6 October 2023

Why the Change?

In this release, our main focus has been on expanding our services to more states, allowing us to cater to a wider range of requirements. As we continue to grow, it is crucial for us to revamp our backend system to support the diverse needs and regulations of each state. Our goal is to ensure a seamless user experience during the on-ramp process, making it as easy as always for property owners to get started with our platform.

What Has Changed?

From a user perspective, the on-ramp process remains straightforward. By simply clicking on "on-ramp" and entering the address or APN of their property, users can initiate the process. However, behind the scenes, we have made significant improvements. We have developed a robust rule and template system that efficiently collects all necessary information about each property from various sources. This includes generating legal documents that require notarization, filling in location-specific administrative forms, gathering signatures from the property owner (on-ramper), and ultimately recording the deed and filing all relevant forms at the local jurisdiction.

During this release, we have specifically enhanced our ability to gather data from different sources and generate documents with various barcodes. Furthermore, we now have the capability to refer to past deeds and include county-specific data in our processes. These enhancements were driven by the requirements identified while on-ramping our first property in New York State. We are excited about how flexible and scalable our infrastructure has proven to be in adapting to these specific needs.

Trust Agreement Update

Alongside our expansion efforts, we are pleased to announce an update to our Trust Agreement. The new version (available at this link) includes important language related to UCC Article 8. This addition now enables the use of our NFTs as collateral, offering protection for lenders in case of defaults. It also opens up new financial opportunities and possibilities for leveraging properties on Fabrica.

What Happens Now?

With the revamped backend system and expanded state coverage, users can expect a streamlined on-ramp process that takes care of all necessary documentation and administrative tasks. The enhancements made during this release ensure that we are well-equipped to handle the diverse requirements of different states, making it easier than ever for property owners to join our platform.

Moreover, the updated Trust Agreement allows for greater financial flexibility and potential investment opportunities. By including specific language related to UCC Article 8, we have provided a secure framework for using our NFTs as collateral. This not only safeguards lenders but also paves the way for novel financial use cases tied to Fabrica NFTs.

We are excited about these changes and look forward to continuing our mission of revolutionizing property ownership through blockchain technology. Stay tuned for more updates and further expansion into new territories!