Propy

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Discover Propy's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Propy?

Propy (PRO) is a blockchain-based real estate marketplace and decentralized title registry that leverages smart contracts to facilitate property transactions globally. It simplifies and automates real estate transactions, making them faster, more secure, and more transparent. Propy allows users to buy, sell, and own properties using traditional currencies, cryptocurrencies, and even NFTs, streamlining the process with integrated tech-driven escrow and title services.

How is Propy used?

Propy (PRO) is a decentralized real estate protocol that leverages blockchain technology to streamline the buying and selling of properties. The PRO token is the native cryptocurrency of the Propy platform and plays a vital role in facilitating transactions. Here's how it is used:

  1. Transaction Fees: PRO tokens are used to pay for transaction fees on the Propy platform. When users buy or sell real estate through Propy, they pay fees in PRO tokens, which drives demand for the token and integrates it into the core functionality of the platform.

  2. Access to Services: Holders of PRO tokens gain access to enhanced utility and benefits, such as advanced search options and exclusive listings.

  3. Incentives for Adoption: Propy incentivizes real estate professionals, including agents and brokers, to adopt the platform by rewarding them with PRO tokens. This helps expand the platform’s user base and promotes the use of PRO in real-world real estate transactions.

  1. Governance: PRO tokens are also used in the network's community governance systems, allowing holders to participate in decision-making processes.

  2. Staking: PRO tokens can be used for staking, which provides additional rewards and helps secure the network.

By integrating the PRO token into various aspects of the platform, Propy creates a robust and dynamic system that benefits all participants. The careful design of PRO’s tokenomics and its multiple utilities ensure its central role in the platform's growth and success.

How do I store Propy?

To store Propy (PRO) tokens, you can use an ERC20-compatible Ethereum wallet. This type of wallet is designed to handle tokens that operate on the Ethereum blockchain, such as PRO. Some popular options include MetaMask, Trezor, and Ledger. These wallets provide a secure environment to store and manage your PRO tokens.

How to buy Propy?

To buy Propy (PRO) tokens, follow these steps:

  1. Choose an Exchange: Select a reliable centralized exchange that lists Propy, such as Coinbase, Huobi Global, or Bittrex.

  2. Create an Account: Sign up for the exchange and verify your email address and identity. This may involve providing photo identification and proof of address.

  3. Deposit Funds: Add a payment method, such as a bank account, debit card, or wire transfer. You can also use Bitcoin to purchase PRO tokens.

  1. Search for Propy: On the exchange, search for Propy by typing "Propy" or "PRO" in the search bar. Select it from the results to open the purchase screen.

  2. Enter Purchase Amount: Use the number pad to input the amount you want to spend in your local currency. The exchange will automatically convert this to the equivalent amount of PRO tokens.

  3. Finalize Purchase: Preview your purchase details, ensure everything is correct, and then confirm the purchase.

  1. Transfer to Wallet: For security, it is recommended to transfer your PRO tokens to an ERC-20 compatible wallet, such as a hardware wallet like Trezor or Ledger.

By following these steps, you can successfully purchase Propy tokens.

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History of Propy

Propy, a Silicon Valley proptech company, celebrated two years since the launch of its utility token in 2019. The token, PRO, is at the heart of Propy's digital infrastructure and has been integral to the company's growth in the real estate market.

Early Challenges and Growth

After its launch, Propy faced significant challenges, particularly in terms of adoption. Real estate agents were initially hesitant to use the platform due to concerns about the legitimacy and legality of blockchain technology. However, Propy managed to overcome these hurdles and achieved steady growth. Today, the platform is widely used by real estate agents to complete property deals in a traditional manner, with the blockchain infrastructure operating invisibly in the background.

Key Milestones
  • First Transaction: Propy completed its first historical transaction in Vermont in 2018, marking a significant milestone in its development.
  • Land Registry Authorization: The company received authorization to utilize its Land Registry on the blockchain in the United States, a crucial step in its progress.
Token Performance
  • Price Fluctuations: The PRO token experienced significant price fluctuations, peaking at over $5 in early 2018 before dropping to $0.10 in February 2019. However, it began to rebound, reaching $0.23 by June 2019.
  • Value Proposition: Propy's token has a better claim to value compared to many other crypto projects due to its functional technology and services offered in the real estate space.
Current Status
  • Platform Development: Propy continues to improve its services, focusing on automating the closing process for real estate transactions and providing tools for agents and title companies to migrate to blockchain-based closing.
  • Leadership and Advisers: The company is led by Natalia Karayaneva as Founder and CEO, with a team of experienced professionals and advisers from prominent companies like TechCrunch, Apple, Netflix, and more.

Overall, Propy has made significant strides in the real estate industry, overcoming early challenges and demonstrating the value of its blockchain-based technology and token.

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How Propy works

Propy (PRO) is a decentralized real estate protocol that operates on top of the Ethereum blockchain. The network uses Ethereum to ensure its validity and security. Propy leverages proprietary smart contracts that run on the Ethereum blockchain, which includes a global property store and decentralized title registry.

Key Components
  1. NFT Technology: Propy integrates NFTs into a Zillow-like layout, allowing users to browse and purchase real estate projects virtually. This technology enables the creation of real estate-backed NFTs, which can be used to secure low-risk DeFi rewards via staking or farming protocols.

  2. PRO Token: The main utility token for the network is PRO, which adheres to the ERC-20 token standard. Users can use PRO to pay for platform fees and other features. Holding PRO is required to create title deeds or modify contract details, and it is also used in the network's community governance systems.

  3. Property Listing and Purchase Process: The process begins with a buyer finding a property on the listing platform. The buyer selects the property, chooses an agent, and makes an offer. Propy automatically generates the purchase and sale agreement, and it performs ownership verification through a third party. The process involves additional documents, payment, and the final step of recording the deed on the blockchain.

  1. Automation and Blockchain: Propy uses automation and blockchain technology to streamline the property purchasing process. This includes generating purchase and sale agreements, uploading documents, and facilitating secure payments. The records are kept at the municipality and on the blockchain, providing an unhackable proof of ownership.

  2. Scalability: Propy was designed to meet the needs of a global economy and is scalable to accommodate growing demands.

Benefits
  1. Cost Savings: Propy reduces costs by eliminating intermediaries and unnecessary fees, allowing buyers and sellers to secure higher returns.

  2. Security: The use of blockchain technology ensures a secure and transparent transaction process, minimizing the risk of fraudulent behavior.

  3. Efficiency: Propy automates many steps in the process, making it faster and more efficient than traditional real estate transactions.

Availability

Propy (PRO) is available on several exchanges, including HTX and Coinbase, although HTX does not accept USA or Canadian residents.

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Propy's strengths

Propy (PRO) has several strengths that make it a promising platform for real estate transactions:

  1. Security and Fraud Protection: Propy's all-in-one design and blockchain technology eliminate the risks of private email fraud, ensuring that communication and document exchange are secure and hack-proof. This is particularly important in the real estate industry, where fraud is a significant concern.

  2. Streamlined Process: Propy's platform streamlines the purchase process, making it faster and more efficient. It integrates with tools like DocuSign, allowing for seamless electronic signatures and reducing the need for physical meetings and paperwork.

  3. Global Accessibility: Propy is designed to be borderless, making it accessible to foreign buyers and sellers. It supports foreign currencies and cryptocurrencies, eliminating the need to worry about exchange rates. Smart contracts can be programmed from anywhere, providing equal control for overseas actors.

  1. Scalability: Propy is built to meet the demands of a global economy, making it a scalable solution for real estate transactions.

  2. Cost-Effective: Propy reduces costs by eliminating the need for intermediaries and minimizing fees. This results in higher returns for buyers and sellers.

  3. NFT Technology: Propy leverages advanced NFT technology to secure low-risk DeFi rewards via staking or farming protocols, providing additional benefits to users.

  1. Ease of Use: The platform offers an intuitive interface, making it easy for users to manage transactions virtually and configure permissions securely.

  2. Reporting and Analytics: Propy includes a suite of reporting and analytics tools, which can be used to summarize and sort offers, evaluate agent performance, and provide timestamped evidence in case of disputes.

These strengths position Propy as a pioneering platform in the real estate industry, offering a secure, efficient, and cost-effective solution for buyers, sellers, and agents alike.

Propy's risks

Propy (PRO) tokens are associated with several risks, including:

  1. Risk of Hacking and Security Weaknesses: Hackers or malicious groups may attempt to interfere with the Propy ecosystem, compromising the security of PRO tokens and the services they provide. This includes risks such as malware attacks, denial of service attacks, and unauthorized access to private keys or wallets.

  2. Risks Associated with Markets for PRO: PRO tokens are intended for use within the Propy ecosystem and are not supported for secondary trading or external valuation. This can lead to illiquidity risks and volatility in their value. Even if traded on third-party exchanges, these exchanges may be susceptible to fraud or manipulation.

  3. Risk of Uninsured Losses: Unlike traditional financial accounts, PRO tokens are uninsured unless users obtain private insurance. This means that in the event of loss or loss of utility value, there is no public insurer to offer recourse.

  1. Risks Arising from the Real Property Land Registration Market: The real property land registration industry is subject to various laws and regulations, which can change and impact the utility of PRO tokens. Non-compliance with these regulations can negatively affect the ecosystem and the tokens.

  2. Operational Risks: As a young company, Propy's growth and capabilities may take longer than expected to develop, which can impact the usefulness of PRO tokens. The tokens are part of a highly competitive market, and broad adoption may take longer than expected.

  3. Risk of Lack of Adoption by Real Property Registration Systems: The success of Propy and PRO tokens depends on their adoption by real property land registration systems. If these systems do not adopt the technology, it can negatively impact the ecosystem and the tokens.

  1. Technology Risks: PRO tokens are based on emerging technology that is not fully proven. As the technology matures, new capabilities may alter the usefulness of PRO tokens or the ability to use or sell them. The functionality of PRO tokens is complex and may require enhancements and product support over time.

  2. Volatility of Cryptocurrency Market: Using Propy's platform for purchasing real estate with digital currencies is also subject to the volatility of the cryptocurrency market, which can impact the value of PRO tokens.

These risks highlight the potential challenges and uncertainties associated with using Propy's platform and PRO tokens.

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Did Propy raise funds?

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Propy’s team

  • Natalia Karayaneva: Founder & CEO, serial entrepreneur, software engineer, and former real estate developer. She is also an advisor to Arrington XRP Capital and a contributor to Forbes. (@NataliePropy).
  • Denitza Tyufekchieva: Co-founder & VP of Business Development.
  • Maria Angelova: CFO.
  • Alex Tieu: Chief Operating Officer (COO).
  • Michael Arrington: TechCrunch, Adviser.
  • Daniel Kottke: Apple, Adviser.
  • Barry Enderwick: Netflix, Adviser.
  • Tim Draper: Venture Capitalist, Adviser.

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