Mexico's Pepper-Backed Cryptocurrency is Taking Root
As you may have deduced from its catchy name, Agrocoin is money that has something to do with agricultural production. It is an agricultural cryptocurrency that is backed by the production of chili pepper, the first of its kind and already becoming a thing in Mexico.
Agrocoin proves that cryptocurrency is for everyone. If you know what cryptocurrency is and what gives it value, you will easily understand how a square meter of habanero pepper production in Quintana Roo State, Mexico can back a single coin of cryptocurrency.
The brains behind the Agrocoin idea may have come up with a revolutionary way to lure farmers and small investors in rural parts of the world to embrace blockchain cryptocurrency.
Features of Agrocoin Token
Amar Hidroponia, a Mexican company that specializes in growing the famous Habanero chili, came up with the idea to leverage cryptocurrencies and the blockchain technology to revolutionize how they work for the local villager in Mexico, and to eventually revolutionize farming and agricultural investment in the country.
With Agrocoin, the Mexican agricultural industry is set to change as entrepreneurs and the locals take advantage of the new popularity of cryptocurrencies to invest in new assets that directly contribute to the production of the habanero pepper.
The best part about the Agrocoin is that it values its currency per square meter of pepper rather than a hectare, which would make it prohibitively expensive for local investors. The company sells shares of the hydroponic habanero pepper production to facilitate the growth of 10,000 meters square of pepper production.
A unit of Agrocoin (AGR Token) is currently valued at 500 pesos, which is roughly $27 and is equated to the value of a square production of the habanero pepper. Amar Hidroponia reported that the company will spend about a third the value of the dividend on to produce an output.
The Future of Agrocoin Cryptocurrency
Small peppers is an integral element in Mexican cuisine, especially in the Yucatan Peninsula region where Quintana Roo is. Amar Hidroponia has set aside about 100 hectares of land specifically for the growth of Agrocoin and the many square meters of habanero pepper plantations representing the many Agrocoins investors can purchase on the company’s website.
The best implementation of blockchain as a currency platform is to get it to represent real value its users see. Agrocoin may not be the first agriculture-backed cryptocurrency but it certain is the first in Mexico to shows real promise of digital asset investment among local farmers that is backed by agricultural foods they can it.
Take a look at some of the other up and coming agribusiness/agriculture cryptocurrency projects: