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Companies or individuals can vote and review projects which will be made transparent upon voting across the RACE™ platform. Reviewers are required to stake tokens for each review but can receive tokens for their work done upon a successful sale. Though the stakes are equal, project proposers will have individual ratings, of which their review weightage will be dependent on the number of successful proposals, acquisitions, sales and management associated to their reviews.
Projects that receive a low review rating score will not be listed on the RACE™ Platform for sale. They will require further re-evaluation and can adjust their sale parameters before attempting assessment a second time at a discounted rate (only limited to second attempt). In such an event, the proposer / asset owner forfeits the initial listing fee, which is distributed across to the various stakeholders for their work done, including the reviewers.
Asset owners and project proposers are required to pay a network fee in RTs to tokenize assets on the RACE™ Platform. The RACE™ Platform is designed with a dynamic pricing algorithm for the network fee. Variables include legal complexity of the offering, value of the offering, token technical requirements, and number of unique asset tokens on both primary and secondary markets at any given time.
ATs will subsequently be listed on the RACE™ AT Exchange for higher liquidity.
Project proposers with good performance and positive track record can receive a discount factor for their network fee, to incentivize quality projects. Inversely, a premium will be imposed on the network fee should an asset owner/project proposer have had a negative track record. Those with average track records may be subjected to review and subsequently imposed a premium as well.
Part of the standard due diligence process in acquiring a property involves valuation experts, lawyers, and property inspectors to vet and process documentation to ensure the interest of the asset token purchasers. These stakeholders are paid for their work done. Due diligence emolument will be taken from the network fee paid for by asset owners/project proposers.
Each transaction, or trading an AT on the AT Exchange, will require both the maker and taker to pay a transactional fee in RACE™ Tokens. Since RACE™ ATs have a divisibility of zero decimal places, it would be impossible to take a fraction of an AT for fees, unlike the trading of other cryptocurrencies. That being the case, the RT operates as mode in which transactional fee will be paid in.
A key activity of the RACE™ Foundation is to deploy resources to entities and initiatives that will help to ensure the long-term success of RACE™. The Foundation is focused on three grant categories.
Foster innovation, development and education about RACE™. These grants include a range of projects from online training courses in real estate, asset acquisitions, to core protocol development.
Lower barriers to entry to help make RACE™ as decentralized and accessible as possible for owners, project proposers, service providers, technology developers and end-users of various applications.
Support other organizations and initiatives that strengthen and grow the RACE™ community to which the RACE™ Foundation belongs.
The evaluation process for new grant applications normally takes between six and eight weeks. It is essential that prospective grantees and their projects are evaluated diligently to ensure that the deployed resources add proportional value to the RACE™ ecosystem.
● Applications are initially vetted to ensure they fulfil the RACE™ Foundation’s formal requirements. Formal requirements are published for prospective applicants via a request for proposals (RFP).
● Applications that pass through the initial review phase are sent to the RACE™ Foundation’s Protocol & Technology Advisory Committee (PTAC) for technical due diligence and evaluation. The list of initial PTAC members can be found at the bottom of this page. The PTAC does not make grant decisions itself, but rather offers advice on an application’s technological strength and usefulness to the RACE™ ecosystem.
● Applications that receive positive recommendations from the PTAC complete a due diligence process before final decisions to approve, decline, or revise a grant application are made by the RACE™ Foundation Council or the RACE™ Foundation Executive Committee.
● After final decisions about grant applications are made, they are communicated to applicants. Lastly, approved applicants collaborate with the RACE™ Foundation to complete legal paperwork before a grant is finalized.
We are currently focusing on the following projects:
● Digital Assets
● Feeder Vehicles To Funds
● Decentralized Finance (DeFi)
● Private Debt
● Rescue Capital
● Facilitating the community to onboard safe assets such as multifamily, renewable energy, infrastructure
● Funds and Fund Managers
● Investment Managers
● REITS
● Asset Owners
● Qualified Investors
● Technology Providers
● Fiduciary Service Providers
● Non - Fiduciary Service Providers
● Third Party Security Token Exchanges
The Foundation Council has overall responsibility for managing and administering the Foundation and its assets, and for defining the Foundation’s strategy. In line with its Charter, the Foundation Council has delegated the operational and asset management duties to the Executive Committee of the Foundation. The Foundation Council appoints and constitutes itself.
The Executive Committee is entrusted by the Foundation Council with the operational and asset management duties of the Foundation. In addition, the Executive Committee implements the Foundation Council’s resolutions and is, among others, to some extent responsible for investment decisions fostering the Foundation’s purpose.
Saurabh Rai is the Executive Vice President at Preferred Hotels & Resorts, spearheading the company’s business in the eastern hemisphere, based in Dubai, UAE. He has augmented the group’s presence to a multifold expansion, currently overseeing about a quarter of company’s global portfolio. Ranked among the "Power 100 - Top 100 most influential people in the hospitality industry” and nominated for “Forbes 40 under 40”, he has been directly responsible for developing and consolidating strategic business partnerships with several iconic global hospitality brands. A dynamic leader with a deep understanding of global business environment. Keen and strategic thinker with a proven record in Asset Valuation, Deal Structuring, P&L Maximization, Business Development, Hotel Operations and Marketing. Led businesses in mature and emerging markets, with an ability to inspire large multicultural and cross functional teams with diverse skill sets. A passionate father & husband, and a high energy service industry professional. Connoisseur of luxury experiences, traveled across over 50 countries and counting. Alumnus of the Harvard Business School and a member of YPO.
Jeremy Khoo is an international business operator, founder and blockchain entrepreneur who has successfully exited 3 venture funded companies. He is currently of Asia Focus Group and Group CEO of iFashion - a leading regional retail enabler and conglomerate. Under his leadership, iFashion and its subsidiaries have raised multiple investment rounds from venture capitalists up to Series B. iFashion was acquired by MC Payment for $23 million in 2018. Asia Focus Group is an investment holding group with an investment portfolio of technology ventures. Jeremy was a Partner and Principal Consultant in Novum Capital, which has accelerated and invested in many high profile companies that went on to sell more than USD 100M in tokens. Jeremy is also Managing Partner in CRC Capital, which invests into early stage blockchain innovation. Jeremy co-founded retail blockchain MegaX as well as Crypto-E-Commerce store Megaxstore which is spearheading cryptocurrency mass adoption. He also spends his time advising and building more than 40 exciting blockchain projects such as Consentium, Spiking, Vodi, Beowulfchain and W Pay. Jeremy is involved in blockchain development as a speaker, educator and investor. Jeremy obtained his Bachelor's Degree in Mechanical Engineering from the Nanyang Technological University of Singapore and also received the prestigious Sword of Honour during Officer Commissioning from the Republic of Singapore Air Force.
Bell has been active in the Residential and Mixed Use Property and Hospitality Development sector for 27 years, and his professional experience now covers a wide range of activities, including project development management, transactions, sales & marketing, market research, feasibility analysis, real estate project finance appraisals, conducting due diligence on potential new projects and strategic master planning consulting. Over the past 15 years whilst based in London, Bell has been involved in large-scale projects internationally, covering Montenegro, the Caribbean, Spain, France, Dubaim Argentina and India.
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The content disclosed herein is proprietary and a U.S patent is applied for. The use/exploitation of the content could amount to infringement of the rights of the applicant.
RACE Foundation PTE LTD is incorporated in Panama.
