What is Propy (PRO)?
Propy (PRO) is a blockchain-based platform that uses Ethereum blockchain technology to facilitate real estate transactions. It employs smart contracts to automate aspects of the buying and selling process, aiming to reduce paperwork, improve security, and speed up transactions. The platform features a global property marketplace, enabling users from various countries to access and purchase real estate. With a focus on decentralisation and security, Propy utilizes blockchain to offer a transaction environment that is transparent and resistant to fraud. It also investigates the tokenization of real estate, which involves converting property ownership into digital tokens, potentially broadening investment opportunities and enabling fractional ownership. Propy's ecosystem is supported by its own cryptocurrency token, PRO. The platform operates in compliance with legal regulations and collaborates with governments to conform to local real estate laws. Moreover, by digitizing transaction processes, Propy aims to simplify and expedite the procedure of property transactions.
What is it used for?
The primary function of the PRO tokens is to facilitate the execution of smart contracts for real estate title transfers on the Propy Registry. These tokens are employed to unlock essential and obligatory steps in the real estate acquisition process through Propy, including the execution of Deed Contracts and Title Contracts, which are crucial for property title transfer and recording ownership changes.
Furthermore, PRO tokens are required to pay "Registry Fees" on the Propy Registry, covering the costs associated with recording these modifications on the blockchain.
Who created it?
Propy (PRO) was co-founded by Natalia Karayaneva, serving as the CEO, and Denitza Tyufekchieva, the Business Development Manager. Their knowledge and foresight have been essential in founding the platform, which seeks to transform the real estate industry with the implementation of blockchain technology.