Blockchain deserves use cases that can make a difference. Agrotoken aims to be fertile ground for exactly that.  Covered: Bearing Fruits Agrotoken What Chain Will They Use? Bearing Fruits Whenever crypto and blockchain are discussed in casual conversation, it will often be pontificated that blockchain and decentralization can “change the world.” Those that proclaim this […] The post Algorand Founder Silvio Micali Thinks Agrotoken Is A ‘Billion-Dollar Opportunity’ appeared first on CryptosRus.

Algorand Founder Silvio Micali Thinks Agrotoken Is A ‘Billion-Dollar Opportunity’

Blockchain deserves use cases that can make a difference. Agrotoken aims to be fertile ground for exactly that. 

Covered:

  • Bearing Fruits
  • Agrotoken
  • What Chain Will They Use?

Bearing Fruits

Whenever crypto and blockchain are discussed in casual conversation, it will often be pontificated that blockchain and decentralization can “change the world.” Those that proclaim this mantra are not acting in bad faith. Most folks who have perused the Bitcoin whitepaper do actually believe that there are properties inherent to blockchain, and specifically Bitcoin, that has already changed the world. However, in Bitcoin’s case, it is not about what the chain can be used to create, rather, it is the importance of the properties embodied in the chain itself.

That is because Bitcoin is seen as money, and smart contract chains are seen as the building ‘blocks’ of a new internet, and more broadly, a communication protocol. All that is to say, we have yet to really see a protocol built on-chain that has made a significant impact in the world today. Smart contract chains hang their hat on DeFi, TVL, NFT’s and GameFi, but the tangible benefits are mostly a marketing device tethered to speculation. A new protocol aimed at disrupting the agricultural industry could be ripe to bear real fruits on-chain, more than the hokey rain-dance of speculation.

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Agrotoken 

Enter Agrotoken. As their website states: “We have created a secure and frictionless ecosystem to make transacting grain easier, more efficient and more reliable. We transform grains into a digital asset, to store or exchange for supplies, services and other assets.” Agrotokens are grain-backed, tradable digital assets. In other words, they are commodified digital assets. Simply put, the tokenization of the physically backed grain (product) allows these otherwise illiquid commodities to become sufficiently liquid, and thus, agile. The fruits of the given labor become more liquid in a more timely matter. After all, tokenization’s main function is to unlock or unleash liquidity.

agrotoken.io

Also, the power of smart contracts and blockchain means that those looking to tokenize their grain do not have to go through rapacious banks and intermediaries. Normally, such a system would require complex go-betweens. Again, on its face, this is an example of a protocol that is actually helpful beyond ‘number going up.’ Agrotoken argues that blockchain allows for transparency (everything recorded on-chain), decentralization (no intermediary), and security (encryption of the chain). “We bring technology, finance, and agribusiness together, so that everyone can take advantage of the opportunities of a simpler and more efficient world.”

Agrotoken uses the immutability of blockchain, the decentralization of smart contracts, and the functionality built in both to leverage a physical good, making it liquid. On the flip side, folks can invest in these tokens, buying a physical claim to the agricultural output. This digital, tokenized commodity can unlock opportunities that simply weren’t accessible in the web2 world. This system grants the producer immediate, permissionless access to the value of their output. After all, that’s what liquidity means: instant accessibility and transferability. Such a solution allows the leveraging of a good that normally would be bogged down by financially rooted inefficiencies as it pertains to ‘reaping’ rewards.

What Chain Will They Use?

Just this week, Agrotoken announced the protocol has reached 50,000 tokenized tons of product. The company is built out of Argentina and just today announced they have partnered with Visa Argentina to create more seamless accessibility between the producers and consumers, as seen below. As i’m sure you’d be curious to know, Agrotoken’s protocol is built on Polygon, Ethereum, and Algorand. It is a crying shame that such an innovative use-case has been relegated to the cries of the most obscure crypto observers on Twitter. This highlights market immaturity, which, as it stands, is a rostrum for the brassiest and loudest shills, leaving little space for those protocols actually moving the needle.

The team behind Agrotoken has strong ties to Algorand. As noted in the below tweet, Agrotoken has ties to Koibank. Koibank is the Lat-Am firm behind Algorand’s provisioning of the entire El-Salvador government infrastructure, as we reported in this article. In fact, when Silvio Micali made his Lat-Am world tour, he was quoted praising Agrotoken, which we specifically covered here. The article we referenced, which was an Argentinian iteration of Forbes magazine which quoted Silvio regarding Agrotoken, can be seen here.

“I fell in love with the vision and with a billion-dollar opportunity,” Micali said of the Argentine product, which, he asserted, “is something revolutionary for the world. It allows the producer liquidity to get a handful of grains that he can sell and that he can move for a fraction of a cent. It’s very efficient.”  Silvio Micali on Agrotoken [Note: translated from Spanish]

This does not mean anything specifically but highlights Algorand’s focus on the region — Micali is also an investor in Agrotoken — which has been a staple of the Layer-1 chain’s ambition.

Agrotoken may just be a solution that engenders benefits beyond mere speculation. In an industry fraught with friction and liquidity bottlenecks, Agrotoken promises to solve issues that can free up the most importance resource of all, and that is time. Time it takes to yield and bear the fruits, can actually be solved by tokenization, smart contracts, and blockchain. When you think about it, aren’t we all here to witness change? Aren’t we all here to witness progress for the little guy? This is not just a catchphrase; it can be possible, when there are great actors making use of great technology. Fundamentally, crypto is about hope. Hope that there is more to money, than money itself. 

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The post Algorand Founder Silvio Micali Thinks Agrotoken Is A ‘Billion-Dollar Opportunity’ appeared first on CryptosRus.