Propy

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Propy is a Silicon Valley​-based Cryptocurrency​ Company​ working towards modernizing the Real estate industry through the use of Blockchain technology​. [2][1][3]​ ​They are also an international real estate marketplace with a decentralized title registry and aim to enable remote buyers and sellers to complete real estate transactions globally with very little friction, paperwork, and waiting. [4]

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Photo of members of Propy. 

Overview

Founded in 2015 by Natalia Karayaneva​ after attempting to explain her idea for a blockchain-supported decentralized real estate market to venture capitalists. She was able lto secure financial investment of over $3 Million, the company's chief blockchain architect suggested selling tokens to the public using a prototype of the platform as a proof of concept. 


Infrastructure

The team decided to build on the Ethereum​ blockchain as a Utility Token. The essence of the tokens are to allow write-access in the Propy registry and rewards. 

Youtube Video
BBC World News on Propy: The Amazon of the Real Estate Industry Is on the Blockchain

Agreements

Serious fraud happens on a regular basis due to confusing or malicious legal agreements. Property transfer requires months of waiting. This inefficient communication significantly hinders liquidity, reducing potential value for buyers and sellers. 

Due to these malpractices of sorts, Propy has agreements with Land Registries/Recording offices to use blockchain hashes for each ongoing transaction. [11]​ Propy allows buyers, sellers, brokers, and escrow/title agents/notaries to come together through the utilization of a suite of smart contracts on blockchain to facilitate transactions. [12]

Initial Coin Offering (ICO)

From August to September, 2017, Propy held their ICO. The number of tokens sold were 16036080.7347451 at a total supply of 100,000,000. They raised 15,370,280 in PRO that were sold $1 per token. [13][14]

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