While it is still in preliminary stages, HorseCoin is an ambitious project looking to develop an open source and decentralized platform through which horse enthusiasts will access and share information on the ponies. The objective of this project is to mitigate the issues facing the horse trade through the integration of blockchain and other nascent technologies in an inventive and all-inclusive manner.
Currently, accessing crucial data on horses, particularly pedigree breeds, is a challenging task. Unfortunately, the lack of n incontrovertible tracing system has spurred a proliferation of fraudsters. As of now, traders rely on pieces of paper to assess an animal’s genetic background, a method that is far from reliable. As a result, trust is a significant concern in this industry.
Alternatively, individuals can opt for the often dependable DNA tests, but these are too expensive. HorseCoin will develop a blockchain-based ecosystem to provide a lasting solution to the aforementioned issues. Due to the immutability of the blockchain, fraud cases in the horse trade will be forgone. Moreover, horse owners will get rewards when they register their foals to the HorseCoin platform.
Problems Facing The Horse Industry
Scattered Data –
Obtaining trustworthy information on horses nowadays is a long shot. The buyer has to trust the seller, who might either be dishonest or misinformed about the horse’s pedigree. This is because they might not be the animal’s first owner.
Unwillingness To Share Info/ Limited Information –
All parties involved in the horse trade usually reserve info for reasons unknown. This lack of clarity breeds fraud in the horse business.
Data Loss And Inconsistent Inter-State Regulations –
Tn cases where an animal has to cross borders information is often lost in between the transaction. This is because of inconsistent regulations and absence of a real-time information relay system. Cons capitalize on this grey patch to create fake documents which are used to defraud uninformed buyers.
Absence Of A Universal Horse Price Arbitrage –
Currently, there is no defined way of calculating the worth of a specific horse. The cost of the ponies is at the mercy of salespeople who often swindle the buyer and the seller.
HorseCoin Crypto Coin & Blockchain Analysis Solution
Essentially, HorseCoin is a horse registry that will be powered by blockchain technology. The platform will collect in-depth information on the register animals, analyze it and store to on a distributed ledger. Using machine learning and complex mathematical models, the platform will then ascertain the real value of particular horses.
To bolster transparency within the network, the developers will ensure that the ecosystem is fully decentralized. Furthermore, the project will establish incentives that reward users.
HorseCoin HC Token ICO Details
Horsecoin has a token named HC and it is based on the ERC20 Token Standard. The pre-ico is active now. They are offering a 200% bonus during the presale due to the high risk of the investment. You can purchase HC tokens using Ethereum.
HorseCoin Action plan
The HorseCoin project will undergo the following steps to realize its goals;
- Development – this will entail the creation of the blockchain and ecosystem from scratch. Upon completion, the system will start serving initial markets.
- Preparation – here, the project team will formulate business operations and identify potential markets.
- Market entry – this involves setting up shop in different locations across the globe.
- Market penetration – after entry, HorseCoin will look to further spread its presence in the countries in which it operates.
- Self-sustainability – once markets are established, the project will focus on sustainablity measures.