Despite the fact that fractional ownership and timeshare solutions are offered in the real estate industry, these are largely developer-driven and have little accountability. As a result, even when clients are courted with promises of high yields and future possibilities in the real estate market, they are frequently unable to gather themselves to discuss the offers together. This is where the FOHO Coin comes in.
The FOHO Coin is a cryptocurrency that allows users to participate in real estate sharing in a number of ways by combining technology, cryptocurrency, and real estate. Issued by FOHO Holdings, a Canadian business backed by Tangentia and Tripvillas Group, the FOHO Coin forms the backbone of the FOHO sharing economy and aims to build the future of shared real estate ecosystems. The aim as much as possible is to use blockchain to create a model for shared ownership that is self governing and freed of centralised control.
FOHO operates with an aim of developing a more transparent ecosystem that harnesses the wisdom of groups to discover profitable deals, making sellers and property managers accountable, and enabling a stress-free sharing experience for both buyers and sellers.
Given FOHO’s goal of creating a blockchain-based transparent and trust-incentivizing system, FOHO HAUS and FOHO WORK will both allow traditional realtors, lenders, and other deal sponsors to collaborate on a trusted platform to allow fractional real estate transactions. Without question, FOHO intends to alter the future fractional real estate sector, and the FOHO Coin is the first step toward that goal.
FOHO HAUS, FOHO CLUB, and FOHO WORK are the three pillars of the FOHO Ecosystem. FOHO HAUS and FOHO WORK are blockchain-based residential and commercial fractional real estate marketplaces, respectively, while FOHO CLUB allows tour operators, community leaders, and property management businesses to bring a group of people together to lease or rent out properties collectively.
Based on the ERC20 Ethereum standard, FOHO Coin, whose maximum supply stands at 1 billion, is available for purchase in a range of fiat and cryptocurrencies. In addition to giving a buyback and trade facility for consumers through the FOHO app, the platform is also working hard to get listed on prominent exchanges across the world.
The total supply of the FOHO coin will be as follows:
- Airdrop – 10%
- Team – 20%
- Future token sales – 40%
- IEO – 8.5%
- Technology – 8%
- Operations and legal – 7%
- Sales, marketing, and partnerships – 4%
- Contingency – 2.5%
Some other interesting features of the token are mentioned below:
- Token sales will account for 45% of the token’s lifetime supply
- Team tokens, which are tied to the total number of tokens sold in all public rounds up to that point, will be released at a monthly rate of 0.55 * (sum of tokens sold in public rounds up until then)
- The Sales & Partnership token will be released prior to a token sale round and will be closely related to future token sales.
- Finally, the number of tokens locked for technology will be released on the basis of the number of tokens sold in public sales up to that point. Thus, the monthly rate will be 0.5 percent * (total number of tokens sold in public rounds till then).
Initial Exchange Offerings, or IEOs, like ICOs (Initial Coin Offerings), are initial offerings of digital assets with the purpose of raising funds. While ICOs themselves were revolutionary in the crypto industry, IEOs are currently being hailed as a step forward since they are given directly by online trading platforms on behalf of companies in an attempt to provide rapid trading opportunities for digital assets.
The IEO for FOHO Coin is set to be launched on July 27th exclusively on Ascent by Bitbns, which is a token launchpad platform by Bitbns. Upon its launch, users are welcome to participate in the IEO by creating an account on Bitbns and completing KYC. The token offering is open to all registered KYC-compliant users of Bitbns and will provide a relatively straightforward and simple method for investors to participate in the sharing economy and to own interests in real estate across the globe – FOHO initially will launch properties in India, Canada and Sri Lanka.
Once the IEO is closed, FOHO expects to begin trading on August 15th 2021. FOHO Club, FOHO Haus, and the unified FOHO App for Token Holders are expected to launch in August 2021. And very soon, FOHO also aims to issue fresh tokens by secondary offerings in several key markets such as the Indian Ocean (Sri Lanka, Maldives, and Mauritius), Pacific (Australia, More Zealand, and Pacific Islands), Europe, and North America.
To learn more about the FOHO Coin, check out the website, or follow on Facebook, Twitter, and Telegram. Subscribe to our YouTube channel where we will be soon having an AMA with the founders of FOHO – Vijay Thomas and Roshan Dsilva.
Source: Coin Crunch india: https://coincrunch.in/2021/06/28/foho-coin-the-cryptocurrency-for-the-sharing-economy/