Putting Property on the Blockchain, Propy (PRO)
Back in October a flat in Kiev, Ukraine become the first property in the world to be sold using the blockchain.
The man who bought was Michael Arrington, founder of Tech Crunch. He paid $60,000 for property and the whole transaction was done using smart contracts on the Ethereum blockchain.
The company behind the transaction is Propy. And Arrington is one of its advisors.
The problem with real estate now is that transactions are slow, records can be inaccurate, price discovery is not always efficient, it’s siloed by geography, and there’s no universal standards.
There’s an estimated $340 billion worth of cross-border real estate transactions done globally every year. Propy intends to make the process more efficient.
Propy’s goal is to build a decentralized, global property store. It’s available right now on the web and as an Apple app.
The online store relies on the Propy Registry, built on the Ethereum blockchain to track global real estate ownership.
It runs on the PRO token, a utility token that’s required for asset transfers and other on-chain events.
There’s a total of 100 million PRO tokens with just over 14 million in circulation according to CoinMarketCap.
You can check the website for listings, it already has properties in New York, San Francisco, Beijing, and Dubai.
Propy provides all the smart contract architecture, in other words, the smart contracts needed to buy and sell a property like a title contract and a deed contract.
Propy makes money by taking a percentage of each transaction. It estimates the average fee is 1%. So there’s a lot of potential if it can capture even a small share of this market.
It’s important to understand the platform is not fully decentralized yet and still in development. For example, the global property store (the listings) are centralized. But the smart contracts on Ethereum are decentralized.
Also, from what I’ve read so far Propy is actively engaging with the government in each jurisdiction its in or planning to go in. That’s important if this is going to work.
Anyways, this is an idea that makes a lot of sense. There’s more to it of course, if you’re interested in learning more check out the white paper.
I did sign up to the website and receive a PRO token. You can do the same. All you need to do after signing up is to set your Ethereum address.
Anyone investing in PRO tokens?
there's another coin in the same sector called Atlant, but Propy seems to be the better project so far. maybe worth a punt.
Hi there, @g-dubs Great information here. We are from The Curator. (A post style magazine on Steemit) We do curating for informative, creative, entertaining, yet undervalued posts. We love your fantastic post. And we feel that it is undervalued. We would like to share it in our magazine. But first, we would like to ask for your permission to add your post to our next issue, With a picture from your post. That we will use as a thumbnail, We will share a portion of the post gifts. With the posts that we share in the upcoming issue. If you agree to this. Please let us know below this comment. At your earliest convenience.
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Sounds good, go for it.
Thanks!
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Sounds good, thanks!
Hi, @g-dubs Just want to let you know the we have posted issue #20.
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Thanks!
this is huge sector my friend
Yes. I read today real estate is $217 trillion globally. Huge is right.
Had no idea this was going on!
Well there's no shortage of projects out there... it's hard to keep track!
I want to invest
that's a big investment
Great opportunity
ok thanks bro
Thanks for the info followed your work your friend Yeasin thats me @g-dubs
I think I'm going to pass on this one. There are several other projects right now that look good that I think I'm gonna go for instead. It's cool to see you posting new things everyday though and I noticed that your posts are really taking off and you got some big names in your voting list every time now. Good for you man.
Thanks for the kind words!
Any names you'd like to share?
ADA is likely heading up soon.