Russian Farm to Issue Crypto-tokens Backed by Ducks, Geese, and Goats

News and Analysis

Eduard Surkov’s club farm Mashkino in Central Russia has announced its plans to issue cryptocurrency tokens backed by the farm’s products, i.e. chickens, ducks, geese, lambs, and goatlings.

According to Yaroslav Loginov, the project’s developer, the tokens are comparable to coupons entitling their holders to receive the products once they’ve grown up. The tokens also certify ownership of the products, i.e. a token holder is the owner of a particular chicken, goose, duck, lamb, or goatling, while the farmers render the service of breeding them.

There will be tokens for a particular product, and master tokens for any kind of production, with 10 million tokens issued overall at the initial price of 1 token = 1 ruble (approximately 2 cents).

The tokens will use Waves or NXT as a platform, while the rubles will be received by the farm, which is a legal entity, or sent to a bank card owned by an individual. Once the payment is effected, the tokens will be transacted manually, yet they will be tradeable at an internal decentralized exchange (similar functionality is available at NXT, and will soon become available at Waves). Additionally, the tokens may be used for settlements between parties.

Relationship between the seller and the buyer will be built on an individual basis pursuant to the following plan:

  • The buyer contacts the farmer to buy and receive a token.
  • The farmer undertakes to breed the products by the date stipulated.
  • Reception of the ready products is arranged individually (at Mashkino or elsewhere). There is an option of delivery to the cities of Tver, Zelenograd, and Moscow.

According to Loginov, the scheme, while looking quite primitive, is completely legal and implies tax remission.

Earlier, Kolionovo Farm near Moscow had partially blockchainized its operations using Emercoin solutions to sell the products directly, cut expenses, effect instant remittances with no involvement from banks, and regulate relationship with subcontractors, suppliers and customers with a click of a mouse.

Kolionovo’s owner Mikhail Shlyapnikov also announced a new project related to testing of a new local economy model. The project seeks to attract alternative funding sources to expand production facilities and services.

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