The following article contains the summary of various updates regarding TE-FOOD:
Tokenization of TE-FOOD
The tokenization of our current activity started in February, at the same time as our token sale. TFD licence tokens were obtained by our implementation partners to cover their operational activities.
Currently, ~6 500 000 TFD licence tokens are held by the implementation partners to cover the licence need of the live operation in Vietnam.
Change in the masternode conditions
As we work out the details of masternode economics, we need to iterate some conditions to make the structure sustainable. The following condition is changed:
All masternodes will have a Reputation Score which refers to the quality of the provided service. Masternodes which provide continuous high level service will receive a Reputation Discount, a possibility to reduce their TFD licence need by 15%-25% to run the masternode.
It seems that there is interest in running masternodes than the initial demand for them, so there will be a selection process, which means not all applicants can run masternodes at the start. Those who applied but haven’t been selected can maintain a Sleeping Masternode. For Sleeping Masternodes, no computation power is needed, but in case of allocation of the appropriate licence tokens, they can benefit from the Reputation Discount.
But Operational Masternodes have higher risks due to staking, so it would be unfair to provide the same Reputation Discount benefits to Sleeping Masternodes. Therefore, the Reputation Discounts are planned to look like this (for the first 5 years):
- Operational Masternodes: 15% — 25% Reputation Discount per year
- Sleeping Masternodes: 1% Reputation Discount per month
Certainly, when a Sleeping Masternode becomes Operational one, the Reputation Discount changes from the next month (to the percentage the masternode operator selected in the registration form).
TFD token swap
We analyzed the pros and cons of taking TFD to our own blockchain, or leaving it as an ERC20 token. As a tokenized software licence, we can work with TFD on the Ethereum network, while using our second token, Calories on our own blockchain.
This means — at least in the next 1–1,5 years — TFD will remain an ERC20 token on the Ethereum public network, there will be no token swap.
For masternode staking, we plan to use a smart contract to lock the TFD licence tokens as long as the service is contracted with the masternode operator. To mirror the locked TFDs, we will establish a new technical token in our blockchain used only for masternode staking.
Our token sale was held on the 22th of February, 2018. Token buyers with better bonus conditions had their tokens locked for 1–2–3 months. All locked tokens were released until May 23.
Modifications in the Roadmap
“… a roadmap is a plan, and plans can change according to the market conditions.
We inserted new elements into the roadmap, like the deep data analysis based productivity suggestions module, which automatically gives small and medium sized farmers pragmatic suggestions how to improve profitability to compete with the larger companies.
We also had to de-prioritize some roadmap elements, as we don’t develop them just for the sake of innovation, we need real life implementations immediately to achieve product-market fit solutions.”
TE-FOOD is the world’s largest publicly accessible, farm-to-table fresh food traceability solution. Started in 2016, it serves 6000+ business customers, and handles 400,000 business transactions each day.