FAQ’s
What is the FARM Token ether wallet address?
0xadfbf5Dd06325B008edd79473a74Ea21df674f0d
Look for the f0d at the end!!
Who is on your team?
The FARM Group consists of a team of entrepreneurs and developers with diverse backgrounds and experience. We are passionate about what we do and go beyond traditional tactics to help make decisions and implement plans that achieve exceptional results.
We also want to point out that we are not quasi amateurs and have real world experience and have managed projects upwards of 10 million dollars in the last 5 years alone!
Additionally, we have experience in the food and beverage industry, supply chain and logistics, Big data, AI and are familiar with FDA, FSMA, USDA regulations and European equivalents.
What is a FARM token?
The FARM tokens (Gold and Silver tokens) are issued by the FARM group. The Objective of the FARM token foundation is to seek and partner with innovative food companies that cater to today’s increasingly informed and engaged consumers.
As our partner companies succeed, the FARM ecosystem would grow creating a demand for the token and subsequent increase in its value while empowering our partner entrepreneurs and transforming their societies. Additionally, our partner companies would also provide value to token holders and support the block chain community by tokenizing their assets and opening more venues to liquidate the token.
FARMG (Gold) and FARMS (Silver) are ERC20 tokens. The Gold tokens are issued during the PreSale and the Silver issued during the main token generation event (Crowdsale). Participation in Presale and crowd sale are open only to whitelisted individuals. Please refer to whitepaper for more details.
Why food ?
Food is an essential part of people’s lives, and as such is much more than just a means of survival. It is also the main factor in how we view ourselves and others. It plays a big role in all social and political issues, and is a bastion of popular media. Over the past few decades, we have witnessed a rise in food-focused media and culture. A food explosion surrounds us everywhere we look, from TV shows such as 24 Kitchen, Kitchen Confidential, Jamie Oliver to organic products, healthy diet magazines and food festivals. There is an increased awareness of food’s significance within contemporary society and culture hence we decided to choose food.
When it comes to purchasing food and beverages people are impulsive buyers and retail is still the king. In developed countries majority of the food products, beverages and snacks are sold to consumers directly through a network of retail stores owned by multinational corporations with deep pockets and the trend is catching on in other countries as well. The barrier for entry into the food business is still low yet small food companies are finding it harder than ever to enter big box retail stores because of their inability to scale, pay high retail shelf space prices and inability to raise capital for advertising and marketing.
What is considered food?
The definition of “food” in our whitepaper is all packed food and beverages like sauces, snacks, beverages and drinks ( alcoholic and non- alcoholic)
Are FARM tokens classified as securities?
The FARM tokens only work within the FARM ecosystem and are classified as a hybrid of a payment and utility token and not a security.
As of this writing the token is SEC and FINMA compliant. Under FINMA the token is classified as a hybrid of Utility and payment token. Under SEC’s we are a utility token. However, SEC’s position regarding tokens or cryptocurrencies is evolving and we cannot predict what lays ahead but we will do everything in our ability to stay compliant.
Why aren’t FARM Token holders directly allowed to own part of tokenized assets of partner companies?
We thought about it but in the grand scheme of things we found that the cons far outweighed the pros and here are a few reasons we decided to not go in that direction:
- A dedicated third party would have to be involved to appraise partner assets — that means one extra step of bureaucracy and more opportunity for fraud.
- Just like fingers on a hand, some partners will outperform the others and will eventually lead to unhealthy completion and rift between member partners.
- Competition is great for free markets but has an inverse effect on capitalism. We want our partner companies to work with each other and not drain resources by competing against each other!
- To reduce the number of unhappy FARMS and FARMG Token holders.
What are the fees?
There are no gas fees or any other fees when tokens are used to redeem goods/services from companies that have partnered with us.
How does this token differ from other asset backed tokens like Basecoin, Makerdao, TrueUSD and Tether?
We are not competing with any of the above. We at FARM Group strongly believe that the crypto economy needs more diverse options for collateral backed cryptocurrencies. We also believe that our customer base would be a lot different from the others “stable coins/ tokens ”.
The FARM token would use USD as a reference point for listing and for liquidation but its price would not be pegged against the USD. The FARM token is designed to grow in value and built to last. Please refer to whitepaper for more info.
I read the whitepaper and there is not much info on details- why?
Good question- Of course, the devil is in the details!
We could have gone alone and build everything ground up but commonsense tells us that there is no point in reinventing the wheel. We want to use third party products, just like API’s, to enhances the value of the FARM token and bring about the much-needed collaboration between various crypto companies. We are utilizing Ethereum (ERC 20 token) for the FARMG and FARMS Token and we intend to use the services from other crypto companies like 0x, Mobius, Provenance, Chainvine and Ripe — just to name a few.
Would FARMG token be listed?
Since the number of FARMG tokens in circulation is limited we are evaluating all our options and may consider using either Bancor network or something special that 0x may come up with in the next few months.
What is the meaning of the tree in the FARM token Logo?
It is the Celtic tree of life. The tree of life represents the balance and harmony in nature.
FARM token is a token modeled with the focus on growing and expanding the block chain network by partnering with innovative food companies by helping them scale and tokenizing their assets. More Info on the token here
