Propy is a decentralized platform for sale and purchase of International Properties.
August 31, 2017 8:15 am,
Who doesn’t have a motive of life of buying a property? It may be for them or for a family member or relative but everyone wants to buy it at some point of their life. Many people want to buy the property on the international platform but there were problems raised in the area of liquidity. Propy solves the problem of international real estate transactions by creating a unified property store and asset transfer platform for the international real estate industry. It has envisioned itself that the jurisdiction will adopt the Propy Registry as their official ledger of record such that the transfer of properties constitutes all the legal requirements.
Propy has indulged the use of Blockchain as its trustworthy mode of transactions. Blockchains allows sharing of a database which is verified and agreed upon by independent backhand people. The blockchain is a disadvantage to corrupt users who plan to change their previous information because each new set of a transaction is cryptographically linked to the previous block, so it becomes difficult to change the data stored and any change would be readily detectable. After implementing blockchain technology, Propy’s engineers have designed a real estate transaction tool which is run by smart contracts and payment industries. It has used decentralization as a means that allows the parties involved in any real estate transactions, viz., the broker, buyer, seller and the title agent, to sign of any transaction for the properties. Propy’s first ever platform to be launched is in California because it will allow the current prototype to be narrowly focused on driving the consumer testing, adoption, and improvements within a closed test market.
Propy’s ultimate vision is not only to operate within the existing real estate legal infrastructure but to disrupt the legacy system by providing a far superior solution. The parties involved in this would be the Seller, Buyer, Notary and in optional, the Broker and the Real Estate Inspector. The seller would list the property in the Propy Platform and the Buyer would submit an offer via Smart contract about the property that matches his criteria. The Seller would accept the offer b authorizing it with a digital signature and henceforth, the intermediaries would perform their actions like inspecting the property etc. The Smart Contract accepts the payment in any form of cryptocurrency and would thus transfer the ownership to the new owner on the Propy Registry once all the terms and conditions are met.
The token sale has begun in August 2017 and would end in September. The token used would be PRO token with One PRO = 1 USD. 100 Million Tokens would be issued and grants would be provided with regards to the same. Propy’s allow a decentralized platform for the sale and purchases of properties in one go.