Imagine you’re having a conversation with your friends, now at some point in this conversation someone’s gonna bring up Cryptocurrencies. Well, Cryptocurrency is something that everyone wants to talk about, but no one really knows how they work. This article will help you gain new insights about a breakthrough crypto-coin that converges the worlds of Blockchain and Real estate!!
Since man evolved, world currency has been a very important part of our lives. In the caveman era, a barter system was used. This system involved goods and services being exchanged among each other. But eventually, the barter system fell out of use, because it had scores of glaring flaws. After realizing that the barter system didn’t work very well, the currency went through few iterations.
The first official currency was minted in 110 BC, gold-plated florins were introduced in 1250 AD, and paper currency was widely used from 1600 AD to 1900 AD. Historically, this is how modern currency, as we know it, came into existence. Currency includes paper money, coins, credit cards, and digital wallets – all of these were regulated by banks and governments. The regulations of authorities hampered the use of paper money and credit cards.
Now, imagine the scenario in an online transaction, where you are sending money to your friend’s account. This transaction takes place successfully, but there are several ways of the latter! There could have been a technical issue at the bank, for example, the systems could have been down, the machines weren’t working properly, the user’s account could have been hacked with a DDOS attack, identity theft, transaction limit exceeded, and so on. And, Therefore, cryptocurrency is the currency of the future!
So, what exactly is cryptocurrency?
Cryptocurrency is a digital or virtual currency that is meant to be a medium of exchange. It is quite similar to real-world currency, just that it does not have any physical embodiment and it uses cryptography to work the way it does! At the end of 2018, there were more than 1600 cryptocurrencies. A number of popular cryptocurrencies exist including Bitcoin, Litecoin, Ethereum, and Z-Cash. New cryptocurrencies are being created every day!
But, have you heard of a Cryptocurrency that will radically change the real estate industry? or a platform for a transparent fractional ownership marketplace?
Crypto market whiplash is strong as ever, and “so much is happening!“ reverberates in the virtual halls. We often prefer to hear “so much is being built!”. Yes, FOHO is a perfect example built to bridge the gap between the real world and cryptocurrencies. It provides a safer and more decentralized way to invest in hard assets.
FOHO was founded in Goa in 2019. Rapidly, it gained popularity and initial traction in Goa and Sri Lanka. It raised its initial capital from Tangentia Ventures – a venture capital arm of Tangentia Inc. Further, in 2021, the company received backing from Tripvillas – a leading manager of Vacation home communities across Asia and Europe.
During the pandemic, Tripvillas opened the largest real estate development in Goa – Rio De Goa, as well as Kenisha Holiday Homes, Khopoli. With the Holiday Home Times as part of its business portfolio, Tripvillas also has access to one of the largest databases of international real estate intelligence!
FOHO is a breakthrough crypto-coin that converges the worlds of Blockchain, Real Estate, and technology, all together! It aims to build a blockchain-based transparent and trust-incentivizing system.
FOHO is on a mission to democratize the real estate industry. FOHO is creating a fractional ownership marketplace with a transparent, crowd-sourced model where buyers, sponsors, organizers, realtors, and sellers communicate directly, and property managers and investors share resources.
The FOHO Ecosystem consists of the following:
(1)FOHO Coin – a special cryptocurrency used for trading with participants in the FOHO marketplace and rewarding early adopters.
(2) FOHO Haus – a blockchain-based real estate marketplace that allows users to buy and sell fractional shares of residential properties.
(3) FOHO Work – similar to FOHO Haus, but enables investors to purchase fractional shares of commercial properties, such as offices, warehouses, retail spaces, hotels, wineries, farms, and plantation estates.
4) FOHO Club – a usage-only section of FOHO Ecosystem, were followers of similar interests can come together to share a real estate asset or experience.
Thus, the FOHO Ecosystem allows you to seamlessly own and use real estate fractionally around the world.
Vijay Thomas, the founder of FOHO Holdings, says, “When we started FOHO Haus in 2019 in Goa, we thought that we had a winning formula to democratize real estate investments globally. We were only dividing properties into 10-12 fractions each. In 2021, we have embraced Blockchain and Crypto and now the same properties can be fractionalized into 10,000 or more fractions easily and I stand corrected, now this is true democratization of global real estate investment and usage.”
Also, Roshan D’silva, founder of FOHO Holdings, explains, “FOHO will bridge the gap between the real world and cryptocurrencies and allow for a safer, more decentralized way to invest in hard assets. Our focus is to ensure that the best deals come onto the platform. We believe that both sellers and investors will see the value and FOHO will become the place to invest in properties. We’re happy to conclude our agreement with Bitbns to launch our initial exchange offering on their platform for Indian investors and will shortly announce subsequent listings elsewhere. ”
FOHO Ecosystem mimics real-world ownership of properties, including the ability to vote on decisions, swap managers, and sell properties. FOHO aims to reduce transaction costs while bringing accountability and transparency to the platform.