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. 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 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.

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