This roadmap outlines the goals of driving innovation and the vision of the future of the real estate industry forward in 2023. It focuses on user experience for closings of transactions, the Web3 initiatives around security, oracles, and community participation expanding the platform’s features. It will include implementing the newest Web3, NFTs, and blockchain tools, conventional improvements for automation and ease of use, and technical upgrades to remain on the cutting-edge technologies.
Propy has established Propy Labs, a dedicated Web3 team that will operate on all Web3 initiatives under the “Propy Labs” umbrella. Propy Labs will lead the development of these initiatives, focusing on enhancing the user experience, driving adoption, and facilitating community contributions. We are excited to continue pushing the boundaries of real estate technology and delivering value to those who buy and sell properties and facilitate this marketplace.
Login with a wallet to the web application
Go passwordless and access all the functionality via your wallet. This is the foundation to enable all upcoming Web3 features, such as decentralized autonomous organizations (DAOs) and IPFS-based document storage. Previously this feature was available only to property NFT buyers.
Price predictions for properties listed on Propy
Homeowners will get a crowd-sourced estimate for their property’s price, and gather insight into what the real estate professionals think. The one that is closest to the selling price gets a reward. (This feature will also collect existing AML data and will leverage data-driven automation and machine learning to generate accurate price discovery in the future).
New consumer-oriented flows to help them find property/agent with a brand new homepage
Help the buyers and the sellers find the best approach to selling and buying and meet the person they need to make it most efficient, and educate how to buy both in crypto and in dollars. (This feature will use advanced search algorithms and a directory powered by blockchain technology to help users find the right property or agent.)
NFT home before they hit MLS
Allow PROPY users to make the most of the market by including listings made by the buyers themselves, creating NFTs for them, and collaborating better with crypto-certified agents.
Ethereum Layer 2 Migration
Propy will migrate its existing Ethereum mainnet contracts to a Layer 2 (L2) ecosystem. This transition allows Propy to embrace the benefits of the L2 ecosystem, including significant cost savings during on-chain settlement processes.
Web3 portal to allow access to all Web3 features related to Propy’s vision
Propy is developing an open-source Web3 DApp to serve our Web3-native community members. This portal is designed to be self-hosted or mirrored via decentralized storage protocols like IPFS. We aim to incentivize and encourage community contributions to the codebase. The primary purpose of the Web3 Portal is to serve and cultivate Propy’s Web3 community amongst real estate professionals and coders. We plan to add the following features:
- • Propy token browser to view and explore all Propy-issued NFTs.
- • PRO Token & MetaAgent NFT Governance integration with Snapshot.org.
- • On-chain Statistics & Data Visualizations to provide insights into Propy’s on-chain activities.
- • Propy ID, experimental on-chain profiles with “Verified by Propy” functionality.
We welcome feedback and suggestions from our community on all Web3-related topics in the Propy Discord. Propy is also pursuing a liquidity provider rewards program to kickstart DEX liquidity for PRO, with plans to enhance the process via the Web3 Portal.
New file and document management module
Store and manage your own files in a new and easy way. Access them in offers and transactions with data auto-population and automation on the next level. (This module will use in the future IPFS to store important encrypted documents and data related to real estate transactions in a decentralized and secure manner.)
Consumer dashboard with price predictions
Dedicated space to take the price predictions to the next level with additional collaboration tools.
Real World Assets
We’ve introduced instant ownership NFTs for real estate assets on-chain. This achievement marks a significant milestone that unlocks a plethora of opportunities for integrating RWA DeFi solutions, such as on-chain mortgages and lending pools for real-world assets. We are looking for partners for integrations for this segment.
More PRO rewards
Learn and Earn program proved to be a huge success. This is its extension with more rewards, including tokens that can be used within the Propy platform.
Generate a certificate of ownership at the end of each Propy transaction in the Propy Transaction Platform that will bear all the details and will keep an immutable history of the transactions for this very property. This certificate will be stored on the blockchain, providing a secure and permanent record of ownership.
Record Existing Deed on Blockchain v2
Get your current deed for your home to the next level of security and never lose it. Stored on the blockchain, this deed will now be issued in a form of DeedNFT (see above) and will use advanced cryptography and privacy-enhancing technologies to ensure the integrity and confidentiality of the transaction.
Develop further the service that analyses local data for real estate professionals to help them automate the process by giving them the option they need to continue automatically. This feature will leverage machine learning algorithms and smart contracts to automate real estate transactions and reduce the time needed and the chances of error. The majority of the collected data serves as an oracle for Propy’s Settlement Protocol.
UI/UX revamp the platform
A fresh and new look with experience optimizations for our web application. The new platform will be designed to be user-friendly and intuitive, focusing on providing a seamless user experience.
Electronic Document Form designer – Oracle for Settlement
Next version of the ability to add existing real estate industry forms (such as purchase agreements) to the process – for offers and transactions and map the corresponding data points and help real estate teams to work faster and error-free, and provide oracle data such as transaction terms to the settlement protocol. The data in the forms is pre-populated from numerous integrations Propy has built and will continue to build – MLS, real estate local data providers, public records ect.
Open source project – Propy Deed Explorer
Our own explorer is dedicated to showcasing the transparency and security of our protocol. The “Etherscan” version of Propy will contain real estate-specific tools.
More educational courses and updates
We want to ensure our education initiative is always up to date, and on point.
Settlement Protocol v.5
Additional layers of functionality and planned improvements to our smart contract base to drive our vision to the next level, adding more oracles and data-extracting capabilities.
Manage your Propy Assets – on platform NFT management
Extension to the Web3 portal dedicated to the management of our assets and their utility.
More utility unlocked with PRO
We are constantly adding up gamification and useful features for token holders so they add value to drive the volume of homebuying transactions on-chain.
Better $ and crypto funds distribution
Whether it’s an earnest money deposit for a property or commission and transfer fee payouts, with disbursement capabilities and tiers, additional automation will allow participants to receive and send funds in both dollars and crypto faster and transparently.