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/
- Indian Central Bankers Excludes Cryptocurrency Projects from it’s New Startup Fintech Sandbox - April 19, 2019
- Enterprise Ethereum Alliance Plans to Launch New Token Taxonomi Initiative - April 19, 2019
- Social Blockchain Project BitGive Signs Deal with Uphold - April 19, 2019
- Crypto Wars Continue – Bitcoin’s Self Proclaimed Founder Craig Wright Threatens to Sue Ethereum’s Vitalik Buterin - April 19, 2019
- Gate.io Exchange Releases IEO Startup Platform and Launches First Project with CNNS - April 18, 2019
- Telegram Cuts Deal With Wirecard to Build Blockchain Shared Payment and Banking Solutions For TON - April 17, 2019
- Token-as-a-Service (TaaS) Shuts Down – Distributes Assets to Token Owners - April 17, 2019
- eToroX Launches 8 Stablecoins on New Cryptocurrency Exchange - April 17, 2019
- Powerhouse Production Company Endemol Shine International Partners with Blockchain Startup BitMovio - April 17, 2019
- Huobi Prime’s Second EO Launch – Two Billion NEW Tokens Sold in Six Seconds - April 17, 2019
- Panxora safeguards ICO assets with crypto treasury management service - April 17, 2019
- Turing Award Winner and MIT Cryptographer, Dr. Silvio Micali, Publicly Opens TestNet at VC-backed Algorand Blockchain - April 16, 2019
- Gibraltar Stock Exchange Opens the Doors to Secondary Market for Security Tokens - April 15, 2019
- Bittreo Releases Crypto Brokerage SAAS - April 14, 2019
- International Monetary Fund (IMF) Head Says Cryptocurrency is Shaking the System – Wary Eye on Silicon Valley Data Collectors - April 14, 2019
- US Regulator SEC Issues First ‘No Action’ Letter for Unregistered ICO - April 13, 2019
- Jason Hanania: Architecture of a Technodemocracy – Author Interview - April 12, 2019
- Block.one’s FinLab EOS VC Fund Invests in Moonlighting - April 11, 2019
- Blockstack Files with SEC for Reg A+ Token Offering - April 11, 2019
- US Congress Introduces Bipartisan-Supported Token Taxonomy Act - April 10, 2019