The blockchain technology has been adopted by two coffee exporting companies in Ethiopia. Bext360 and Moyee have joined forces together to tackle the problem of exporting unprocessed coffee. These companies want to address the issue of transparency that is lacking in the agricultural business.
Despite making $866 million from the export of coffee in the last fiscal year, there is a discrepancy between earnings of the farmers and the products exported. Also the country exports coffee to Europe after they undergo the hulling process without roasting and packaging them. The country could earn as much as $2.7 billion if they roast and brand the coffee themselves. Co-founder of Moyee, Shane Reilly says “This shouldn’t be any different for coffee growing countries like Ethiopia and Uganda. Blockchain removes the middle man and encourages trust because consumers know exactly what they are drinking, and where it has come from.”
More Revenue For Ethiopia
Moyee is proposing a game changer with a roastery in Addis Ababa where most of the coffee being roasted in Europe can be roasted by local employees and registered on the FairChain platform reducing the bulk of the 99.9 percent of the coffee that is being roasted in Europe. While Bext360 has partnered with a washing station in the Jimma Region of Oromia. They are building a platform that allows for transactions to be monitored in real-time with coffee farmers who take their cherries to sell at Oromia. The plan is to build a chain where the farmers information and identity which is available online will tally with the kilos of coffee they brought to the station and the prices the farmers will be paid.
Blockchain in Coffee Making
Introducing the blockchain into this process means that for each stage on the supply chain, the farmers will be assigned crypto tokens that will show the complete value added from bean to barista. Everything from payments to roasting to freighting to pricing will be registered on the blockchain-based platform, FairChain. To get farmers started on better wages, Moyee will pay farmers a 20 percent premium which Moyee’s Co-Founder, Guido van considers; “This is the next big step in a coffee revolution.”
“Our platform changes things entirely. Crypto tokens enable us to pay farmers immediately and directly. Smart technology is being used to benefit the men and women who produce our coffee,” he added.
The blockchain platform Moyee and Bext360 are using was created by Stellar. Farmers will be compensated for their produce as the process will be duly registered. McCaleb explains, “Coffee cultivators load their daily haul, usually about 30 kilograms, into a machine equipped with sensors and optical recognition tech that sifts and sorts coffee cherries. This automated appraiser assigns each a grade based on quality (bigger and riper is generally better). The machine then links this output to special crypto tokens tracking the produce across its journey.”
Ethiopia accounts for approximately 3 percent of the global coffee market with 20 million people relying on it for their livelihood. The country which has its traditions deeply rooted in coffee production receives about 15 percent of the value in a bag of beans. While the price of the commodity increases, the country receives lesser share from the proceeds. This new partnership will ensure that the coffee transition can be monitored from farm to table.
Do you think this will help other agriculture sectors across Africa? Share your opinion with us in the comments section below.
Image Credit: HowAfrica.com
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$36.7 Million Worth of BNB Destroyed as Binance Completes its 9th Quarterly Burn
Binance has announced the completion of its ninths quarterly burn of the BNB token. The period which is between July to September, 2019 say the burning of 2,061,888 BNB tokens worth at market value $36,700,000.
CZ, CEO of Binance in a statement made in the exchange’s blog said he will share some thoughts using the opportunity provided by the quarterly burn.
According to CZ, the last quarter burn represents a significant growth over the 2nd quarter burn. Contributing factors to the increase include new services such as the Margin Trading platform amongst other services which CZ noted are beginning to produce results.
For Q4, CZ acknowledged that services such as the Futures Trading will contribute to the Q4 burning.
Binance also mentioned that though the exchange has large user base, it could still be making the small profit compared to other exchanges in the industry.
He gave reasons for this position, one which be said it’s because of Binance long term goals to fund and invest in projects that has prospects. He also cited lowest fees in the industry as a reason.
CZ pointed out that Binance does not perform a “buy back” as some people think it’s better. He went further clarifying this position saying
” …..think about it: a platform’s main income should already be in their native platform token, and the only way to get the “cash” to do a “buy-back” is to sell their tokens first. So, to do a “buy-back,” they must sell first, then buy back. –– We believe this does not, in fact, achieve anything; it only indicates that those platforms are not holding their own tokens. They probably sell their tokens the minute they receive them.”
He concluded with a question “Would you want to hold their tokens when the platforms don’t hold it themselves?”
According to Binance, following the burn, there are still 185,474,825 BNB remaining
Libra encounters another setback as MasterCard and Visa pulls out of the Libra Association
Global payment processors MasterCard and Visa have reportedly abandoned the Facebook’s plan to enter into the cryptocurrency market with its Libra Project.
The move by both firms is one of a series of challenges which Libra has been facing in recent times. Upon the release of the Libra white paper in June, 2019, the crypt industry came out with their opinions on the impact of Libra especially as Facebook is not trusted with users data.
Upon the release of the Libra white paper in June, 2019, the crypt industry came out with their opinions on the impact of Libra especially as Facebook is not trusted with users data.
Facebook through Libra intends to create a global financial system that will help the unbanked all across the globe access the financial system. The project will have its own wallet called the Calibra.
According to Facebook, the Libra will be ran by the Libra Association. A group of global firms in various industries.
Since the public release of the Libra white paper, Facebook has been seeing stiff challenges from nations all over the world not excluding regulators from within the United States.
The decision to abandon the project could be attributed to the issues Libra is facing from all over the world.
Not including MasterCard and Visa, other members of the Libra Association have also given the project a goodbye wave such as Stripe, EBay and PayPal according to a report by Bloomberg.
Not long ago, the People’s Republic of China revealed their intention to launch a national cryptocurrency, one which would be a competition to the Libra. Meanwhile, nations such as India and France have revealed their opinions on the Libra Project.
According to Bloomberg, the news if the payment processors abandoning the project comes before a meeting of the members of the Libra Association where the members would convene to sign a charter agreement.
Speaking on the fate of the Libra Project as some members of the Libra Association exits, co-founder of Libra, David Marcus said ” I would caution against reading the fate of Libra into this update.”
He went further saying, “Change of this magnitude is hard. You know you’re on to something when this much pressure builds up.”
Facebook revealed Libra will be launched in a few months time in 2020.
Facebook Continues its push for Libra as it acquires Isreali based AI Chatbot firm Servicefriend
Facebook has reported acquired the Isreali artificial intelligence based Chatbot startup ServiceFriend to use for the Libra digital wallet customer service, the Calibra.
The acquisition was reported by the Israeli media house TheMarker who revealed the information came from an investor in the Isreali based company.
Not disclosing the amount offered for the purchases, this acquisition amounts to Facebook’s sixth acquisition in Israel after Facebook purchase of Radix in 2018.
ServiceFriend has developed an artificial intelligence solution for use in customer service centers, which redirects customers to a human factor after a call with a machine- TheMarkle reports.
The firm says its product architecture allows humans to quickly assist the bot in handling situations that it doesn’t yet know how to handle.
Facebook, in June 16, 2019 released the documentations its proposed cryptocurrency Libra and digital wallet Calibra stating the product will launch in January, 2020.
Immediately it was released to the public, Facebook became a target for regulators scrutinizing the proposal of the Mega Corporation, determining the impact of the Libra on the stability of the national currency, the Dollar.
The United States were not alone in the airing of their concerns, France, India, China etc have publicly stated their concerns for the proposal of the social media giants.
Servicefriend was quoted saying on its website, “We are thrilled to share that Servicefriend is now moving to the next chapter of our exciting journey. Over the past four years, we managed to standout and build a great platform for brands to deliver excellent experiences at scale over WhatsApp and Messenger. Our mission to transform the way business interact with people and to let people communicate with businesses as they do with their friends has always been our raison d’etre.”
According to its website, its mission is to let people communicate with businesses as they do with their friends. It provides hybrid bot technology for consistent messaging experience at massive scale.
Servicefriend was established in 2015 by the CEO, Shahar Ben-Amin and Ido Arad, the VP of Customer and Business Development, revealed Marker.
Bitcoin Cash Support Added to HTC Flagship Smartphone, the Exodus 1
The Exodus 1 which is an Android powered mobile phone is the first native web 3.0 mobile devices with architecture that secures crypto assets. The device has an easy to use digital wallet, Zion Vault whose software interfaces with the device’s hardware security.
The wallet allows users to store and make transactions using the bitcoin cash cryptocurrency without having to be exposed to remote system penetration.
According to Bitcoin.com, the partnership will see HTC pre-loading the firm’s popular wallet app on the device. In turn, Bitcoin.com will offer for sale the Exodus 1 Flagship device and other lower device from the manufacturer on the Bitcoin.com online store. The lower priced device Exodus 1s will also feature same native bitcoin cash support which the flagship users are to enjoy.
Speaking on the partnership, Bitcoin.com CEO Stefan Rust said “There are so many synergies between Bitcoin.com and HTC. We are very excited to be on this incredible journey together.”
Roger Ver, the Executive Chairman contributed saying “Bitcoin.com’s partnership with HTC will enable Bitcoin Cash to be used as peer to peer electronic cash for the millions of HTC smartphone users around the world.”
Based on the news reporting arm of bitcoin.com, HTC sees great promise in cryptocurrency and that is the reason why it has added support for bitcoin cash.
The Taiwanese firm’s Decentralized Chief Officer Phil Chen speaking on the importance of the partnership between both organizations said “Smartphones are everywhere and have proliferated across the planet. It’s very important for the adoption of crypto that it is easy to store and use, no matter which cryptocurrency is preferred by people. So the fact that BCH, one of the biggest cryptocurrencies, is now easy to use on our smartphone is very important for us. Together, HTC and Bitcoin.com are helping to bring crypto to the masses.”
He went further saying HTC believes in user ownership of, control of their data and cryptocurrency presents the best opportunity to start the journey into owning personal data. Understanding the fear of users owning and controlling access to their data, Phil Chen believes this will significant impact the business models and revenues of these ‘powerful firms’.
HTC believes the smartphone will be the tool which will allow users manage, access, store their digital assets.
Bitcoin.com revealed that future plans of the partnership includes offering discounts when paying for goods in BCH as well as sales of the Exodus phones on store.bitcoin.com
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