Hartley & Coe LLP
- active
APPRAISAL
attested by Bramwell Surveyors
- revoked
APPRAISAL
attested by Bramwell Surveyors
Revoked attestations stay on the record. History is not editable.
Income
Rent follows the calendar, not the cap table.
Paying whoever holds shares on payout day is the obvious approach and it is wrong. Someone who sold last week still earned last quarter's rent.
| Holder | At snapshot | Holds today | Entitlement |
|---|---|---|---|
| Alice | 500 | 0 | $500.00 |
| Bob | 500 | 1,000 | $500.00 |
| Carol | 0 | 0 | $0.00 |
Alice sold her entire position the day after the snapshot. She still collects her half of the quarter, and Bob gets no windfall for buying in late.
Balances are checkpointed on the token itself, so entitlement is read at a past instant without ever iterating the holder list — which matters, because that list is unbounded and a payout that loops over it can be bricked.
This exact scenario is a test in the suite, not an illustration.
Under the hood
Six contracts, MIT licensed.
Interface-compatible with ERC-3643 where it counts, so Tokeny's audited T-REX can drop in for production. Kept in-house here because T-REX is GPL-3.0, and copyleft is a decision to make deliberately rather than inherit by accident.
| Contract | Responsibility |
|---|---|
| PropertyToken | Permissioned ERC-20. Transfers gated in _update, with checkpointed balance history. |
| IdentityRegistry | Who is cleared to hold: country, accreditation, KYC expiry, sanctions freeze. |
| Compliance | The rule engine. Returns a readable reason for every rejection. |
| PropertyRegistry | Property record plus signed, revocable document attestations. |
| PrimarySale | Escrowed USDC subscription with soft cap, hard cap and refunds. |
| RentDistributor | Snapshot-based pro-rata income, claimed pull-style. |
Where it stands
What's built, and what has to happen before real money.
This is a working MVP on a test network. The remaining gap is mostly legal, and pretending otherwise would be the fastest way to get an investor hurt.
- builtPermissioned token with compliance in _update
- builtIdentity registry with expiry and sanctions freeze
- builtConfigurable rule engine, six rule types
- builtDocument attestation with revocation history
- builtEscrowed primary sale with refunds
- builtSnapshot rent distribution
- nextInvestor dashboard and issuer console
- nextFiat on-ramp and qualified custody
- requiredThird-party security audit
- requiredSecurities counsel and SPV formation
Not an offer
Nothing here is an offer to sell securities. A tokenised property share is a security in most jurisdictions, and issuing one requires counsel, an SPV that actually holds title, and a compliant offering exemption. The contracts are unaudited and deployed only to a test network.