US-based firm Propy, which provides a real estate platform that connects property buyers with sellers, announced on Tuesday its first… read more
What is Propy?
The snapshot is stored in the blockchain, so anyone can verify that rewards were distributed correctly. 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. 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. The rewards contract generates a token distribution snapshot every month and distributes rewards for the quarter according to the snapshot. When a property is purchased, Propy takes a small percentage (starting from 0.2% and averaging 1%) of the final purchase price. These aggregated amounts of tokens are paid out to the token holders, proportional to the PRO owned.
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