Propy aims to solve the problems facing international real estate transactions by creating a novel unified property store and asset transfer platform for the global real estate industry. Initially the Propy Registry will mirror official land registry records in which transfers of real estate are recorded. Ultimately, however, Propy’s vision is that jurisdictions will adopt the Propy Registry as their official ledger of record such that the transfer of a property on the Propy Registry constitutes the legal transfer of the property and the legal registration of that transfer.
The project, registered in the US, managed to raise over $15 000 000 during the duration of their crowdsale.
Propy is an online global real estate store, allowing buyers, sellers, brokers, and escrow/title agents/notaries to come together through the utilization of a suite of smart contracts to facilitate transactions. Propy provides a network for these actors to connect with each other and conduct real estate purchases online. The culmination of the transaction is a digital transfer of ownership on the Propy Registry.
Propy’s engineering team has designed a real estate transaction tool powered by smart contracts, combining solutions from the legal, blockchain and payments industries. Using blockchain technology, Propy has prototyped some of the core technology that will become the Propy Registry as a DApp that allows each party to a real estate transaction — including the broker, buyer, seller and title agent/notary—to sign off on a transaction for properties located in California, which is Propy’s intended first market. The workflow of the processes has been built to meet the market rules within the legacy property rights registry systems currently existing in the state of California. Propy Registry consists of multiple contracts interacting with each other, and follows a microservices architecture approach. Each contract is responsible for a single type of record in the system. Each contract contains functions that allow the creation and modification of records, contract updates and other administrative functions.
The PRO tokens are designed to be used to unlock a smart contract for title transfer in the Propy Registry. PRO tokens are built on the ERC-20 token standard, which allows for simple integration into user’s wallets. The essential and obligatory steps for a real estate acquisition on Propy Registry includes the execution of the Deed Contract and Title Contract, which are necessary for the transfer of property title and the recording of the change of ownership. The Propy Registry, will require the use of PROs to pay the associated “Registry Fees” to record these modification on blockchain.
Propy’s business model seems quite weird and separated in a way. An Advertising platform and a Property Registry. The advertisement platform is released via the App Store, but in the competitive industry of real estate, they literally have hundreds of competitors, some already worth billions of dollars. Also, they don’t have a strong native token proposition, as their PRO token simply acts as a voucher of sorts.
Propy is certainly going the right way. If you go to their website, you’d see quite a lot of properties listed for sale which means that there’s definitely interest in their platform. Despite the need for a native token not being strong, Propy has a strong case for blockchain implementation, as buying property can be quite the negative experience. Definitely a project we’ll be excited to see grow.
