The Empowa Project

Empowa is a Cardano based platform, designed to improve living conditions in Africa, while creating wealth for its supporters. We briefly discussed the Empowa project in our Killer Whale article, Cardano Dapp Sneak Peek , in which we cover some of the latest and greatest Dapps in development on Cardano. In this article, we will focus entirely on the Empowa platform and how Empowa is using the Cardano network to improve living conditions in Africa.

Project goals

Empowa aims to increase the amount of affordable housing in Africa through decentralized resources. Currently, financial aid for projects aimed towards housing development in Africa come from nearly every corner of the world in a variety of fiat currencies. Although these finances are eventually used for humanitarian aid, the exchange process can be time consuming and arduous. The Empowa platform aims to simplify the process, by utilizing a decentralized token that offers a common unit of value: A token that baskets the financial support derived from the world’s fiat and cryptocurrencies. Simply put, the Empowa token is designed to incentivize investors to improve the living conditions for the people of Africa in a sustainable way, while still making a return on their assets.

Currently, 84 percent of Africans do not have a permanent roof over their heads. This equates to over one billion human beings, who stay in either temporary housing, or have no housing whatsoever. The focus of the Empowa platform starts in the country of Mozambique. Mozambique is a country with a population of 30 million people and 600 mortgages, with interest rates as high as 32 percent.

Empowa Partners

Empowa has already teamed up with a strong group of partners, who are dedicated to the goals of the project. Considering the fact that Cardano enabled its smart contract capabilities on its testnet on September 12, the fact that Empowa has already gained substantial backing is impressive. These are the companies which are currently supporting Empowa’s cause.

EMP Token

The Empowa token will be listed by the ticker symbol “EMP”. The EMP token will provide a common internal market value, which will remain separate from the impact of external market forces. These EMP tokens can be purchased directly, or they can also be purchased in the form of “Impact Cards.” These Impact Cards can be purchased with fiat or cryptocurrency. “Impact Cards” are designed to be converted to the EMP token; however, they also represent the amount of funding an investor has applied to individual housing developments within the project. The records of who purchased “Impact Cards” directly correlates to the return profit from the rent payments collected from the tenants.

The EMP tokens collected, are locked in a smart contract, with an equivalent amount of stablecoins pared to the native currency where housing is being constructed. Using an oracle cross-feed, the appropriate amount of stablecoins are released to the project partner, who physically develops the properties. When the projects are complete, and the residents move in, the area of responsibility moves to a property manager. The property manager then deposits the rent back into the Empowa platform, using the same stablecoin which was used for the development of the property, along with the identity information associated with the tenants of the residencies it was collected for. This system ensures that the corresponding investors receive an equivalent reimbursement, equating to their original investment.

Conclusion

The Empowa project is a textbook example of how cryptocurrency and smart contract adoption is equally beneficial to both the developed and the developing parts of the world, which we all share together as human beings. Investing in cryptocurrency is synonymous with investing in a brighter future for all of us. We all do better, when we all do better!

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