Propy: Frequently Asked Questions
Our Propy team developed this practical FAQ, in order to address some of the most frequent questions received from our community.
Make sure you follow Propy’s official channels, and subscribe to our newsletter for all new updates. We also invite you to read our official White Paper, for more details on Propy’s comprehensive platform for remote online real estate transactions using smart contracts.
- TOKEN SALE
What is the crowdsale structure?
* Total PRO tokens supply: 100M. Total PRO for sale: 35M
* 1 PRO Token = $1.00
* Bonus: 15% during the first hour, 10% during the following 23 hours
* Funding cap: 35M
* Cryptocurrencies accepted: Ethereum (ETH), Bitcoin (BTC) and ICOCoin
* There is no minimum for crowdsale participation
* Tokens will be credited into your wallet in real-time.
* Withdrawal of tokens will be available after the crowdsale ends
* The sale will happen at tokensale.propy.com
Do I need to register for crowdsale?
Yes, we ask all our participants to register with Orderbook, as their buying widget will be used for the crowdsale. Orderbook is very safe exchange managed by Ambisafe — Propy’s technical partner.
Registration can be done after crowdsale launches, on https://tokensale.propy.com. You can alsochoose to register an account on https://www.orderbook.io/ in advance and use the credentials to login during token sale.
Do we get the tokens immediately after the sale?
Yes, tokens are credited to the Orderbook account immediately during the sale. **Please note that bonus tokens can take up to 72 hours to appear in your wallet**.Withdrawal of tokens will be available after the crowdsale ends.
- PRO TOKEN
What does a token represent in this network?
As all blockchains mediate public engagement with the database, for Propy Registry to successfully function as a decentralized source of validation for real estate ownership, Propy is introducing Propy Utility Tokens to ensure sincere engagement with the blockchain.
The Property Contract, allows users to write new titles to Propy Registry, or change ownerships of the existing titles, for a fee that is payable in PRO. Ongoing transactions will always require Tokens and ⅔ of fees paid in PRO tokens. will be redistributed to our network growth pool, used to incentivize the engagement of users in the platform.
The demand in the real estate market is immense. There are 2.5 billion households and we need our network to onboard their properties and address the needs of the growing populations so that they can transact their real estate assets . The process of onboarding new homebuyers and properties means that PRO tokens will be needed to facilitate transactions between the parties .
What mobile wallet will support storing of PRO tokens?
Toshi browser (https://www.toshi.org/) and any other mobile wallet that supports Erc20.
Where are PRO tokens going to be sold after the crowdsale?
We were approached by multiple exchanges interested in integrating our tokens, unfortunately, we cannot disclose the information as of which exchanges we are going to work with yet.
How long would it be after the token sale that the tokens are transferable/tradeable?
Tokens can be traded once the token sale has concluded.
What claim does anyone with a token have on the organization and governance of the Propy network?
Tokens do not provide voting rights to token holders.
What if you sold 30 million tokens on pre-sale and sale period, what will happen the 5 million token? will you freeze those tokens?
The tokens stay in the company, frozen for 1 year and will be used only for next token sale to sell these left tokens with a price not less than $1. If all 35m tokens are sold the company doesn’t plan another token sale.
- GLOBAL PROPERTY STORE WITH DECENTRALIZED TITLE REGISTRY
Why do you think the real estate industry is ready for this?
The global real estate market is worth $217 trillion. A third of the income-generating real estate transaction volume is cross-border. We provide the solution for quicker and safer transactions, beneficial for all parties. By leveraging Propy Registry and Propy’s smart contracts platform, unnecessary delays and impediments inherent to antiquated property rights registrations systems could be eliminated.
There is interest from many countries for easier, safer online cross-border property transfers. Many countries including Sweeden, Japan, Dubai and more, have already started the process to integrate real estate transactions into the Blockchain. See http://reut.rs/28IjhR4 and http://bit.ly/2tQwyPS. Furthermore we are currently working with the Middle East, who is willing to upgrade its current real estate system and we have already covered more than 30% of Dubai’s market.
Why is Blockchain better than a shared database in this use case?
Blockchain is currently considered one of the most secure technologies for digital asset transfer due to its distributed nature and use of cryptographic hash functions. Smart contacts therefore offer a potential solution for the management of real estate transactions via the introduction of a universal, distributed ledger that does not require trust in a single third party.
In which countries does Propy have agreements with Land Registries/Recording offices to use blockchain hashes for each ongoing transaction ?
The smart contracts developed are compatible with US legislation. The Propy DApp enables buyers from China, Canada, the Middle East, Latin America and more to legally validate real estate transactions.
Which countries is Propy targeting in the first 12 months ?
Propy is currently working with lobbyists in California and Vermont to accelerate the acceptance of Propy Registry as a legally valid source of trust in the US. Additionally, Propy is working with governments of several emerging countries (Middle East, Central America and Eastern Europe), where transition to new systems is more straightforward due to the lack of regulatory complexity.
How will Propy be incentivizing realtors to use the platform?
Realtors are hampered by time restraints and middlemen when acquiring or selling foreign real estate. These barriers increase these realtors costs. Propy has also developed relationships with large brokerages across the globe, and they will utilize Propy upon launch.
- OUR TEAM
Who in your team understands how to develop applications on the blockchain?
Andrey Zamovski, founder of Ambisafe and Plug&Play alumni is our Chief Blockchain Architect.
Alexander Voloshyn, CTO has 14 years of technical experience, specializing in mobile development and cyber security.
Who in your team understands the real-estate industry?
Propy CEO Natalia Karayaneva, a 12-year veteran of the global real-estate industry as owner of UK-based overseas property firm.
Are there any Blockchain experts in Propy’s team?
Besides the team expertise, we are happy to have advisors with Blockchain expertise as well.
Jeremy Gardner is the Entrepreneur in Residence at Blockchain capital, the first VC fund entirely dedicated to the Blockchain ecosystem and the cofounder of Augur a decentralized prediction market built on the Ethereum blockchain.
Mike Costache is the Co-chair at d10e, the leading conference on Decentralization.
Vinny Ligham, CEO at Civic, the secure identity platform, is also part of our amazing advisors team with cryptobackground.
Join the discussion on Slack (slack.propy.com) and Telegram (https://t.me/propy) today and don’t forget to subscribe to our newsletter!