Propy Token Sale: working to disintermediate real estate transactions - Smith + Crown

Propy Token Sale: working to disintermediate real estate transactions

Propy is an online real estate listing platform and iOS app that connects buyers, sellers, brokers, title agents, and notaries. Propy is holding a token sale to integrate Solidity smart contracts into their network.

Project Description

Propy is an online real estate listing platform and iOS app that connects buyers, sellers, brokers, title agents, and notaries. The current iteration of the propy app uses a decentralized data management model; however, they are launching a token sale to integrate solidity smart contracts into their next major update. At the time of writing, there were over one thousand Propy listings in the San Francisco region.

Real estate data on a blockchain

In their next update, Propy will primarily function as a decentralized real estate listing and property registry. In the initial release of the propy DApp, three main types of smart contract templates will be launched:

  • Title Contracts: used to store and update property information on the blockchain.
  • Deed Contracts: used to manage relevant information for escrow services and for tracking and initiating the invitation of participants in the transactions (e.g. title agents).
  • Identity Contracts: used to keep tack of identity information of network participants as well as complying with KYC requirements.

Propy smart contracts are designed to conform and comply with existing real estate and property registration requirements in the United States.

California as a closed test market

They plan to launch the first iteration of the Propy DApp, the decentralized listing and registration service, in California. Propy plans to work with local governments in California to connect existing property registries to the blockchain. At this stage, only fiat will be accepted for property transactions and escrow services. Eventually, they hope to roll out a fully decentralized P2P real estate market that accepts payments in cryptocurrencies as well as fiat. However, decentralized real estate transactions of this kind would require a change in the regulatory framework, at least in the United States. To start, the P2P propy marketplace will be tested in emerging markets in the Middle East and Asia.

The Propy Token (PRO)

The PRO token will be used to access Propy’s smart contract services. A fee in PRO will be required to create or update Title contracts and Deed contracts. Initially, PRO will also be used to incentivize people to become users of the network by rewarding them for creating new listings. These rewards will be emitted from an allocation of 15 million premined tokens set aside for this purpose.  In addition to the fees collected in PRO, propy will also collect a fee from all fiat escrow transactions that take place over the network.

Project Details

Incorporation status Propy Inc. Delaware, 2017
Team openness Verifiable Identities
Technical Lead Alexander Voloshyn
Technical White Paper Yes
Available Project Code Not available
Prototype Live website and iOS App

Token Details

Role of token Access rights
Token supply 100 million
Distributed in ICO 35 million
Emission rate 35 million tokens emitted as network growth incentives
Blockchain Ethereum
Consensus method Proof of Work

ICO Details

Sale period Early to mid August. Exact dates TBA
First price 1 USD
Accepted currencies BTC, ETH and USD
Investment Round First public offering
Token distribution date Immediately distributed
Min investment goal 500,000 USD
Max investment cap 10 million USD
How are funds held Escrow
Minimal Viable Product Q4 2017
Bonus schedule No Bonus

Official Resources