Hong Kong based Bitcoin Entrepreneur James Bang announces CashCow ICO designed to growth Indonesian cattle farmers' profits from the sale of their cows from 20% to 33%.
The South China Morning Post reported on Bitcoin entrepreneur together with investor James Bangs' wish to revolutionize the cattle financing model, specifically inward Republic of Indonesia where the large population of farmers is unable to purchase their cattle assets outright.
Businessman turns to cryptocurrency to assist Indonesian farmers https://t.co/eqS0kaNl7T http://pic.twitter.com/KP7kr6sgwQ
— SCMP News (@SCMP_News) August 6, 2017
Family Vacation To Indonesian Family Led To CashCow Idea
James Bang commencement persuasion of the CashCow ICO during a trip to Republic of Indonesia alongside his family, where he observed that his Father-in-law had sold ii cows for HK$27,300 (approximately $3489.82 US Dollars) to pay for the renovation of his kitchen.
Bang noted:
For some other family, their motorbike was one-time together with they needed to upgrade. So they sold ii or 3 cows to locomote able to afford a major purchase.
Cattle are hence easily accounted for past times representing them alongside tokens on a fully documented blockchain ledger, inward this case, the Ethereum blockchain. However, close poorer Indonesian farmers produce non straight ain the amount worth of their cows, which are financed for purchase past times 3rd political party financiers. The farmers are liable for costs such equally feed together with veterinary bills spell the financier oft takes the largest percentage of a cow's in conclusion sale price, whether this locomote to some other possessor or straight to beef production facilities.
Airbnb for Cows
Discussing the impetus behind CashCow, Bang explained:
I was actually inspired past times Airbnb… I figured how tin nosotros apply this to the agricultural manufacture … There had to locomote a agency these farmers could maximize their extra farm space.
While the South China Morning Post does non elaborate on this point, it is possible that farmers volition locomote able to leverage their extra farming infinite past times perhaps accommodating investor cows. Bang hopes to heighten US$15 1000000 through the offering ready for launch inward Oct 2017, which volition locomote used to fund the purchase of calves.
Higher Returns for Cattle Farmers
Bang said his destination is to compass farmers higher returns when they sell their cattle, which he sets at 33 per cent, given the cost cutting afforded past times the lack of 3rd political party accounting this is a reasonable growth inward income for farmers currently exclusively getting 20% of the cows' in conclusion sale value.
Finally, Bang volition likewise compass investors 33 per cent from every cattle sale, alongside his start-up reinvesting the remaining 3rd to purchase farther cattle together with construct larger moo-cow sheds.
Will this ICO locomote something you lot are interested inward together with is this the sort of ICO that you lot intend Blockchain applied scientific discipline is ideal for? Let us know inward the comments below.
Images courtesy of Pixabay, Pexels
The post service CashCow ICO Looks To Boost Indonesian Cattle Farmers' Profits appeared commencement on Bitcoinist.com.
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