Propy, a new real estate exchange platform for the global property market with featuring a real-time transaction interface is preparing for its next stage of development with the launch of its token sale set to come in August. The pre-sale is currently underway until the public crowdsale launch.
For more than two years, the Propy team has been quietly building an ecosystem that leverages blockchain technology, an open API framework and its 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.
The end goal is to get to a P2P system — of completely peer-to-peer property purchases — running on Propy’s network starting with the decentralized title deed exchange.
Here is a look at where Propy stands today and its short-term and long-term goals:
Listing platform (www.propy.com)
Available in global cities
Progress: Live, tested, active users
Mobile app: the mobile listing platform is live and has many users from China, Russia, the Middle East and other regions looking for properties in the US, UK, and UAE.
Transaction platform v.1 + Listing platform
Regular changes, not a necessity
Adoption: U.S. first
Progress: Prototype v.2
Transaction Platform v.2
Fully decentralized P2P
Fiat and cryptocurrency payment
Regular changes necessary
Adoption: Emerging countries initially
Progress: R&D pilot project
The venture is led by CEO Natalia Karayaneva, a 12-year veteran of the global real estate industry as owner of a UK-based overseas property firm. She is also a software developer later specializing in Urban Development at 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, a blockchain 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.
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. Propy’s aim is for 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 sustainable transaction ecosystem
In addition to next month’s scheduled start of the token sale, Propy bounty campaigns have already been launched and have been running since June, 30th.
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 P2P system.
The Propy team stated:
“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 business people 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. We are not selling vaporware. We intend to be cash-flow-positive for the benefit of token holders from day 1 of product launch. Moving the world to P2P — 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.”
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.
This week the full version of Propy’s white paper was published, it can be accessed here.