What is a Blockchain?
A Blockchain is a growing chain of records - called blocks which are interconnected using cryptography. As each block is connected to the next, they serve as a good proof of time and a transaction as they are not easy to modify given that any modification would not be able to modify all subsequent blocks. They effectively allow perpetual self managed record keeping and proof of a transaction record etc.
How is it advantageous for real estate?
Real Estate is dependent on meticulous record keeping to be able to prove proof of ownership and entitlements such as occupation, right to collect rent etc. As such, blockchain has inherent strong advantages as a blockchain based system is not easily manipulable by bribe, incentives or through loss of physical records.
What is a Smart Contract?
A smart contract is a computer program or a transaction protocol which is intended to automatically execute, control or document legally relevant events and actions according to the terms of a contract or an agreement.
How is my investment linked to Ethereum?
Ethereum is a decentralized, open-source blockchain with smart contract functionality. Ether (ETH) is the native cryptocurrency of the platform. After Bitcoin, it is the second-largest cryptocurrency by market capitalization. Ethereum is the most actively used blockchain. FOHO proposes to use Ethereum based smart contracts for all transactions on it’s platform.
What role do exchanges play?
Exchanges play a key role in ensuring that only legitimate customers and capital come into the ecosystem. They perform KYC on their customers, have sophisticated fraud management systems at work and in general are able to detect potential fraud faster than individual issuers who may have limited data.
What is a Stable coin?
A stablecoin is a new class of cryptocurrencies that attempts to offer price stability and are backed by a reserve asset. Stablecoins have gained traction as they attempt to offer the best of both worlds—the instant processing and security or privacy of payments of cryptocurrencies, and the volatility-free stable valuations of fiat currencies. Some examples of stablecoins linked to the US Dollar include the USDC and USDT.
Do I need to have an account on Bitbns?
Participating in the IEO requires you to have an account with Bitbns. Pre-IEO Partcipation through Private token sales is open directly with Foho Holdings. Pre-IEO participation is open only for amounts larger than $25,000.
Why are you launching on only Bitbns?
Bitbns is one of the leading exchanges in India and offers a customer friendly, technologically sophisticated platform. We expect to have a large enumber of investors and properties in India and so feel it is appropriate to have our IEO with Bitbns. You can see the list of recent IEOs done on Ascent by bitbns here .
What all currencies do you accept?
The IEO will accept USDT, WETH and WBTC. However Bitbns supports over 50 fiat currencies(depending on user's location) and 100 cryptocurrencies and you can convert these to USDT/WETH/WBTC to invest in the IEO.
What all countries can participate? Why is it restricted to a few countries.
For legal reasons, the IEO is open to only KYCed investors in geographies outside the United States and those not originating in certain countries like Albania, Barbados, Botswana, Cambodia, Ghana, Jamaica, Mauritius, Myanmar (Burma), Nicaragua, Pakistan, Panama, Syria, Uganda, Yemen, Zimbabwe.
Where can I use the FOHO Coin?
You can use the FOHO Coin on FOHO Haus, FOHO Work and FOHO Club. In addition you may also use it at other accepting websites which we are signing up with at the moment.
Will the FOHO Coin let me earn rent?
No - the FOHO Coin will not give you rent. However, the FOHO Coin entitles you to your share in the ecosystem profit pool.
Is the FOHO Coin a security token?
No. The FOHO Coin is a utility token.
Is the FOHO Coin an NFT?
No. The Foho Coin is a utility token.
How do I see who are the major holders or what is the number of FOHO Coins in existence?
You will be able to see disclosures as soon as the FOHO Coin becomes tradable. The management team will disclose wallets which are closely linked to the team members.
When can new FOHO Coins be created?
New FOHO Coins can be created from fresh sales, to incentivise early users or on negotiated sales with premium users.
What is the minimum number of FOHO Coins that can be transacted?
10 USDT or 100 FOHO Coins
How does FOHO Coin help me in participating in FOHO Haus, FOHO Work and FOHO Club?
FOHO Coins are used to pay for property specific security tokens on FOHO Haus and FOHO Work and for club subscriptions on FOHO Club. In addition users can migrate to super users by staking a minimum number of FOHO Coins which allows them to sponsor deals and start their own clubs.
How is FOHO Haus different from FOHO Work and FOHO Club?
FOHO Haus is a fractional ownership platform for residences while FOHO Work is focused on commercial properties. FOHO Club is meant only for usage of properties with no ownership.
If I own 1/12th of a property can I stay in it for one month a year?
No. FOHO Haus properties only have the benefits of ownership - i.e. owners benefit from capital appreciation and get their share of the rental income. In order to keep things fair, no owners are allowed to stay in the property and the sole focus of the property manager is to maximise.
What happens when the property is sold?
When the property is sold, the security tokens are compulsorily bought back and then destroyed unless the new owner wants to continue to let the tokens trade.
What is a maintenance reserve?
Maintenance reserve is a pool of capital kept aside in addition to the price of the property to look after any unexpected repairs or maintenance.
What about under construction properties - do we have to pay upfront?
No. Under construction properties will adhere to standard payment schedules for the property.
What is the legal status of FOHO Coin? Is it legal tender currency?
FOHO Coin is not legal tender currency. It is a utility token similar to a gift voucher or a stored value card.
What happens to the money I invest in buying FOHO Coins?
The money is used by FOHO Holdings to build the FOHO Ecosystem as per the pre-shared business plan.
Should I expect my FOHO Coin value to keep going up?
You should expect the FOHO Coin value to go up as the platform gains traction by more properties coming on to the platform and more getting oversubscribed. Anything you can do to assist in that will help your investment.
Why am I as an American not allowed to participate?
There are specific rules governing who can invest as an American citizen or resident and the procedures are tedious with heavy penalties to the issuer. As such, we would rather avoid the same. This is an unintended consequence of regulation.
How do I sign my contract ? I don’t have a Digital Signature.
You will sign using our digital signature tool. The first time you use the platform you will be prompted to create your signature. This is a simple