FoodCoin is an ecosystem that is based on blockchain technology. It is incorporated to offer a globally accessible platform for food and agricultural products and bi-products where more than 1000 Ecofarms could bring their expertise and experience to make the venture successful. The Ecosystem will use ethereum as its acceptable form of currency.
FoodCoin brings an innovative idea to cater the needs of all stakeholders. People such as farmers, manufacturers, processors, restaurant owners, service providers would be able to use this platform, not only to enhance their productivity but to have a reduced transaction and operation cost. The platform offers tools such as digital id services, smart contract wallets, authentication of product origin, customized platforms and procedures for crypto payments. By eliminating the complexities of jurisdictional and functional complexities, the platform will serve as a transparent medium to make payments through blockchain.
The simplest way to earn FoodCoin token is to invest in the ICO. The ICO is going to be launched in November. People, however, can earn FoodCoin token by getting themselves enrolled in a bonus scheme offered by the ICO. The ICO is making two bonus offers, currently. One is the partnership program, and the other is a referral bonus. We have shared complete details about bonus under the bonus scheme caption.
Concerned parties will be able to make and receive payments in their electronic blockchain wallets. By eradicating the middleman, the platform empowers its stakeholders to undergo transparent transactions knowing exactly how much of the cost is paid to whom.
The ICO Distribution
The ICO is expected to take place on 15th of November 2017. Unfortunately, we do not have any information concerning the exact expiry date of the ICO. As per the official website, it is stated that it will last for a month. The ICO plans to allocate funds after its emission in the following pattern.
The ICO plans to allocate 35% of its earned funds to the development of the platform for 1000 Ecofarms. Further, 35% will be earmarked for food development, and 10% is to be spent on social projects. There will be 5% of funds available for bonus program & advisory board. Food founders, however, will receive the remaining 15% of total funds.
FoodCoin Bonus Scheme
Like other ICOs, FoodCoin also plans to offer a bonus scheme. Currently, we only know the total percentage, which is 5% of the total funds, is planned to allocate for the bonus. The ICO has two plans to offer bonus rewards including partner program and a referral program.
People wishing to become a partner of FoodCoin will need to have a personal blog or website to promote FoodCoin. They will receive between 1-5 FoodCoin tokens as their rewards. The referral program only requires people to post a link of FoodCoin website on their page. It can be displayed on a social media page, personal blog, website, vlog, etc. The main idea is that as soon as the link is accessed through their website or page, they will receive a referral bonus.
The FoodCoin has devised a formula to compensate its partners and referrals.
For people joining the ICO through referral program will receive a bonus as per the following formula
с = (a * k) +5%
For partners, the formula is given below
с = a * 3%
Where “c” represents the amount of FoodCoins
“a” represents the amount deposited
“K” represents multiplication coefficient (prevailing value at the time of purchase)
The ICO has following team members.
Gregory Arzumanian- Co-founder of 1000Ecofarms
Sergey Grigoryan – Financial Advisor
Konstantin Maratayev – Technology Expert & Architect
Anna Maslova – Experienced journalist, newsmaker & writer
Mark Meytin – Co-founder of 1000Ecofarms
Liz Reitzig – Owner of Buying Club business
The ICO has removed its whitepaper from its official website temporarily. It will soon be available after being updated as per the feedback which is given by the ICO’s presale participants and the concerned community.
FoodCoin blockchain platforms will equip farmers and producers with the modern age technology. By offering a range of tools to make the process of ordering, and delivering food products and bi-products the platform will make its stakeholders to sign smart contracts and use efficient and transparent way for related transactions.