Cryptocurrencies and their underlying technology are gradually turning ubiquitous in nature, thanks to their potential applications. While various mainstream technology and finance related industries jumped on the bandwagon much early, the agriculture sector has been left behind. But it’s not too late for a tech shift in the segment and BioCoin is one such project that is contributing towards that shift.
A creation of Russia based LavkaLavka, BioCoin is a cryptocurrency platform that creates a network of retail outlets as a part of its loyalty solution promoting the sale of organic and eco-farming produce across the world. As a part of its initiative, BioCoin has already built a network of stores where users can shop organic products and gain rewards in the form of crypto tokens. These tokens can also be used for making payments.
BioCoin’s model is quite different from other existing loyalty programs as it offers cryptocurrencies as rewards, with tangible value and can be utilized for payment within the network or traded against other cryptocurrencies on exchange platforms. As the usage of BioCoin increases among the users, its value is bound to increase, driven by demand. The rising value will, in turn, prove to be beneficial to everyone.
The co-founder of LavkaLavka explains the present status of BioCoin network saying,
““We have just started, but we’ve already attracted dozens of businesses – UAZ automobile factory, DoubleB coffee shop network, hotels on Bali and Archangelsk and big manufacturers of soda drinks and biofertilizers. We’re growing quite rapidly. The preliminary round of presale was conducted in late August before we even got the site fully operational. We’ve sold almost 30 mln BIO, which amounts to almost $435,000.”
The BioCoin platform is all set for launch as it announces plans to introduce about 800 million tokens into the market following the crowdsale. The platform now has a farmer’s cooperative in place with thousands of members. In the near future, BioCoin plans to create mutual support banks and microcrediting services that could help farmers meet their immediate agriculture needs.
BioCoin has already entered into an agreement with RTS stock exchange, allowing it to conduct the ICO on Voskhod — Russia’s first legal crypto-exchange.
Those interested to know more about the platform can refer to the whitepaper published on the website.