Dear Smartland Team,
Since I'm involved in agriculture business myself, I find the idea of this project quite interesting. However, after reading the white paper I still have questions how this could work on practice:
4) On the example of your walnut orchard project, how exactly would investors receive their share of profit from the walnut sale? To make this work properly, all sales of walnut should be written on blockchain too. Do you have smart contract that will split the profit among all token holders?
With wide acceptance of cryptocurrencies and blockchain technologies it is a good idea to implement smart contract for automatic distribution of part of revenue (and profit), but currently we believe legal mechanism that will be in place with collateral agreement, public offer and so on is more reliable and practical way to handle the issue. It is not easy to make such legal framework and even harder for potential investors to access it and to check for possible risk. And that s where Platform kicks in and make the process way easier and more reliable for both parties with standardized and proved solution.
5) How the investors can monitor on what their money was spent by fund-raising companies?
First of all, the Platform will provide additional transparency of operations with IT solutions that will collect the data from agricultural companies so it will be easier to monitor the progress in every way including money spent by the companies raised during an ICO. The information will be provided in reports that will be in line with regulations for other public companies and additionally set in legal framework. In case of non-compliance with the rules fines, legal prosecution of executives, or loss of ownership for collateralized assets may apply to the company depending on the magnitude of the violations.
6) Is there any real usage of blockchain in the project at the moment, except for raising funds though ICO?
Creation of new class of low-risk tokens and building the infrastructure for cryptoinvestors seems to be a good reason enough to qualify for “real usage of blockchain”
The rules of the Platform will be set by the SLT tokenholders through democratic organization principles implemented with blockchain technology (providing confidence for all the participants that results of voting cannot be corrupted). The same relates to the ability of the ABT holders to make decisions with voting that differs them from ABS.
Looks like the project requires a lot of coding and drafting of smart contracts. Please provide GitHub link where we can read some code.
This part of project will be published on further stages of ICO