Buying your groceries with cryptocurrency? New blockchain launched for agriculture businesses
The new digital token ‘FoodCoin’, has shot of the metaphorical digital-shelves on its first day of trading, with recorded sales reaching over $1.5 million.
‘FoodCoin’ has been developed in response to aggrievances felt by small farms and land owners over the inconvenience and cost of current payment methods within the sector. It is hoped that using an agricultural cryptocurrency will lower the costs and increase value paybacks from agricultural sales for small and large companies. ‘FoodCoin’ will give producers equal access to the global markets, enabling all sorts of stakeholders to engage with modern agriculture and its varying opportunities.
How ‘FoodCoin’ works
Mark Meytin, the co-founder and partner of the initiative, confirmed that “the coin is designed to support the global movement towards more localized agriculture. You can use either the existing platform or the coin, but if you use both, you will see improved efficiency”.
The existing platform Mr. Meytin references is 1000EcoFarms.com, a marketing and customer management platform designed to support ‘FoodCoin’. This is where the ‘FoodCoin’ story starts, as the digital coin was initially offered here to the group’s members. Sales between the +4000 users are currently generating revenue for the currency, achieved via a percent-based model. Prior to full-scale expansion outside of the platform’ network, the aim is to keep the digital coin at an affordable and useable level.
The Growth of ‘FoodCoin’
The ‘FoodCoin’ token will be made available to the public in the middle of December, with 10% of all issued coins being donated to farming related projects that champion sustainability and social impact.
The ‘FoodCoin’ builds on the rapidly snowballing interest and growth that has been seen in relation to cryptocurrencies and blockchain throughout society. They are transparent and adaptable, enabling farms and farmers to make real-time payments and adaptations to strategy, in line with market and sector fluctuations.
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