Blocksquare — PropTokens Part 1
In my article today, I will discuss what PropTokens are, why they are used and how they are created. If you missed my last article where I talked about Blocksquare as a simple plug & play system, you can find it here.
What exactly are PropTokens?
PropTokens are smart contracts running on the Ethereum blockchain. Smart contracts are programs run on a blockchain, with unique attributes compared to other forms of software. This smart contract offers the great advantage of transparency, as everyone in the Ethereum network can view the smart contract publicly. Once a smart contract has been published on the Ethereum blockchain it is not possible to change it afterwards. This has the advantage that the program stays as it was published. Another advantage of the smart contracts is that they cannot be censored, as the whole ethereum blockchain holds a version of the smart contracts.
Why do they use the PropTokens?
The main objective of the PropToken smart contract standard is to issue a unique set of tokens (BSPT) associated with a specific property ownership. But they perform even more functions:
- Stores property related data (i.e. cadastral municipality, parcel number, building number, individual part number, property ID and right ID) and property holding related data (e.g. company’s registration ID number, company full name and company address)
- Stores information regarding all accounts holding the issued
BSPT tokens.
Since each individual property occupies a different physical property
location and is characterized by a number of other features, there are no identical PropTokens.
PropToken Standard
PropTokens are Ethereum-based assets based on the ERC20
token standard. Even though each PropToken represent a different
real estate property, they all have the same structure:
- PropToken name: BSPT-[country code]-[12-digit sequential number]
- Total token supply (fixed): 100,000 tokens
- Transaction fee
Examples: BSPT-GER-000000000001, BSPTGER-000000000002,…; BSPT-USA-000000000001;
The PropToken total supply is fixed to 100,000 BSPT tokens. A property worth USD 1,000,000 would therefore result in the pricing of $10 per BSPT token.
PropToken Generation (PTGE)
Each new PropToken is made available to the users via a PropToken Generation Event (PTGE). Participation in PTGEs is granted in exchange for Ethereum. The minimum and maximum amount of the ETH that is to be collected is predefined. The number of PTGEs a user can contribute to depends on the level of the user. The level is defined by the number of BST tokens a user possesses (see chapter BST tokens).
Would you like to know more about Blocksquare?
Check out the following resources for more information on Blocksquare (www.blocksquare.io):
One Page Doc → go.blocksquare.io/onepager
Whitepaper → go.blocksquare.io/whitepaper
Proof of Title Paper → go.blocksquare.io/proofoftitle
Help Documentation → go.blocksquare.io/helpdocs
Join our Telegram community
Follow our Twitter
Follow our Facebook
Follow our Medium Blog
Follow our Subreddit
Blocksquare is still searching for like-minded individuals that believe that blockchain has the power to change the rigid world of the real-estate and that find the project trustworthy and meaningful. Join our ranks as an Ambassador! Apply HERE!
