HomeDAO is a first of its kind blockchain based marketplace for real estate ownership from around the world. Unlike any other real estate corporation in the world, it allows the users to propose new real estate projects and properties of various kinds to be brought into the HOME ecosystem by voting to decide if it should be procured and sold. Token holders are incentivised by great rewards for participating in the governance process.
Most people given a fair chance would love to invest in real estate. Most just want to buy a home to live in. But this opportunity today is possible for only a select few mainly due to reasons like:
- Soaring prices of real estate. High prices charged by local and international home agencies
- Complex legal knowledge and paperwork required to do an international trade of a kind
- Expensive legal and other fees
- Maintenance of property
- No guarantee and lack of Trust between both buyers and sellers if any party is being cheated, be it an international or local property.
HomeDAO is here to challenge the status-quo and and simplify all the above pains for HOME token holders by leveraging the power of smart contracts. The real estate market size in 2019 was a massive massive 9.60 Trillion dollars! This a great potential to make parts of this market more easily available to our investors and token holders. Thanks to the new NFT standards, users can be owners of unique properties from around the world and the fact of their ownership or co-ownership is duly verified.
NFT technology currently is mainly used for digital collectibles, but HomeDAO takes it to a completely new level of a real world necessity with a marketplace for NFT-verified real estate properties. The marketplace will showcase and feature both investment and living properties.
HOME token holders will be able to propose new properties and vote on them, while the HomeDAO will negotiate and collaborate with the best Real estate dealers. Thus the HomeDAO will feature those property projects that the community actually wants. A second unique token per property propertyNameHOME will give ownership or co-ownership rights to the unique property one owns. This will not be traded on any exchanges, but certainly will be verifiable on any blockchain.
Decentralised governance will largely follow the models used by DeFi projects like Uniswap, Compound. For example users will also vote on how to allocate 50% of the project’s profits for token buyback, exchange listing or new expansion into different countries etc. Users will earn staking rewards for participating in voting.
Users will earn reputation points when they vote for a successful procurement of a real estate and these points will be redeemable for real rewards. Users can also propose new properties as sellers for which they will also earn points. Other ways to earn rewards are through referrals and through staking as a service featuring staking other projects tokens in the HomeDAO dashboard.
Therefore, HomeDAO brings together NFT technology and key concepts of decentralised finance to create a marketplace for real estate where ownership is verified on blockchain. This makes dreams of many to own or invest large or small amounts of money or cryptocurrency in real estate a reality by the power of tokenization of real estate.
This whitepaper explores the process of procuring real estate, tokenizing, voting on decisions, earning rewards, and bonus rewards by the rent on the real estate and much more.