Bit Agro presents a complex solution for the agro-industrial sector based on the Ethereum blockchain and its smart contracts. The solution includes the ERC-20 token - Agrocoin (AGRO), the decentralized B2B market platform - Agroexchange, and the decentralized mobile application - Agrodex, which allows users for buy/sell agriculture-related products and machinery, and also serves as a binding element for the entire ecosystem.
The core idea of Bit Agro was elaborated by the international team of digital entrepreneurs, PR specialists, and blockchain developers, though the core of this group is comprised of crypto enthusiasts from Kazakhstan. Bit Agro as a legal entity is registered in Estonia. The team has thus far developed a working prototype of Agroexchange and Agrodex which can be accessed through their official website.
According to the official statistics provided by the World Bank, the agricultural industry contributes 4% to the overall global GDP. Although, for some reason, the compilers of the project's whitepaper claim that it constitutes as much as 25%. Nevertheless, this industry is still of the immense importance for the world economy, proven by the food crisis of 2007, which resulted in a sharp spike in food prices and forced subsidization of the agricultural sector in the European Union.
Despite displaying steady and tangible progress, this industry is still plagued by such problems as the lack of competent specialists, various bureaucratic hurdles that impede large companies from the developing countries, not to mention the small and mid-scale businesses, entering the world market. These, as well as a host of other issues, are being actively exploited by the intermediaries that tend to jack up the purchase prices.
Bit Agro decided to constructively address all of the listed problems by applying one of the most progressive tech solutions of today: smart contracts and cryptocurrency-based payments.
Agrocoin is the key component and principal mean of payment and investment within the entire agro-industrial market that would use the decentralized trading platform as its foundation. The coin itself has incorporated all benefits of digital currency: high velocity of transactions, transparency, low fees and non-attachment to any financial intermediaries. Agrocoin can be used to sell and purchase different commodities (food, machinery, fertilizers) on Agroexchange, a blockchain platform that also enables users to track the prices in real-time throughout all markets.
The conscientious execution of all deals and transaction are ensured by the Ethereum smart contracts that control the fulfillment of all terms and exercise a function of an escrow. This grants a possibility for agro-businesses from developed countries or the ones with highly regulated economies to enter the international market without typical encumbrances.
The Agrodex mobile application serves as a gateway to the global agro-market and offers a rich set of features which include the news feed on relevant topics, a digital wallet, options for lending and staking of coins, and the API that confers the possibility of tokenizing agro assets. The dApp is available for download at Google Play.
Bit Agro organizes the IEO of Agrocoins via two launchpads: Exmarket and Latoken. The token sale will last until July 5. The project plans to reach the hardcap of $76 million, having offered 360 million tokens for sale, which is 60% of the total supply. The price of one AGRO is $0.2 with the minimum investment barrier set at $100. 40% of raised funds will be allocated for technological development. Bit Agro didn’t impose any restrictions with regard to the place of residence of potential investors.
|Start||April 5, 2019|
|End||July 5, 2019|
|Soft cap||$5 760 000|
|Hard cap||$72 000 000|
|Minimum investment||100 USD|
|Accepting||BTC, ETH, LTC, DASH|
Agriculture is the industry that needs the help of blockchain as much as the next one. That is why I am in full support of Bit Agro because I have been in this business for more than 20 years, so I can assure you that this is the solution that this particular sector of the global economy requires. I have bought myself some AGRO and gave the Exchange a try - everything works smoothly. Thumbs up to Bit Agro!
Bit Agro caught my interest because I am directly involved with agriculture, so I fully understand the pain points of that industry. The only thing that concerns me is the regulatory nuances, but I am sure they have it all figured out and their platform will help avoid a lot of red-taping inherent to the agro-business. I will definitely get onboard and refer Bit Agro to my fellow farmers.
The solution offered by Bit Agro is quite interesting. I have read their whitepaper, checked out the exchange and all - everything makes sense, looks and works fine. I mean, it is a really cool project for those who are heavily engaged in the agro-business. But I am always looking for substantial returns on my investments and in the case of Bit Agro, I don’t see how it can provide such for me. All in all, a solid project but gets B- in my investment playbook.
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