Topic: [ANN] [Pre-Sale] bean (XCC): Linking the Cocoa Market to the Ethereum Blockchain (Read 102 times)

Welcome to the pre-sale forum for bean (token symbol: XCC)!

Bean is an Ethereum based ERC-20 digital token with one bean (XCC) representing one cocoa bean or one gram of cocoa (~US$0.0026).

Cocoa is not only the raw material for chocolates but it is one of the world’s oldest currencies as cocoa beans were used by the early civilisations of the Americas as a barter currency to exchange for food or clothes. Cocoa became the main barter currency of the Spanish Empire, of such importance that its value was fixed officially in 1555 by a decree that stipulated that one Spanish Real was worth 140 cocoa beans.

About 5 million tonnes of cocoa are harvested annually and with a price of ~US$2,600 per tonne, almost US$13 billion is passing through the hands of rural cocoa farmers in Africa, Asia and Latin America the majority of whom are unbanked.

Financial inclusion among cocoa farmers is not the only problem facing the cocoa industry; the cocoa trade suffers from one of the most complex cross-border supply chains in the commodities market. Cocoa is grown in a few countries around the equator by farmers using such currencies as the Brazilian Real, the Ghanaian Cedi, the West African Franc and so on, and bought by grinders and processors using interalia the Euro, Pound Sterling, United States Dollar, Singaporean Dollar and so on, and the end product of cocoa – chocolate – is consumed globally and purchased using all currencies.

Bean (XCC) provides a solution to the financial inclusion problem of rural cocoa farmers and the cross-border payment problems of cocoa processors and chocolate makers. Bean is an Ethereum based digital token with one bean (XCC) representing one cocoa bean or one gram of cocoa (~ US$0.0026).

The circulating supply of bean will never surpass the amount of physical cocoa and throughput in our approved warehouses and plantations.

Pre-Sale of bean is now live and can be accessed on https://bean.digital/pre-sale

Whitepaper can be accessed on https://bean.digital/whitepaper/

What is bean?
Bean is a digital token on the Ethereum blockchain (ERC20 token) and one bean represents one gram of cocoa or one cocoa bean.

Token name: bean

Symbol: XCC

Decimal places: 0

Total supply: 5,000,000,000,000 XCC (equivalent to 5,000,000,000,000 grams of cocoa or 5,000,000 tonnes of cocoa, which is global annual cocoa production)

Initial supply: 7,050,000,000 XCC (equivalent to 7,050 tonnes of cocoa, the amount currently in our approved warehouses and plantations. Supply of bean is pegged to physical supply of cocoa in our warehouses and bean supply will not increase unless there is a corresponding increase in our physical supply of cocoa)

Pre-Sale supply: 1,000,000,000 XCC (equivalent to 1,000 tonnes of cocoa out of our current 7,050 tonnes supply)

Bean Price: $0.00260862 (equivalent to the price of one gram of cocoa using ICCO daily price in US$/tonne on 17 May 2018)

Pre-Sale Price: 1 ETH = 297,325 XCC (equivalent to 1 XCC = $0.00202391 on 24 May 2018; equivalent to a 22.4% discount on bean price to pre-sale price on 24 May 2018)

Minimum Contribution: 1kg / 1,000 XCC / 0.0033633229 ETH

Maximum Contribution: 9.999 tonnes/ 9,999,000 XCC / 33.629866307 ETH

Bonuses: 1kg for 1% bonus, 100kg for 1.5% bonus, 1 tonne for 2.5%
bonus, 5 tonnes for 5% bonus and 9 tonnes for 10% bonus.

Pre-sale dates: 29 May – 27 June 2018

Website: https://bean.digital/

The maximum contribution is 9.999 tonnes as bean is devised for smaller players. Any speculator wishing to purchase 10 tonnes and upwards of cocoa beans is directed to buy cocoa on one of the commodity exchanges.

The circulating supply of bean will never exceed the amount of physical cocoa and throughput in our approved warehouses and plantations. Bean’s current physical supply is 7,050 metric tonnes of cocoa