International eco-farming and retail network LavkaLavka has announced ICO for its integrated crypto platform BioCoin.
The platform is designed to support and develop local communities, farmers, producers and sellers of pure natural products through an international loyalty system, allowing them to return value into their communities via a system of rewards and discounts.
In such a way, being a combination of cryptocurrency and loyalty platform, BioCoin aims to facilitate and spread the eco-friendly and healthy agricultural philosophy around the world.
According to the developing team, BIO cryptocurrency has several distinctive features that make the new currency innovative.
First of all, BIO is believed to be the first cryptocurrency to integrate into the real economy, which, in addition, will be used by businesses instead of traditional loyalty reward points as an encouragement for purchasing within the BioCoin network. Secondly, BioCoin provides an opportunity to pay with BIO anywhere by the BioCoinMasterCard, which is to be launched later. Also, in addition to storing BioCoins, bitcoins and ethereum in the mobile wallet, platform’s users can transfer these currencies to one another using a notebook. Finally, the platform enables other businesses release tokens to maximize their integration into the real sector.
The BIO currency could be later used by its owners in any affiliated store or be traded at the exchange.
BioCoin team’s strategic plan is to create a financial instrument aimed at supporting ecological farming and green economy, generating value for all the sides – farmers, retailers and customers.
Platform’s founder LavkaLavka claims to be backed by thousands of consumers, retailers and farmers worldwide. According to the team, about 20M BioCoins are already in circulation in Russia and several other countries.
Boris Akimov, cofounder at LavkaLavka, comments:
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 two-week presale of BIO tokens will start on September 25. The full ICO will be launched on October 9.
800M out of 1B tokens will be sold during the ICO campaign, while the rest 200M will be reserved for company’s needs. The minimum ICO’s target sum is $20M.
Meanwhile, LavkaLavka is not the first company, which brings blockchain into the food industry.
A month ago IBM has teamed up with a group of food giants, including Walmart and Unilever, to develop a new solution that will help to address food safety issues using the blockchain technology. Using IBM Blockchain Platform, food businesses will be able to monitor food supply chains and quickly identify the source of contaminated items, preventing the spread of illnesses.