What is propy? Information you need to know about the Propy project and the PRO token

• Overview of the Propy . project
• What is Project Propy?
• Blockchain is the new standard for property ownership registration
• Use smart contracts for existing legal frameworks
• Main features of Propy
• Propy's Future Decentralized Peer-to-Peer Buying Process
• Business model of the project
• Propy's development team
• Development plan
• Advisors, investors and partners of the Propy . project
• Overview of the PRO . token
• What is PRO Token?
• Functions of the PRO token token
• Where can PRO tokens be bought and sold?
• summary

Overview of the Propy . project

What is Project Propy?

Currently, to buy an international real estate, an individual has to work with many levels of intermediaries such as brokerage services, third-party trust services, land use right registration services, not to mention brokers. money conversion service. Heaps of paperwork to compile and process.

Serious scams are frequently caused by confusing and ambiguous legal procedures. Not to mention, in order to transfer property ownership, it takes at least a few months to wait for the completion of documents. This inefficient process causes a significant loss of market liquidity and reduces the number of potential buyers and sellers.

The Propy project was developed to solve the problems associated with international real estate transactions, by creating a unified real estate store and transaction platform for the global real estate industry. Initially, Propy's database will copy the information stored in the property registration and purchase system. However, Propy's ultimate goal is to get the authorities to consider using this system as an official ledger to store information, help transactions to convert assets on the database of the company. Propy is also legally legalized.

Blockchain is the new standard for property ownership registration

Blockchain technology holds promise for a wide variety of industries and practical applications, including real estate. A blockchain is a form of a shared database in a network, the contents of which are verified and compromised by network participants. In order for a piece of information (such as the new owner of a trading asset) to be added to the blockchain, independent validators must agree to verify the validity of that information.

Since each new group of transactions (also known as a block) is connected to the previous block by cryptographic algorithms, it is extremely difficult to change the data stored on the blockchain, and any sign of Any corrections will be detected almost immediately. Therefore, blockchains are considered impregnable and are used as an efficient storage of property rights information.

Use smart contracts for existing legal frameworks

The Propy project engineering team has designed a real estate transaction tool using smart contracts , combining solutions from legal, blockchain and different forms of payment. Thanks to the application of blockchain technology, Propy released the first prototypes of the core technologies that would later become Propy's database, acting as a Dapp allowing parties to enter into a transaction . real estate services (including brokerage, buyer, seller, and notary services) to finalize California properties. This is the first market that the Propy project targets.

The step-by-step process is also designed to satisfy market rules in the legal registry of properties in California. In addition, the goal is to launch the first Propy platform in California alone, allowing the current beta to focus on testing user behavior, adoption, and directions of improvement in a single market. closed. The Propy development team will then seek to adopt Propy's solution more widely and continue to drive rapid growth in key global markets.

In order to achieve the stated goals, the Propy development team is in a position to prepare for the change of the following legislative environments:

• The first is the current situation, where governments accept only their aged databases as the only legal proof of ownership. In such an environment, Propy intends to continue to grow the business in parallel with the process of copying government records onto the blockchain, in order to provide a platform for foreign real estate investors to make transactions conveniently remotely.
• The next legislative environment will emerge when national governments realize the benefits of blockchain ownership, and the potential for this technology to replace the current traditional platform, instead of continue to find ways to improve existing real estate data storage facilities.

Main features of Propy

Online real estate trading platform

Propy's decentralized application is currently being developed to help users find information and make transactions conveniently. Currently, the system is including the following main features and features:

• Propy's web platform and its iOS app version.
• Messaging function.
• Optimize locally by adding languages ​​like Chinese, Russian, and Arabic.
• Brokers' activities (check-in locations and reviews).
• The module aggregates data and standardizes product categories, currently working with eight data sources.
• An off-exchange subscription function to grant access to locked asset portfolios.
• The data of the neighboring residential area includes: Air pollution level, walkability score to utility areas (walk score), schools, supermarkets, hospitals...
• Deposit payment feature.

Global ownership database

Each property will have its own label, which acts as proof of ownership. Ownership of assets will be regularly tracked, by storing those labels in a database, managed by government organizations.

The database also includes many smart contracts, which interact with each other under a microprocess platform. Each contract is responsible for handling a type of storage in the system, each contract will include features that allow to create, edit information, update contracts and other administrative functions. 

The list of contracts that have been developed includes:

• Contract of Ownership: Responsible for storing and updating the asset's data on the blockchain.
• Contract of deed: Helps manage information related to notarization services, track and invite parties to participate in transactions.
• Identity Verification Contract: Stores identity credentials for all users in the system, and KYC features to authenticate individuals required during legal validation.

Contracts in development and coming soon include:

• Agreement Contracts: Store legal agreements (purchase agreements, valuation reports, disclaimers, etc.)
• Electronic signature contract: Stores digital signatures for all documents related to the Propy database, allows multiple parties to sign the same document and helps confirm the digital signature standard.
• Payment contracts: Manage payment requests, track payment progress and status, confirm the authenticity of payments using SPV (Simplified Payment Verification) algorithms
• Notary contracts: Contains features for notaries (adding data about the number of the notary, signing to confirm the transfer of ownership), allowing the notary to lock and open payment transactions, contracts unilateral agreement with a specific person, including KYC features.

Additional components in the project's software toolkit

The project development team will develop additional components for the Propy database to drive network growth. Include:

• Propy Browser: Propy Explorer – the contract browser, is a terminal interface that acts as a portal, providing access to asset and transaction data in the Propy database, as well as as Propy's utility token.

• API Libraries: Propy is developing API libraries to allow third-party applications easy access to the facility's data. The APIs interact directly with smart contracts without depending on Propy's website or any other centralized component.
• Data Standards: Because of the long-term orientation of developing across global markets, the Propy project is developing standards for storing data related to real estate ownership on the blockchain, including information about the address, the owner, how to classify rights, how to classify assets, coordinates, property status ... 

Propy's Future Decentralized Peer-to-Peer Buying Process

• Step 1: Sellers post assets to Propy's Dapp.
• Step 2: Buyers find properties with the right standard for them.
• Step 3: Buyer submits a request via smart contract to the data storage facility to retrieve information regarding the legal status and condition of the property (including whether the specific request is required or not). add property valuation report no).

• Step 4: The merchant accepts the request by signing it with their digital signature.
• Step 5: The intermediaries perform their tasks (inspection and other requirements in the smart contract that the buyer set out in step 3).
• Step 6: Once all the conditions are satisfied, the smart contract will be activated and require the buyer to pay in cryptocurrency (any type is fine).
• Step 7: The smart contract accepts and confirms the payment, and then transfers ownership to the new owner on the Propy storage system, when all conditions have been satisfied.

Business model of the project

The Propy project has a very simple and extensible business model. When an asset is successfully traded on Propy's network, the project takes a small percentage of the final transaction price (much smaller than what intermediaries are currently charging). The project also charges the broker side through the use of technology, tools and the Propy platform. Payment transactions will initially be made in fiat, but cryptocurrencies will be included in the development process as soon as regulatory issues are resolved.

Propy's development team

The Propy project development team consists of Natalia Karayaneva (founder and CEO), Denitza Tyufekchieva (co-founder and vice president of business development) and Maria Angelova (CFO).

Development plan

The Propy project does not completely negate the current limits of infrastructure and legal systems in countries, they will develop the project in phases with a view to partial delivery. During development, the project will gradually shift current real estate transactions to a fully P2P peer-to-peer transaction direction, cutting down on most of the processes associated with existing intermediaries, and keeping only to units that have the necessary practical functions such as property appraisers to ensure the integrity of the entire real estate transaction.

The future development plan will be divided into 3 main phases:

Current stage

• Statistical platform for properties purchased and sold at website: www.propy.com
• Do not use blockchain.
• Payment in fiat currency.
• Available globally.
• Segments to go through: Launch, test, and have actual active users.

Short-term goal

• Trading platform version V1 and trading asset statistics platform.
• Adopt smart contracts to become partially decentralized.
• Payment in fiat currency.
• There is no need to reform processes and regulations.
• Received and applied first in the US.
• The segments include: Launch of the statistics platform and testing of the V1 version of the trading platform.

Long-term goals

• Trading platform version V2 and trading asset statistics platform.
• Adoption of smart contracts converts to fully decentralized peer-to-peer transactions.
• Payments in fiat and cryptocurrencies.
• It is necessary to change the regulations of the state management systems.
• Accepted and applied in developing countries first.
• Launching research and development plans and programs to guide the project.

Advisors, investors and partners of the Propy . project

Project Propy has raised 16.7 million USD through 4 rounds of funding. The latest round is called the investment fund raising round on October 2, 2020. Investors include Arrington XRP Capital, Bitscale Capital, ChinaLink, Escrow Agent Japan, Pipeline Capital, Second Century Ventures, Reach and Tim Draper (Draper Associates).

In addition, the project also received support from mentors such as Michael Arrington (working at TechCrunch), Daniel Kottke (working at Apple), Barry Enderwick (working again at Netflix) and Bruce Cahan (co-founder). Founder and CEO Urban Logic).

Overview of the PRO . token

What is PRO Token?

The PRO token is the private utility token of the Propy project. These tokens are created to perform unlocking of smart contract functions, in transferring ownership in Propy's database, regardless of manipulation on the interface of Propy Dapp, or on the application. third party.

General information of the token

• Project name: Propy
• Token symbol: PRO
• Token Standard: ERC-20
• Ethereum Address: 0x226bb599a…97ea52e9e220
• Unit price (February 16): 2.33 USD
• Trading volume in the last 24 hours (February 16): 1,163,769 USD
• Total supply: 100,000,000 fixed, pre-cast at the time of sale, neither creating new nor canceling.
• Current flow: 73.851,416

Token allocation rate for the Propy . project

Open for sale ICO 

35% of the total supply was used for the ICO launch on September 15, 2017.

Develop network

35% of the total supply is used to grow the network. The part of the fee paid for the database that this platform collects will be deducted 2/3 to put back into the network development fund. This part of the money will be used to incentivize users to join the platform. The project development team also intends to use the funds in this fund to contribute to governments and financial institutions to accelerate the adoption of Propy.

Sponsor

15% of the total supply is used to fund other organizations with the blockchain ecosystem, projects that develop or contribute to Propy's process and direction. Sponsored orientations include:

• Support blockchain development and wide application
• Supporting research in favor of blockchain scalability and identity verification
• Support educational efforts on blockchain technology.

Company and development team

The remaining 15% of the total supply will be for the company and the development team, with the following conditions:

• 2,000,000 PRO tokens will be unlocked for immediate use by the company.
• 5,000,000 PRO tokens will be locked for 12 months from the closing date of the sale.
• Another 5,000,000 PRO tokens will be locked for 24 months from the closing date of the sale.
• The remaining 3,000,000 PRO tokens will be locked for 36 months from the closing date of the sale.

Once unlocked, the Propy development company has full rights to use the token for any purpose without notice. If the company wants to sell the tokens, it will sell no less than the unit price of the token, and there is a possibility that there will be an additional bonus for the buyer, the reward will not be more than 10%.

Functions of the PRO token token

To operate a system with high transaction value like Propy, the PRO token is a necessary tool as it will play the role of:

• Is a unified method for interacting with the Propy database, reducing wait times and becoming independent from the constraints of the fiat system.
• An essential access barrier for transactions in a decentralized database environment. Otherwise, the Propy network will be overloaded with unnecessary data such as fake trades, spam or potentially risky buy orders.
• Is a payment fee to activate smart contracts such as: Ownership contract and certificate contract.

Where can PRO tokens be bought and sold?

Currently, Propy tokens can be purchased on major CEX and DEX exchanges such as Coinbase Exchange, Huobi Global, Bitrue, CoinEx, Hoo and HitBTC.

summary

Propy is a global real estate online store that allows buyers, sellers, brokers, and notaries to link together via smart contracts to make purchases. sell.

To catch the fastest information about the Propy project, follow the project's communication channels:

Website | Project Information | Twitter | Telegram | Reddit

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