Propy, a peer-to-peer real estate exchange platform built on Blockchain technology, today announced the launch of its token sale next week. Propy is the first ever global property store with decentralized title registry. Propy automates real estate purchases with smart contracts, eliminating time, paperwork and costs for buyers and sellers in the global real estate marketplace.
The token sale for PRO tokens includes 1M initial tokens. 15 percent (15M) are earmarked for donation back to the developer community to support the evolvement of the Blockchain infrastructure, security and scalablity solutions.
More information and Propy’s white paper on the technology can be found here.
Real estate’s illiquidity and centralization present significant inefficiencies for investors, especially those purchasing properties abroad. There are currently no international standards or comprehensive technologies for electronic property rights transfers. Legacy registry systems were created to handle local investors, but are ill-equipped to manage international ownership transfer. To solve these problems, the Propy Registry is powered by smart contracts to track and execute real-estate transactions according to regional regulations. By using the Ethereum Blockchain, Propy allows brokers, buyers, sellers, and title agents/notaries to sign off on transactions using private keys within their existing legal frameworks.
“Propy is proposing a new decentralized global real estate market with a unified real-time transaction interface approaching the functionality and speed of electronic stock market exchange platforms,” said Natalia Karayaneva, CEO of Propy. “It will allow real estate assets to become liquid, while providing users with greater control and protection of their property rights. We’re excited about disrupting the real estate sector and helping to eliminate common challenges that result in illiquidity, uncertainty and delays.
“Propy’s international team includes founders and early employees from the United States, Europe, Russia, Ukraine, and Singapore, all sharing the knowledge of their markets,” said Michael Arrington, Founder of TechCrunch and an advisor to Propy. “The company’s Chief Blockchain Architect Andrey Zamovski has applied his deep knowledge of cryptography and Ethereum smart contracts to build this innovative technology. The entire team shows all the signs of persistence and execution.”
The ERC20 PRO token will allow for both simple integration into users’ wallets and ease of use in traditional exchanges. The token will be required for interaction with the Propy Registry, specifically when users change ownership of a title or register a new title. 35,000,000 PRO tokens will be available for purchase in PRO’s token sale beginning soon.
“Regarding security issues such as Parity wallet hack the token sale Propy uses a wallet that is a closed smart contract (unlike open-source Parity wallet), which among other features allows account recovery via special 2-factor authentication service, called secondfacdtor.io.” shared Andrey Zamovski, the Chief Blockchain Architect at Propy.
“Even if a customer loses his/her password he/she will be able to security regain access to his assets by going through an authentication with the two services described above.”
“To my knowledge, this is the first 2-factor authentication service, implemented in Ethereum (if you don’t count traditional multi-sig wallets)”, shares Zamovski.
For more information, please visit: http://tokensale.propy.com/
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