TE-FOOD – successful, and most importantly, the first legal ICO in Germany.
Due to food problems, 700 million people are hospitalized annually all over the world, and 400 000 deaths are recorded. The global market for food traceability will reach US $ 15.1 billion in 2021. The effect of traceability is different: medical (fewer food-borne illnesses and deaths), social (consumer demand, need for trust), and economic reasons (reducing the cost of product recall, export support, transparency, and increasing VAT revenues).
TE-FOOD is the world’s largest publicly available system for monitoring food products, focusing on emerging countries. Since 2016, TE-FOOD is being marketed in Vietnam. TE-FOOD tracks products throughout the supply chain (farm, slaughterhouse, wholesaler, retailer) and provides tools to consumers, supply companies and authorities to get food history and understanding of food quality. TE-FOOD has grown to more than 6,000 business customers, tracking 12,000 pigs, 200,000 chickens and 2.5 million eggs daily. In 2018, it will be extended to track livestock, fish and seafood, vegetables and fruits. TE-FOOD is managing more than 400,000 operations daily, reaching 30 million people. From 2015, TE-FOOD develops as a centralized tracing solution.
TE-FOOD provides physical identification, mobile and web based software solutions in a PPP model (low or no pre-payment, and long-term contract). TE-FOOD is optimized for emerging markets. Despite the fact that it uses modern technology, it is the cheapest solution available, without the need for special equipment. The business model is responsive to developing countries, which makes it a lucrative business. Among clients are governments, private companies and professional organizations.
TE-FOOD is a joint project of a 21 years old Hungarian and 2 years old Vietnamese company. For international expansion, all rights and activities will be included in the new single company: TE-FOOD International Ltd. The leaders of the new company have over 20 years of experience in the field of business and IT. The main TE-FOOD plan for 2018 is the expansion of the international market that they are successfully implementing. TE-FOOD has a detailed Roadmap for launching TE-FOOD in 17 countries for 5 years.
ICO bench rating
TE-FOOD is used by
- 3,100 farms
- 3,400 livestock agents
- 70 slaughterhouses
- 35 food producers
- 25 veterinary companies
- 30 wholesale markets
- 190 wholesale distributors
- 2,600 retailers and markets
Achievements
More than 6,000 business customers
More than 10,000 people trained in one year
Serving 30 million people with fresh food traceability information
Blockchain structure
Blockchain will be implemented for two purposes:
- Token transaction ledger The token payment solution will be implemented on a public network using TFD, an ERC20 token.
- Traceability transaction ledger Transactional and food related information will be stored on a private blockchain, and will be driven by an internal technical token: the Transaction token.
Additional features
Advantages of TE-FOOD
Credibility
Introducing blockchain to provide an incorruptible, unalterable ledger, combined with a smart food safety alert system creates trust among consumers, authorities, and supply chain companies.
Cost effectiveness
To keep costs down, TE-FOOD doesn’t require to use costly equipment, or enterprise integration. The cost of tracking an item (e.g. a pig) can be as low as $1 throughout the whole chain.
Methodology
We have a top-to-bottom implementation roadmap for emerging markets, which describes how to organize, train, communicate such implementation.
Consumer involvement
We provide a mobile app, and a token based motivation system to consumers to act more consciously when shopping for fresh food.
Pragmatism
Changing processes of the supply chains need time. TE-FOOD doesn’t require to disrupt current contracting or payment methods. It extends them with trusted technologies.
Reimbursement
Supply chain participants can get reimbursements for providing more food safety information. This is important to make farms committed to provide proper traceability data.
Interoperability
Whole-chain approach and general standards (GS1) provide interoperability beyond borders, and the opportunity for participants to mitigate common redundant actions (e.g. double vaccination)
Customized approach
TE-FOOD can be used as a full-scale tracking solution as well as a transaction ledger on top of an existing traceability or ERP system. In each case, we configure the system to follow the custom elements of the customer’s processes.
Flexible business models
TE-FOOD can be implemented by a government or institution in a B2G model, or by companies (e.g. food producer) in a B2B model.
Flexible financing models
TE-FOOD is implemented in a PPP (Public Private Partnership) model, which requires minimal investment.
Token distribution
51% Token sale (public circulation)
51% of the tokens will be sold to the community during the public sale.
5% Marketing pool We remunerate the proof-of-care, bounty, marketing campaign participants and partners with
5% of the tokens. Lockout period: no lockout
44% General reserve We allocate
44% of the tokens to a general reserve. Lockout period: Two years lockout by releasing
25% after the first year. Unsold tokens will be put into the general reserve and will be sold on the TFD Market or during a future token sale until Public token pool reaches 500 million tokens.
Blockchain provides transparent, trust-based solutions for international operation. Token with smart contracts eliminates volatility as a unified solution for accounting for financial transactions. TFOOD: issued as a utility token by TE-FOOD.
Token sale started on February 22, 2018 and ended on 22 March, 2018.
Value of tokens sold in ICO is almost $19,100,000.
Token type: ERC20
Price in ICO: 0.0500 USD
Tokens for sale: 400,000,000
Conclusion
The purpose of social influence TE-FOOD is really impressive. TE-FOOD mission is to ensure the transparency of information on the quality of food products and, finally, to improve the health of people is timely and timely for developing countries, given the high prevalence of corruption and distrust of the participants in their food chains.
TE-FOOD has a relatively low profile on social networks, but has a solid base of loyal followers, most of which seem to be interested in the social aspect of the company.
Interestingly, their attention is also given to developing countries. Considering that the relevant markets make up 60% of the world’s population and 45% of its GDP, the company uses a cost-effective demand group. They already plan for further global expansion, talks with potential partners and services in Cambodia, Malaysia, Laos and South Africa.
The company is developing a reliable, reliable image based on the fact that its large team of professionals has solid experience in developing solutions for tracking objects in various industries and regions, as well as software and hardware development that makes them extremely successful in implementing the strategy. , sales and technological aspects of their plans.