PROPY — Global Property Store DApp Is Here to Revolutionize the Real Estate Industry
The global real estate market is worth $217 trillion. 75% of that is residential property. A third of the income-generating real estate transaction volume is cross-border. Foreign investors have been diversifying their investment portfolios at a furious pace, in part by buying overseas properties in stable economies or emerging markets.
The industry is big, global, dynamic and growing. It is also wildly inefficient. In a world of Amazon’s, Nasdaq’s and global digital exchanges for so many things, no single online “one-stop-shop” tool currently exists to easily search, pay for and secure ownership of overseas property.
We’re Propy, and we’re working to change that.
For more than two years, we’ve been quietly building an ecosystem that leverages blockchain technology, an open API framework and our business and regulatory connections to make industry processes across real estate — over time, in stages — faster, simpler, more efficient, more fluid and more secure, while financially incentivizing key segments of the industry to help accelerate this transition.
On July, 17th the full version of Propy’s Whitpaper has been published and it is accessed here.
Here is a glimpse where Propy stands today and what are our short-term and long-term goals.
All other details are described in the full version of the Whitepaper that we are sharing now. We are also going to share a video to our community of our listing platform and a transaction platform.
Up to date, our mobile app represents the listing platform is live and has many users from China, Russia, Middle East and other regions looking for properties in the US, UK and UAE.
Propy intends to leverage blockchain technology and an open API framework to make industry processes — over time, in stages — interoperable, faster, simpler, more efficient, more fluid, more secure and financially incentivize all major segments of the market to help accelerate this transition. The end goal is to get to a P2P2 system — of completely peer-to-peer property purchases — running on Propy’s network.
Our venture is led by CEO Natalia Karayaneva, a 12-year veteran of the global real-estate industry as owner of UK-based overseas property firm. She is also a software developer later specializing in Urban Development in Oxford University.
The team is advised by, among others, Alan Pinel, founder of MLS France, David Cowan of Bessemer Venture Partners, Michael Arrington, founder of tech media platform TechCrunch, Daniel Kottke, former Apple employee #2. The project’s founders include John Wong, a former Wells Fargo executive, and Maria Angelova, a former CFO at the Bulgaria offices of BNP Paribas, Denitza Tyufekchieva,ablockchain advocate, who founded real estate platform for the Eastern Europe and Andrii Zamovskiy, who built the architecture of Propy’s smart contract. The company is being legally advised by Perkins Coie LLP.
We’re tapping deep and wide business networks, we are engaged with real-world regulatory authorities and we are executing a realistic, flexible, multi-phase plan which we have already committed more than two years to implementing across several markets worldwide.
The end goal is making it as easy and secure to buy and invest in property abroad as it is to exchange files over the internet, starting with title deed exchange.
Propy proposes a new decentralized global real estate market with a unified real-time transaction interface that approaches electronic market platforms such as Bloomberg, Reuters, Etrade and Nasdaq in functionality, speed, fluidity and ease of use. We want real estate assets to become more liquid and give prospective buyers greater control and protection of their property rights backed by a new ecosystem of stakeholders, brokers, governments and end users mutually incentivized to support the transition to a seamless, secure and globally recognized P2P transaction ecosystem and sustain it.
That will take experience, networks, resources, time, work and the kind of financial incentives uniquely enabled by tokens. The work is already underway, pre-sale is live and a crowdsale of the tokens is on its way. The actual crowdsale date will be announced on August 2nd or 3rd and it’s planned to be launched ~10th-15th of August.
Our team is very excited about the beginning of this event is looking forward to see everyone amongst our community.
In addition to this token sale our team are happy to announce that our Bounty campaigns have been launched on June, 30th and they will last till the early-mid September. Don’t miss the opportunity to participate in a varied list of our campaigns.
Propy tokens sold during the crowdsale will be used to incentivize token holders, brokers and real estate corporations, governmental entities, notaries and title companies, buyers and sellers to push for international adoption of Propy’s P2P2 system.
Please note that all of these crowdsale details are preliminary and subject to change based on community feedback and external factors, including market conditions.
We’d also like to caution that a full p2p property exchange system will not happen overnight. There are serious challenges posed by both the immaturity of blockchain tech and industry structure and regulations.
Blockchain technology has great promise, but it remains immature. We are not blockchain romantics. We’re pragmatic, seasoned businesspeople with a sober, clear-eyed understanding of cryptocurrency’s current limitations and commercial and regulatory obstacles. We are not and will not be making extravagant claims and offering some massive quick fix that we’ll be unable to deliver.
Propy envisions a multi-stage, multi-year process that focuses first on enabling title transfer via the blockchain starting with specific markets, and working with key authorities across developed and emerging markets to enable this and expand peer-to-peer aspects from there.
We are not selling vaporware. We intend to be cash-flow-positive for the benefit of tokenholders from Day 1 of product launch.
Moving the world to P2P2 — to a truly global, truly user-friendly global market for overseas property purchase — will take a significant amount of additional time, effort and resources. We welcome your interest and your support to get there.
Token sale website: tokensale.propy.com