FOOD (FoodCoin Ecosystem) is a new blockchain ecosystem, architecturally designed to create a global marketplace of food and agricultural products on the active platform of 1000 EcoFarms, using the Ethereum technology. 1000 EcoFarms is the first, self-consistent and independent project related to food market, but yet not the only one. 1000 Ecofarms agreed to become an early adopter of FoodCoin Ecosystem because the tools created by the FoodCoin Ecosystem can be useful for users of 1000 Ecofarms.
FoodCoin Ecosystem will be created for all kinds of food and agriculture businesses like trading blockchain ecosystem for farmers, processors, distributors, restaurants, caterings, farmer markets, food coops, buying clubs, etc. In the widest sense, FOOD is going to be implemented as a universal trading platform for businesses related to food. The FOOD deals will take place through the use of smart contracts, while the transactions will accept a proper cryptocurrency named FoodCoin (FOOD). Using of smart contracts will cut off a number of middlemen from the transaction chains. It will dramatically reduce the cost of transactions and prices for final customers.
In order to fund the development of the FOOD ecosystem, the tokens called FOOD tokens (or FOOD) will be created on the Ethereum blockchain. The FOOD token is the currency necessary to purchase or sell goods on the 1000 EcoFarms platform. This is the only utility of the coin. The FOOD token does not have the legal qualification of a security, since it does not give any rights on dividend or interest.
The implementation of the FoodCoin Ecosystem project involves creating of several basic functions essential for the quick and low-cost transfer of the main traditional types of economic interactions among various blockchain platform users:
- database in a distributed ledger
- own crypto currency –the FoodCoin (FOOD)
- multi-functional advanced crypto wallet–the Wallok
- own payment system –the DiPay (DP)
- remote user verification –the DIGID
- system for smart contracts multisign –the Smaco
- product authentication – the Product Origin ID (PRORID)
Ethereum-based blockchain will be used as a technological solution to build FoodCoin Ecosystem. This technology was selected mainly because it allows you to optimally combine a distributed database storage system, smart contracts and remote user identification on the platform. Technically, FoodCoin Ecosystem will provide a peer-to-peer network of associated nodes (for data processing and storage). Each node stores a complete copy of the FoodCoin Ecosystem blockchain. These nodes are provided in the architecture both of a private and open blockchain structure to maximize the protection against unauthorized data modification. A private blockchain structure model formed within a corporate entity will constitute a closed system and will be available only to users with private keys. This mechanism will have a flexible customizable hierarchical structure allowing to include or exclude from the monitoring and administration of the objects such as smart contracts, various departments, and services within the company, as well as external parties, such as partner banks, insurance and logistics companies, customs brokers, tax services, etc.
Team of the project
Gregory Arzumanian – the founder of FoodCoin Ecosystem
Gregory is the co-founder of 1000 EcoFarms. Gregory is a past owner of several businesses focused on farm-to-table model researching and manufacturing hydroponic and aquaponic systems. Expert in equipment needed for hydroponic forage and microgreens growing. Gregory has long established relationships with some of the largest agricultural research institutions in Russian Federation.
Sergey has more than 20 years of “buy-side” investment experience. He managed multi-billion portfolios for several largest Russian investment houses as well as for the local branch of multinational asset manager Pioneer Investments (currently Amundi Pioneer).
Technology expert and architect. Konstantin has more than 15 years of professional experience in Information Technology, with a particular focus on web-based and eCommerce projects, including integration of a variety of traditional and crypto payment systems.
Experienced journalist, writer and news-maker. Passionate with text, linguistics and foreign languages. Has a unique skill of explaining complex things with a few simple words.
First stage of our Token Generation Event will start on December 12th, 2017 and it will last for 2 weeks. Bitcoin(BTC), Litecoin (LTC), Ethereum (ETH), Dash (DASH), Ripple (XRP), Bitcoin Cash (BCH) will be accepted during the TGE. The price of our token during the TGE will be 1 ETH = 10,000 FOODs.