Propy (PRO), driven by smart contracts, tracks and executes real estate transactions according to regional regulations. By utilizing the Ethereum blockchain, Propy (PRO) allows brokers, buyers, sellers, and title agents/notaries to sign transactions using private keys within existing legal frameworks. It aims to create a new unified platform for property transactions and asset transfers globally, addressing challenges in international real estate dealings.
Project Highlights
The Propy (PRO) token is designed to open smart contracts for title deeds in the Propy Registry. Built on the ERC-20 token standard, PRO tokens can be easily integrated into users digital wallets. Essential steps in the Propy Registry for property purchases include executing deed and title agreements, critical for transferring ownership and recording changes. The Propy Registry charges "registration fees" when using PRO tokens to complete these modifications on the blockchain.
In the Propy (PRO) platform, using PRO tokens simplifies the system for user-friendly interaction. Users will use the Propy (PRO) interface to write new data into the Propy Registry, whether creating new ownership records or transferring existing ones.
Use Cases
Cross-Border Payments
Propy assists with cross-border payments and provides documentation support.
Property Search
Search for properties and agents worldwide in your native language. Propy offers information about neighborhoods, such as walkability, air and noise pollution, and green building certifications.
Blockchain Integration
Propy integrates with government blockchain ledgers, enabling secure, instant, and cost-effective issuance of property deeds online.
Token Usage Flow Overview
The process for users who already own PRO tokens and those who do not use PRO tokens to pay for properties differs slightly. Users without PRO tokens must purchase them from third-party markets before proceeding.
Heres a basic description of the PRO token transaction flow:
1. The buyer selects a property to purchase, initiating the transaction through the Propy website/app.
2. The buyer goes through the KYC verification process, creating an identity record in the contract.
3. The buyer pays a down payment in fiat currency and registration fees in PRO tokens.
4. Title deeds and transfer agreements are generated during the purchase process for the buyer to process payments.