TE-FOOD is a project with 20 years of experience in tracking products from manufacturer to consumer offering the use of blockchain technology to control the supply of fresh products and manage logistics data. The TE-FOOD cryptocurrency (TFD) is issued in the amount of 1 billion coins, 51% of which are sold out during the ICO. Mining of new coins is not possible, tokens will be used to pay for tools and services within the system.
At the beginning of 2015 TE Ltd. (Vietnam) with Erba Ltd. (Hungary) began the development of the TE-FOOD project, with the support of the government of Ho Chi Minh. Their task was to implement a system of full tracking of pork trade. The pilot launch of the system took place in the third quarter of 2016, and by the end of the year the number of companies from South Vietnam, which joined TE-FOOD, reached 6 thousand. The technologies proved to be effective, so since the beginning of 2017, work has been carried out to expand the market coverage.
In September 2017, 12 thousand pigs, 200 thousand chickens and 2 million eggs were controlled daily in TE-FOOD. In 2018, in addition to the tokenization of the platform and the ICO, it is planned to enter international markets and attract companies engaged in the cultivation and sale of cattle, fish, seafood and, possibly, vegetables.
TE-FOOD team, led by Trang Dao Ha, the President of High-Tech Association, consists of more than 20 specialists in the field of management, food industry, blockchain technology, software development, IT experts and reputable consultants. All of them have more than 10 years of experience in creating product tracking solutions in various industries, creating and implementing software and hardware in the running businesses.
TE-FOOD platform offers ready-made solutions for operating business and consumers:
- B2b-Android and iOS apps for companies and organizations;
- QR-codes and other tools to track the origin of products based on RFID technology (seals, stickers, labels);
- custom application for Android and iOS smartphones to check the origin and history of the goods;
- integrated solutions for trade-cash boxes, smart scales;
- QR codes that are supported by the messenger Zalo.me (60 million users);
- tools for management and control of compliance with the rules and regulations for veterinary services, police;
- interface for integration and interaction with third-party solutions;
- software for farm management — control of feeding, vaccination, stocks.
The transition of TE-FOOD to blockchain technology and Ethereum smart contracts will improve the existing system, eliminating the corruption component and the possibility of falsifying or changing information. Information about products and transactions will be stored in private blockchains, and TE-FOOD token ERC20 — TFD will be used to pay for services within the public network.
The TE-FOOD coin platform cryptocurrency (TFD) acts as a payment instrument for the interaction of participants within the system, which can be used for such purposes:
- purchase transaction for use of the blockchain TE-FOOD;
- payment for additional information on purchased goods;
- rewarding consumers for conscious consumer attitude to food and use of the application;
- payment for additional analyses and food quality studies;
- evaluation and rating of companies and suppliers.
The total number of TFD coins is 1 billion, they will be distributed as follows:
- 51% will be sold during the ICO;
- 44% will remain in reserve for use in the early stages of platform launch;
- 5% are allocated for the marketing campaign.
By mid-March 2018, the market rate of TE-FOOD has significantly decreased, the cost of 1 TFD is 0.0179 USD, which is almost 3 times lower than the sale price in the ICO. According to CoinMarketCap, TE-FOOD token can be bought on the IDEX exchange, the daily trading volume for the TFD/ETH pair is 70,000 USD.
Despite the fact that TE-FOOD is a really working and profitable system, adaptation to blockchain technology with subsequent access to international markets requires a significant infusion of funds.
During the ICO campaign, which began on February 22, 2018, the project managed to collect hard cap in the amount of 19 million USD, selling 512 million TFD tokens before the planned end date. Users from the white list could take part in the TE-FOOD ICO, the purchase rate was 1 TFD = 0.05 USD, payment was accepted in ETH. ICO participants were awarded bonuses:
- 1st week — 15%;
- 2nd week — 12%;
- 3rd week — 10%;
- 4 weeks — 5%.
The attention of investors was drawn not only to the unique and effective idea of the project, but also to the high estimates of experts regarding the profitability of investments.
The funds received will be distributed:
- 60% for the expansion of the market;
- 25% for research and development;
- 10% for operating costs;
- 5% — for legal assistance.
Distribution of bonuses to users for the dissemination of information about the project in the social nets. The campaign lasted for a month — from 22 January to 22 February 2018. In total, 2% of the total amount of tokens was allocated to bounty TE-FOOD — 8 million TFD. All participants had undergone KYC before received a reward.
Budget allocation of bounty campaign:
- Twitter — 10%;
- Facebook — 10%;
- LinkedIn — 5%;
- Telegram — 2%;
- blogs (Medium, Blogspot, WordPress) — 20%;
- opinion leaders and content creators — 25%;
- video reviews — 18%;
- translation — 5%;
- suggestions for improvement and dissemination of the system — 5%.
Where to buy
After finishing the ICO, TE-FOOD coins can be bought on cryptocurrency exchange IDEX.