What is Propy (PRO)?

What is Propy (PRO)?

Propy (PRO) is a blockchain-based solution that provides an innovative real estate transaction platform. Its goal is to provide a centralized property database and asset transfer framework for the real estate industry. By utilizing cloud and blockchain technologies, Propy connects real estate participants from all over the world, including buyers, sellers, registries, and traders. The platform aims to increase the liquidity of real estate assets and give users greater control over the transaction process.

How does Propy (PRO) Work?

Propy is a real estate transaction platform that uses blockchain technology to provide a centralized property database and asset transfer framework. The platform connects buyers, sellers, registries, and traders from around the world, with the goal of increasing the liquidity of real estate assets and giving users greater control over the transaction process. To ensure secure digital asset transfer, Propy employs blockchain technology as proof of ownership, using smart contracts to manage real estate transactions and ensure a trustless infrastructure. The platform supports various transactions, including traditional currencies, mortgages, cryptocurrencies, and non-fungible tokens for entire properties or fractions of them.

Propy believes that tokenizing real estate assets as non-fungible tokens (NFTs) can provide homeowners and property brokers with a transparent and accessible process while also allowing them to be a part of the property's history. Moreover, the first person to tokenize a property as an NFT may receive compensation from any future sales. Propy offers a simple NFT-assisted sales process that allows crypto-enthusiasts to invest in real-world assets. By doing so, Propy aims to create collectibles in the real estate sector, such as trophy properties that are considered status symbols due to their name recognition, location, or unique digital art and architecture.

What is the PRO Token?

To ensure a user-friendly experience, Propy utilizes PRO, an ERC20 token, as its native token. This token is used to facilitate the creation and transfer of titles on the platform. When registering or modifying a property, users are required to execute a deed contract and title contract. The related registry fees are paid using PRO tokens. Additionally, every time a smart contract is run to unlock the settlement, a PRO token is sent. Whether it's an NFT trade or a regular contract, tokens are necessary for every transaction on the Propy platform.

According to the Propy whitepaper, the PRO tokens have a fixed supply that does not increase with demand. However, the team plans to reserve 35% of the total supply of PRO for network growth. Additionally, two-thirds of registry fees will be added to the network pool, which further incentivizes user engagement on the platform. For example, Propy rewards platform participants like home brokers and buyers for joining the platform. This reward scheme aims to encourage more real estate transactions on the portal due to increased platform adoption worldwide.

Moreover, Propy intends to distribute PROs from the network growth development pool to government and other major institutional entities to encourage them to use the platform.