U.S. hosts Argentine Openbit project to “tokenize” cattle farming through the digital alternative Bitcow
Guillermo Villagra, president of OpenAgro consulting firm, and Openbit’s partner in Argentina, launches his project “BitCow USA”, a digital token, to generate investment in the U.S. cattle market, as highlighted in its economy section of the newspaper La Nación de Argentina.
The investment group Penbirt, where agribusiness investors converge, is a company that has set up Crypto-Coins, which has merged cattle breeding and the issue of “Tokens”, digital coins, creating the BitCow: a digital token backed by a real asset, in this case: cows, which seeks to expand to countries in the region and to the United States, “to reach the Tokenization of one million cattle heads among the different nations involved in the project,” according to the publication.
The BitCow platform, which was created at the end of 2019, as a friendlier and more technological investment alternative in the traditional livestock sector, is the first virtual currency related to this area, and has the peculiarity that investors are investing their money in real cows.
Compared to Bitcoin, this currency is backed by physical assets and regulated in a private trust. It is invested through the web, and each BitCow represents a pregnant cow that will continue with its reproductive cycle, and the males are sold to cover production costs.
In other words, a cow represents a token, and a calf represents 1.32 tokens, which is a way to guarantee solvency and support in case of any eventuality. The person who bought that token will have the original one, plus what that first cow generates.
The day a holder wants to get rid of the virtual currency, he can cancel it at the market price, or he can simply claim his rodeo.
As the Blockchain technology helps the registration and traceability of the coffee bean
Unlike traditional trusts, where you have to wait to get your money, with the BitCow you can get it immediately. The innovation, according to Villagra, is having it tied to a physical asset.
The value of the digital token is approximately 120,000 pesos per unit, “although you can make a minimum investment of 12,000 pesos and buy 0.12% tokens.
In other words, by buying an amount of this virtual currency, you are buying a pregnant cow, which automatically goes into a private trust.
The investor will be able to follow the status of their holdings (cows), as well as their health status, vaccines that were applied and everything concerning the management of that asset, and all this will be possible thanks to the Bitcoin Billionaire and its features that make it an attractive technology to settle, store or track anything of value and that differentiates it from traditional databases.
Digitization of livestock
Although this is an investment tool in the livestock market, it was not designed for the exclusive use of this sector, but it is extended to people who want to join the sector, and want to participate in an attractive business, with good prospects without being from the field, and who do not have the time, investment or knowledge in the branch, but are willing to become a digital livestock farmer.
The whole process is digital, both the purchase of the tokens, as the monitoring of the estate is done virtually, through a web platform. From this platform, a user is created who has two wallets, one weight and one BitCow wallet.
Non-Fungible Tokens are changing the economy within the blockchain
Guillermo Villagra, points out that: “It is a condition to have a bank account from and to where the funds will be sent both in the purchase and/or sale of the BitCows. At the moment we are working on the integration to be able to make payments with credit cards and crypto-currencies as means of payment. All this development is done with the company Baufest.
So far, 1,500 BitCows have been launched, backed by 2,250 animals.