Propy, a company supported by the National Association of Realtors, is changing the real estate industry by deploying a novel technology. Propy was built with the vision to automate the real estate sales process. The company is combining the real estate industry with technology to allow entirely online and self-driving real estate transactions on smart contracts.
Propy Utility Token (PRO) is built on the ERC20 token standard to allow for both simple integration into users' wallets.
Propy has a scalable business model. When a property is purchased, Propy takes a small percentage (starting from 0.2% and averaging 1%) of the final purchase price. Propy charges brokers per transaction. Tokens paid for writing data to the Propy Registry are stored in a special Rewards smart contract on the Ethereum blockchain. These aggregated amounts of tokens are paid out to the token holders, proportional to the PRO owned. The rewards contract generates a token distribution snapshot every month and distributes rewards for the quarter according to the snapshot. The snapshot is stored in the blockchain, so anyone can verify that rewards were distributed correctly.