Propy - A Glance at Real Estate ICO
Propy - a real estate ICO
Source: https://twitter.com/propyinc
Propy - The concept
Propy aims to solve the problems facing international real estate transactions by creating a novel unified property store and asset transfer platform for the global real estate industry. Initially the Propy Registry will mirror official land registry records in which transfers of real estate are recorded.
Ultimately, however, Propy’s vision is that jurisdictions will adopt the Propy Registry as their official ledger of record such that the transfer of a property on the Propy Registry constitutes the legal transfer of the property and the legal registration of that transfer.
Source: Propy Token Website
The PRO tokens are designed to be used to unlock a smart contract for
title transfer in the Propy Registry. PRO tokens are built on the ERC-20
token standard, which allows for simple integration into users‘ wallets.
The essential and obligatory steps for a real estate acquisition on Propy
Registry includes the execution of the Deed Contract and Title Contract,
which are necessary for the transfer of property title and the recording
of the change of ownership. The Propy Registry, will require the use of
PROs to pay the associated “Registry Fees” to record these modification
on blockchain.
Using PROs in the Propy platform is intended to be simple and user
friendly. Users would initiate the writing of new data to the Propy registry
via Propy’s interface, whether that data would result in the creation of
new title, or transferring a title already recorded in the system.
Source: The Propy whitepaper
Workflow
- Seller lists a property in the Propy DApp.
- Buyer finds a property in Propy DApp that matches his criteria.
- Buyer submits an offer via smart contract to the registry subject
to minimum legally compliant conditions (including specifying
whether to include an inspection report).- Seller accepts an offer by signing it with their digital signature.
- Intermediaries perform their actions (inspection and other
requirements of the smart contract, provided by the buyer).- Once the conditions mentioned above are met a smart contract
triggers the payment system for Buyer to pay in cryptocurrency
(any currency can be supported).- Smart contract accepts the payment and transfer the ownership to
the new owner on the Propy Registry once all terms and conditions
are met.
Source: Propy Token Website
Propy - Token Sale
Source: Propy Token Website
The Propy token sale has ended on the 15th of September with the sale of 16 milion tokens.
The tokens are used for
The Road Map
Source: Propy Token Website
The Team
Source: Propy Token Website
The team is diverse and international. Covers the 4 major target markets for the ICO: USA, Europe, Middle East and China
The Advisors
Source: Propy Token Website
Here is the best part of this ICO. The advisers have a strong background and powerful networks behind.
Social Media
https://twitter.com/propyinc
http://t.me/propy
https://www.reddit.com/user/PropyInc/
https://bitcointalk.org/index.php?topic=1982115
Opportunity
Real Estate market is huge, just connecting the players in the Middle East with the hot spot cities as London, San Francisco, New York, etc. will give them a big piece of the pie.
Registered company which is not tight to succeed with the blockchain concept
Raised over 14 milion USD
Great advisers with a big network
International team with experience in the real estate market
Want to international standardize the real estate market
Risk
Still keep a lot of intermediaries
High fees are kept because of brokers and agents
For a user to buy, the seller needs to be willingly to join the Propy platform, which brings another fee to the process besides the existing ones
Concept dependent on states to decentralize and implement Propy solution
Title registry still dependent on the statal entity
Let us know in the comments your views on this ICO and what ICO you are interested in.
Disclaimer: The views expressed in this article are solely the author or analysts and do not represent the opinions of ADSactly on whether to to buy, sell or hold shares of a particular crypto currency, cryptographic asset, stock or other investment vehicle.
Individuals should understand the risks of trading and investing and consider consulting with a professional. Various factors can influence the opinion of the analyst as well as the cited material. Investors should conduct their own research independent of this article before purchasing any assets.
Past performance is no guarantee of future price appreciation.
Authored by: @alexvan
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Another real estate token... What's the difference between la token Atlant and this one
As you can see, for @adsactly there are different writers. As I wrote this article as I got more specialised into asset tokens, especially for real estate. The main difference between the two is that LAToken wants to remove the middle man, Propy still wants to interact with them. They tackle almost the same market, where LAToken wants also to trade also different asset classes. They are in competition, which is good because it will empower them to deliver.
Are there more that I don't know about? I'd like to see a list.
Awesome stuff, I have invested in Atlant maybe have a peek at this too? :)
this ico is going to be huge i think. great post
Real estate is a highly regulated sector in most countries and is very conservative in general. In Canada, tons of cash must be held in trust with lawyers etc. Are there any indications of how this ICO, or other cryptocurrencies, will mitigate these adoption and use issues?
At the beginning they will focus on markets where you don't need that amoun of liquidity. With the ICO they willfocus on buying bigger piece of real estate to start making a turnover. Also most of the real estate ICOs gather fiat money with the token to aquire profitable real estate. With a very low investment one can get only a small piece of the pie and still be profitable.
All presented real estate ICOs want to bring the regulations to the blockchain. It will help also the market, by lowering the fees.
The real estate project is a highly organized sector in many parts of the world, particularly Canada, where many go to lawyers
So that they can own and monopolize real estate so that the law can not after construction be exposed to them
But the laws and principles of those properties must be built in order to proceed consistently and systematically
greeting @walidsalah
If the issuers of tokens buy with the raised FIAT ral estate, according to the whitepapers the token holders will be holding pieces of the investment.
Many thanks to you
Even though new ICOs come every day, this one seems interesting!
excellent !
thanks for sharing @adsactly
wow amazing, nice post
This is supercool! @adsactly Thanks! Followed...
This is looking real deal .all these real estate companies are looking in right way.
Lots of large hurdles with this.