What Is Propy (PRO)?

Propy (PRO) is a solution that creates an innovative real estate transaction platform using blockchain technology. The platform aims to offer a centralized property database and an asset transfer framework for the real estate industry. By using cloud and blockchain technologies, Propy  links real estate participants such as buyers, sellers, registries, and traders worldwide. Propy seeks to encourage real estate assets to become more liquid while giving users more control over the transaction process.

According to the platform, blockchain can be used as proof of ownership in real estate transactions. Since a private keycryptographically validates the blocks, Propy uses it as a form of authentication to sign digital transactions. This attribute makes blockchain a secure technology for digital asset transfer. Thereby, Propy uses smart contracts as a solution to manage real estate transactions through blockchain that ensures a trustless infrastructure. Smart contracts are just like regular contracts; however, instead of being drafted on paper, these contracts run in the form of protocols on the blockchain.

In order to make an automated real estate transaction, Propy supports three varieties of transactions in its platform. Notably, the Propy protocol backs these transactions, and the Propy Registry records the settlements on the blockchain through smart contracts. Firstly, the protocol aims to support transactions using traditional currencies and mortgages that the platform lists on its site. Secondly, Propy seeks to accept a few cryptocurrencies as a means of payment for the listed properties on the platform. This way, Propy also manages services such as KYC, escrow, and exchange on its portal. Finally, Propy tokenizes the real estate sector in a non-fungible manner. In simpler terms, the platform aims to offer NFTs for an entire property, a fraction of a property, and also 20% of a property.

According to Propy, tokenizing the property as an NFT allows homeowners and property brokers to discover the process and be part of the history. Additionally, the first person to tokenize an item as an NFT may be eligible for royalties from secondary sales. Propy provides an NFT-assisted sales process that allows a crypto-enthusiast to contribute to a real-world asset in a simple way. Thus, Propy seeks to offer collectibles in the real estate sector, like trophy properties that are viewed as a status symbol with name recognition or in a prominent location or have unique digital art and architecture to be considered collectibles.

The native token of the platform is PRO, an ERC20 token. Accordingly, the platform uses this token for a straightforward user experience. The platform seeks to enable users to write new data to the Propy registry using the interface in two ways; creation of a new title or transferring an existing title. As the registration and modification of a property require execution of a deed contract and title contract, the Propy registry makes use of PRO to pay the related registry fees. 

Further, a PRO token is sent every time a smart contract is run to unlock the settlement. Each transaction on the Propy platform, whether an NFT trade or a regular contract, necessitates the use of tokens.

History of Propy (PRO)

Propy was cofounded by Natalia Karayaneva, Maria Angelova, and Denitza Tyufekchieva in 2016. This Palo Alto–based company is supported by leaders of the National Association of Realtors and Silicon Valley. The CEO, Karayaneva, has over 15 years of experience in the real estate industry and believes in simplifying real estate transactions. The Propy team released the whitepaper V1 in July 2017 and a V2 in 2021. 

How Are PRO Tokens Created?

The Propy whitepaper states that the PRO tokens have a fixed supply and do not increase corresponding to the demand. However, the team aims to reserve 35% of the total supply of PRO for network growth. In addition, two-thirds of the registry fees will be added to the network pool. This network pool further incentivizes the engaging of users of the platform. For instance, Propy rewards platform participants, such as a home broker or a buyer, for joining the platform. By implementing this reward scheme, Propy seeks to encourage more real estate transactions in its portal due to increased platform adoption across the globe.

Furthermore, Propy also aims to distribute PROs from the network growth development pool to government and other major institutional entities to encourage them to use the platform.

How Many Propy (PRO) Tokens Are There in the Market?

The Propy platform reports a total fixed supply of 100 million PRO tokens.

How to Buy Propy (PRO) Tokens

There are many options when it comes to buying Propy, including on Coinbase's centralized exchange.