Empowa, a Cardano project backing sustainable housing across Africa!
Empowa is a Real-Fi project building on the Cardano blockchain. It utilizes Cardano's smart contracts to establish decentralized housing developments across Africa. This way, Empowa network harnesses the Cardano platform to enhance living conditions in Africa.
In the spirit of sustainability, Empowa also aims to assist its stakeholders to create wealth.
Like any other project, Empowa has chosen a starting point which will act as the pilot. For Empowa, Mozambique will be its focal point, from which it will expand to the rest of Africa. Empowa targets to establish 50 million properties in Mozambique, by operating as a decentralized property developer.
These homes will be established using the Empowa token, EMP. Investors who purchase the EMP token will receive a share of the future rental revenue from the homes built by the Empowa project. Empowa has complex preliminary funding and inner workings. Empowa sets a good example of how crypto can be efficiently utilized to assist the developing world and helps to support the adoption objectives of Cardano.
Empowa targets to create a decentralized financing platform for affordable housing in Africa. To achieve this, they will focus on three major principles; Building, Community, and Impact. The principles are based on the idea that establishing a house enhances health, security, and wellbeing. A stable dwelling also supports education and creates jobs and wealth. The Empowa community is an ecosystem that contains customers, partners, developers, and service providers. Empowa aims to "empower" the people of Africa through housing. They will help the planet to address the current inequality of wealth which is unsustainable. Presently, approximately 84 percent of people in Africa lack a permanent home. This translates to more than one billion people, who live in either temporary housing or are homeless.
For instance, in Mozambique, there are only 600 mortgages in a country with a population of 30 million people, yet mortgage interest rates are as high as 32%. By allowing decentralized funding methods, Empowa targets to offer affordable homeownership opportunities, while also establishing them in an eco-friendly way. The Empowa partners are experienced in building creative real African housing developments, and broad software networks.
Presently, financial support for projects targeting housing development in Africa comes from almost any part of the world in various fiat currencies. Even though these finances are finally used for humanitarian assistance, the exchange method can be arduous and time-consuming. The Empowa platform targets to make the process efficient, by using a decentralized token that provides a universal unit of value: A token that handles the financial support acquired from the global fiat and cryptos.
In layman's terms, the Empowa token is crafted to incentivize users to enhance the living conditions for the population in Africa in a sustainable manner, while still creating revenue from their assets.
Empowa has already collaborated with a powerful group of partners, who are committed to the objectives of the project. It's impressive that Empowa has already gained substantial support, after Cardano allowed its smart contract capacity on its testnet on September 12. Some of the firms currently backing Empowa's mission include AFRICAP, WADA,ABCD, Easy Housing, Incredible Impact, amongst others.
Simply put, the Empowa platform will use a utility token, the "EMP," which will enable diverse parties globally to use the platform, in unique ways. Instead of attempting to promote diverse currencies, EMP will offer a universal unit of value, which isn't affected by foreign market forces. EMP tokens are utilized to buy Impact Cards, with the amount obtained contributing towards targeted property projects. The EMP tokens obtained from Impact Card sales are transferred to a currency through a smart contract on the Empowa platform (stabilizer) that secures them for future use.
These smart contracts will adopt a supply of stablecoins that complement the native currency of the currency in the country where the respective property is being constructed. Using an oracle cross-feed, the correct number of stablecoins are channeled to the project partner, who technically develops the houses. When the projects are finished, and the occupants move in, the center of responsibility shifts to a property manager. It's the property manager who then deposits the rent into the Empowa network, using the local stablecoin that was used to develop the property, in addition to identity information concerning the house it was collected for.
The smart contract then utilizes the identity information to accredit the rent payment with the matching Impact Cards that financed the property, changing it to the EMP exchange rate as per the time the tokens were first locked. "Impact Card" users can then withdraw their profits as they see fit. This system is designed to ensure that the right investor gets an equivalent share, equating to their initial contribution.
COTI Partners with Empowa to offer a payment option
We are happy to announce that Djed and Empowa have partnered to allow for the transmission of funds to regional construction partners using the Djed stablecoin. Empowa is one step closer to achieving its objective of accelerating blockchain adoption in Africa thanks to this relationship.
CEO and co-founder of Empowa Glen Jordan said:
“As a proud Cardano project, we are excited to see the ecosystem reach this significant milestone, the launch of a native stablecoin. We are eager to play our role in supporting broader adoption of the Djed stablecoin, especially across the African continent”.
Through this agreement, Djed will be properly utilized across the broader Cardano ecosystem and have more use cases across many platforms. Watch this page for further developments.
First published on Oct 14, 2021