Propy - A Glance at Real Estate ICO

Propy - The concept

Propy aims to solve the problems facing international real estate transactions by creating a novel unified property store and asset transfer platform for the global real estate industry. Initially the Propy Registry will mirror official land registry records in which transfers of real estate are recorded.

Ultimately, however, Propy’s vision is that jurisdictions will adopt the Propy Registry as their official ledger of record such that the transfer of a property on the Propy Registry constitutes the legal transfer of the property and the legal registration of that transfer.

The PRO tokens are designed to be used to unlock a smart contract for
title transfer in the Propy Registry. PRO tokens are built on the ERC-20
token standard, which allows for simple integration into users‘ wallets.
The essential and obligatory steps for a real estate acquisition on Propy
Registry includes the execution of the Deed Contract and Title Contract,
which are necessary for the transfer of property title and the recording
of the change of ownership. The Propy Registry, will require the use of
PROs to pay the associated “Registry Fees” to record these modification
on blockchain.
Using PROs in the Propy platform is intended to be simple and user
friendly. Users would initiate the writing of new data to the Propy registry
via Propy’s interface, whether that data would result in the creation of
new title, or transferring a title already recorded in the system.

Workflow

Seller lists a property in the Propy DApp.
Buyer finds a property in Propy DApp that matches his criteria.
Buyer submits an offer via smart contract to the registry subject
to minimum legally compliant conditions (including specifying
whether to include an inspection report).
Seller accepts an offer by signing it with their digital signature.
Intermediaries perform their actions (inspection and other
requirements of the smart contract, provided by the buyer).
Once the conditions mentioned above are met a smart contract
triggers the payment system for Buyer to pay in cryptocurrency
(any currency can be supported).
Smart contract accepts the payment and transfer the ownership to
the new owner on the Propy Registry once all terms and conditions
are met.
Source: Propy Token Website

Opportunity

Real Estate market is huge, just connecting the players in the Middle East with the hot spot cities as London, San Francisco, New York, etc. will give them a big piece of the pie.

Registered company which is not tight to succeed with the blockchain concept

Raised over 14 milion USD

Great advisers with a big network

International team with experience in the real estate market

Want to international standardize the real estate market

Risk

Still keep a lot of intermediaries

High fees are kept because of brokers and agents

For a user to buy, the seller needs to be willingly to join the Propy platform, which brings another fee to the process besides the existing ones

Concept dependent on states to decentralize and implement Propy solution

Title registry still dependent on the statal entity

Let us know in the comments your views on this ICO and what ICO you are interested in.

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Individuals should understand the risks of trading and investing and consider consulting with a professional. Various factors can influence the opinion of the analyst as well as the cited material. Investors should conduct their own research independent of this article before purchasing any assets.
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Authored by:

@alexvan