FoodCoin FAQ

General

  1. What is FoodCoin Ecosystem?

    FOOD (FoodCoin ECOSYSYTEM) is a new blockchain ecosystem, architecturally designed to create a global marketplace of food and agricultural products on the active platform of 1000 EcoFarms, using the Ethereum technology. 1000EcoFarms is the first, self-consistent and independent project related to food market, but yet not the only one. In the widest sense, FOOD is going to be implemented as an universal trading platform for businesses related to food. The FOOD deals will take place through the use of smart contracts, while the transactions will accept a proper cryptocurrency named FoodCoin (FOOD)
  2. Is FoodCoin (FOOD) transferable and where is traded?

    FoodCoin will be transferable and will be traded on cryptocurrency exchanges after completing of 1-st stage of Token Distribution Event
  3. Where will FOOD be used?

    FoodCoin Ecosystem will be created for all kinds of food and agriculture businesses like trading blockchain ecosystem for farmers, proccessors, distributors, restaurants, caterings, farmer markets, food coops, buying clubs, etc
  4. Why does the amount of FOOD that I bought during the market research vary in my account?

    The exchange rate of FoodCoins is linked with Ethereum (ETH), and floats against other cryptocurrencies. Therefore, if you have made your contribution with any other cyrptocurrency, the exact number of FoodCoins in your account will vary according to the current market rate of the contribution currency against Ethereum. We now have the ability to lock the rate once before the coins are distributed to the contributors. To lock the rate, log into your account on foodcoin.io and click on the [Lock the current rate button]. The system will automatically pick a more favorable rate between the original rate on the date of the purchase and the rate on the date of a lock. Please remember that you can only lock the rate once.
  5. How can I see the FoodCoins that I bought during market research in my wallet?

    We have released an Ethereum Smart contract that will allow all participants to see their token balance in any ERC20-compatible wallet, including Mist, MyEtherWallet and others. To add tokens to your wallet, please see instructions and up-to-date information on the following page: https://www.foodcoin.io/contract-help. Please note that you will not be able to transfer tokens until the end of the TGE in December.
  6. When and where will I be able to trade FoodCoins that I purchased during market research?

    The FoodCoins will be released for trading after the first stage of our TGE in December. The list of supported exchanges and additional details will be available prior to that time.

TGE (TOKEN GENERATING EVENT)

  1. I am located in United States, can I participate in the TGE?

    Unfortunately the first stage of the TGE is not open to U.S. citizens, residents or entities (“U.S. Persons”). The second stage of the TGE, in 2018, will be open to all participants.
  2. When does the TGE start?

    1-st stage TGE will start on December 12th, 2017
  3. How long will the TGE run?

    1-st stage TGE will run for 2 weeks
  4. Which cryptocurrencies will be accepted during the sale?

    • Bitcoin(BTC) • Litecoin (LTC) • Ethereum (ETH) • Dash (DASH) • Ripple (XRP) • Bitcoin Cash (BCH)
  5. What will be the price of the token during the sale?

    1 ETH = 10,000 FOODs
  6. How many tokens will be sold?

    THE FIRST SALE STAGE IS PLANNED TO BE LAUNCHED ON DECEMBER, 12, 2017.
    SINCE THE GLOBAL FOOD AND AGRO MARKET POTENTIAL IS IMMENSE, WE SHALL PROVIDE OUR EARLY USERS, WHO HAVE SIGNED UP AT THE MARKET RESEARCH AND THE 1-st SALE STAGES, THE OPPORTUNITY TO ESTIMATE IT BY THEIR OWN DETERMINING THE NUMBER OF TOKENS THAT WILL BE ISSUED WITHIN OUR SMART CONTRACT.

    All tokens

    Total amount of tokens that will be issued within our smart contract will be calculated as follows:
    c = (a + b) / 0.09
    where
    a - all tokens ordered at the market research stage (with 1.35 multiple)
    b - all tokens ordered at the 1-st sale stage (with 1.20-1.05 multiple depending on the time of order)
    0.09 is 9% from total amount of tokens ordered by the users at the market research and sale stages.
    c -total amount of tokens FOOD that are planned to be issued at all the stages of emission
    15% of total amount of tokens will be issued for the 1-st sale stage. The amount of tokens issued for the 1-st sale stage will be calculated as follows:
    d = c * 0.15
    where
    c - the total amount of tokens that can be issued within our smart contract
    d - the total amount of tokens that will be issued basing on the results of the market research and the 1-st sale stages
  7. What percentage of the total tokens available will the TGE sale represent?

    Market research and 1-st stage of sale will represent 9% of the total tokens
  8. When FoodCoin will become transferable?

    All users who bought tokens on market research and 1-st stage sale will get tokens within 14 days after finishing of 1-st stage of Token Distribution Event.
  9. What is the project roadmap after the TGE?

    • Headquater in Luzern (Switzerland)
    • Launching FoodCoin wallet v.1.0 (Wallok)
    • Launching DiPay payment processor and multifunctional Wallok wallet v.2.0
    • Smaco launching (FOOD smart-contract system)
    • DIGID launching (remote identity process)
    • PRORID launching (product origin authentication system)
  10. How will TGE funds be used?

    • 20% The team (the involvement of highly qualified experts in the field of blockchain)
    • 20% Marketing
    • 15% Infrastructure development of FoodCoin Ecosystem
    • 5% Loyalty program to attract new online trading platforms (online shops, local marketplaces)
    • 5% 14% Operating costs
    • 6% TGE related costs
    • 10% Social projects (the use of FoodCoin as an alternative currency to stimulate local food&ag businesses
    • 5% Development of an accelerator for the food&ag start-ups that have already got the ultimate product and customers, and are ready to develop together with FoodCoin Ecosystem)
    • 5% Experts and advisers
  11. When will tokens be distributed?

    All tokens will be distributed after completing of the market research in September 2017. But FOOD will become transferable only after the 1st stage of TGE in December 2017.
  12. What kind of token it will be?

    It will be an ERC-20 token for market research. After the end of 1-st sale stage, we will begin to create our blockchain with full fledged cryptocurrency. It will take time. Our market research event will be conducted in partnership with payment processing company, regulated crypto exchange and Swiss based bank.
  13. When the ERC-20 tokens are issued, can they be stored in MyEtherWallet, which people are familiar with, or is it necessary to use the Wallok wallet?

    You can use your MyEtherWallet or any wallet which supports ETH
  14. Which exchangers are you going to list the token on post TGE?

    The list of exchanges will be determined after completing of the 1-st stage of sales in December.
  15. When farmers and users are expected to start purchasing the token and how are you going to make their experience seamless and user friendly?

    Our FoodCoin Ecosystem is not created from scratch, but have earlier adopter. It is already operating global marketplace – 1000Ecofarms. And we are already negotiating with farmers, restaurants and grocery stores who are present on our marketplace about using of FoodCoin.
  16. What do the future emissions would do to the price of FOOD?

    Those emissions will be made in a way to not move the price too much or to stabilize it. We are creating blockchain for businesses. And we are sure that a lot of food and agricultural businesses will join to our Ecosystem. In addition, our Ecosystem will be free for all parts. There will be only one condition for using it – using FoodCoins as a payment tool. It means that every new user will go to cryptoexchanges and buy FoodCoins for transactions. We will not lock up the price. The price will be determined on the exchange. Our target is to eliminate extreme volatility. However, the FoodCoin will grow as long as new participants come.
  17. Will you be putting up the entire total supply of tokens on the exchange?

    When we determine the total number of tokens (according 9%), additional 6% of tokens will be issued. The remaining coins will be released as necessary. The remaining 85% of the total coins will not be issued until next emission, and will not be owned by anyone. On the next stage of emissions, the tokens will be sold on exchanges. The price will be estimated on cryptoexchanges as a bid/buy balance All emissions will be divided into various stages in order to avoid extreme speculation with our tokens.
  18. When will the tokens be transferrable or exchangeable?

    Tokens will be transferable in a week after the TGE, and released on the exchange in 2 weeks after that.
  19. Why do I have a minus symbol next to my coin in MyEtherWallet? Is it because you haven’t issued them yet?

    It is a standard MEW option, which allows hiding the token without deleting it.

KYC & AML

  1. What is KYC?

    KYC (Know Your Customers) comprising activities performed by financial institutions and companies to ascertain the information from their clients. The term also refers to the bank regulation which governs these activities. It is performed by almost all companies to ensure their proposed agents', consultants' or distributors' anti-bribery compliance. Banks, insurers and export credit agencies often demand the customers to provide the anti-corruption information, to verify their reliability.
    KYC measures, as well as the jurisdictions, differ from country to country. However, it generally involves the following:
    • Collection and analysis of basic identity information (referred to in US regulations and practice a «Customer Identification Program» or CIP)
    • Name matching against lists of known parties (such as «politically exposed person» or PEP)
    • Determination of the customer's risk in terms of propensity to commit money laundering, terrorist finance, or identity theft
    • Creation of an expectation of a customer's transactional behavior
    • Monitoring of a customer's transactions against their expected behavior and recorded profile as well as that of the customer's peers
  2. What is AML?

    AML («Anti-money Laundering») is a set of legal means designed prevent generating illegal income. Money laundering typically consists in hiding their actions through a series of steps that make it look like money coming from illegal or unethical sources was earned legitimately.
  3. Who must go through KYC/AML?

    All those who plan to participate in TGE
  4. Why is it necessary to go through KYC/AML?

    KYC and AML are necessary security means required by Swiss government. FoodCoin Ecosystem is a company based in Switzerland, which works legally and complies with all legal requirements of its country.
  5. Is it safe for my personal data?

    We care about the safety of your data, and its disclosure to third parties without your consent is totally excluded. KYC will be carried out in cooperation with our partner Identity Mind: https://www.identitymindglobal.com
  6. Are the payments accepted directly?

    To ensure safety and trust from our community, the tokens will be sold in cooperation with the payment processor CoinPayments: https://www.coinpayments.net
  7. What will happen with the price of FOOD after being launched on the exchanges?

    The exchange prices are determined by the demand and supply. As the demand increase, the price will grow too, and vice versa. As many people will not be able to purchase FOOD during the TGE due to limitations of our Terms and Conditions, they will have to do it through exchanges.
  8. I have a technical problem! Where can I ask for help?

    You can always write a letter describing your problem to info@foodcoin.io, or do it on our Telegram chat: https://t.me/Foodcoin

TGE Bonuses

  1. Will there be any bonuses for those who participated in the TGE?

    Yes, we have prepared a complete bonus system. The sooner you join the TGE, more bonuses you will get.
  2. When can I get the highest bonus?

    The highest bonuses can be obtained during the TGE – from 12th to 15th of December. These bonuses depend on the date of your registration:
    • If you signed up before September 6, your multiplier at these days will be x1.3;
    • If you signed up before October 6, your multiplier at these days will be x1.25;
    • If you signed up before December 15, your multiplier at these days will be x1.2;
  3. What bonus will I have if I participate later than December 15?

    Your bonus depends on when you participate, and lowers slightly each 3 days:
    • If you participate from December 15 to 18, your bonus will be x1.15;
    • If you participate from December 18 to 21, your bonus will be x1.10;
    • If you participate from December 21 to 24, your bonus will be x1.05; If you join after December 24, you will purchase without additional bonuses.
  4. At what time ends a day?

    The day changes at 2:00 PM UTC, 3:00 PM Swiss time.
  5. Are there any partner program bonuses?

    Yes, you will get 5% from your referral’s purchases (not considering his or her bonuses), if he or she signed up before the October 6. Otherwise, you will get 3%. Your referrals will get +25% to their bonus:
    x1.375 instead of x1.3
    x1.3125 instead of x1.25
    x1.250 instead of x1.2
    x1.1875 instead of x1.15
    x1.125 instead of x1.10
    x1.0625 instead of x1.05
    x1.025 if there are not any bonuses

FoodCoin and 1000 EcoFarms

  1. How will FoodCoin Ecosystem work with the marketplace?

    1000 EcoFarms will be the early adopter and the first marketplace of food and ag businesses based on blockchain technology
  2. What is Wallok?

    FoodCoin (FOOD) is a token issued through Ethereum-based smart contract. Wallok is a smart multi-level multi-currency wallet. You can create your own unique wallet on your smartphone and synchronize it with other devices (PC, tablet, smart watch, etc.) Functional FOOD Wallet will allow users to:
    • Oреn multi-currency accounts in fiat and crypto-currencies
    • Issue invoices and pay bills
    • Use only one or both of wallet levels (Vault or Air)
    • Make instant and free transactions (on Vault level)
    • Get access to exchange operations and conversion of fiat and crypto-currencies
    • Use the integrated messenger Vault is the most secure level of storage and flow of funds, which will be held in under the platform and among the Wallok users. Transactions that take place between
    Wallok users at the Vault level, may have an additional confirmation function. Air is the level for advanced blockchain users conducting external payments with the external wallets. A Wallok wallet will have an implementation for using them in business and personal tasks.
  3. What is DiPay?

    FoodCoin (FOOD) is a token issued through Ethereum-based smart contract. DiPay is a 2-level cryptopayments processing service. As part of DiPay processing, the following features will be available:
    • creating mobile multi-sig cryptowallets;
    • safe cryptocurrency storage;
    • free and instant payment platform;
    • option of withdrawing coins in fiat currencies;
    • option of issuing and receiving bills/invoices
    • buying and selling cryptocurrencies in online mode;
    • recurring payments;
    • binding to bank accounts and cards;
    • integration with third-party software (for restaurants, accounting, inventory control, etc.). For the implementation of DiPay, partner bank will be connected in blockchain-loyal jurisdictions. DiPay will have an API to connect to third-party services and resources.
  4. What is DIGID?

    FoodCoin (FOOD) is a token issued through Ethereum-based smart contract. DIGID (Digital Identity Verification Platform) is a remote user verification system built on a decentralized Ethereum-based blockchain platform. Full application of blockchain technology in the business environment would be impossible without powerful and secure user identification tools. User identification will be voluntary, but at the same time, an essential condition to participate in the platform in its business implementation. How the user is identified?
    • The parties to a smart contract transaction can request a oneway or mutual verification to the other party to the transaction. For this purpose, parties to a transaction exchange DIGID username public keys (tokens). In order to get a full DIGID, the user will have to obtain a confirmation of its profile from a third-party platform user.
    • The user is identified only once and it remains so in the system as a digital entry forever, and can be requested automatically during the verification request.
  5. What is SMACO?

    Smaco (Smart Contract) is a flexibly administered smart contract with the function of multiple inputs and outputs. Smaco will have a integrated horizontal and vertical connections between the transaction parties. A smart contract will be managed by one or more administrators. A hierarchy with permissions will be configured by a FOOD user who created the smart contract. All administrators horizontally integrated in the current smart contract, will have the same rights and cannot be removed or restricted in smart contract management rights after signing it. Each administrator will be able to create a vertically integrated private blockchain for personal service within the current smart contract. The administrators will not have access to private blockchain of another administrator. Additional parties of the transaction can be invited by the administrators of on their own initiative or on the basis of consensus, and become either parties or verifiers of the current smart contract. An open library of standard Smaco contracts will be created with an intuitive interface for connecting additional options. Creating and maintaining Smaco contracts will not require programming skills. Working with Smaco will be usable for everyone.
  6. What is PRORID?

    PRORID is a products and goods origin authentication system. Actually, PRORID will be a type of Ethereum-based smart contract. An essential condition to prove the origin of the goods or product in the PRORID system will consist in signing a smart contract by one or more experts (public, commercial or private) with an undisputed authority in matters of origin authentication of the goods that are the subject of an agreement in the framework of the current Smaco contract. If a smart contract includes a PRORID feature, the logistics company will be obliged to accept the goods only after confirmation from the experts on the current smart contract based on the consensus between the parties of the contract. PRORID integration with the electronic databases of public fiscal, customs and supervisory authorities will significantly limit the circulation of illegal, counterfeit and other illicit trafficking products and goods, thus making a significant contribution to the fight against economic crimes.
  7. How many farmers does 1000 EcoFarms have now?

    700+
  8. How many users does 1000 EcoFarms have now?

    4000 +
  9. Where can I find the white paper?

    Check out this link to find the updated copy of the white paper https://www.foodcoin.io/files/doc/foodcoin-whitepaper-en.pdf.
  10. What will be happening to the original 1000ecofarms.com while you are starting FoodCoin?

    FoodCoin and 1000EcoFarms are two separete businesses. 1000EcoFarms is early adopter for FoodCoin Ecosystem. Our goal is to create a blockchain ecosystem for food and agriculture businesses based on existing platforms like 1000 EcoFarms. Farmers, manufacturers, processors, and restaurants will be the users of FoodCoin ecosystem all around the world. 1000EcoFarms is already operating marketplace. FoodCoin will expand the capabilities of 1000EcoFarms platform and make it suitable for different scale agricultural and food businesses (both local and international)
  11. Can I buy products in your shop for these tokens?

    1000EcoFarms is not a shop. It's a marketplace. And yes, you will be able to buy products from our partner-farmers who will accept FoodCoins.
  12. Can I get free FoodCoin?

    Yes you can! Join our referral program. Check put this link please: www.foodcoin.io/bounty
  13. Is FoodCoin mineable?

    Not right now. Later, when we will create our own blockchain, it will be mineable.
  14. Is FoodCoin also implementing food provenance in the food chain?

    Not yet. It will be one of the tools of our FoodCoin Ecosystem in future.
  15. Which large businesses have you approached, and which have expressed interest in working with you? When will you have your first sizeable and real partnership?

    We will begin to make strategic partnership agreements as early as next year. A full-fledged cooperation will be possible as soon as our system will be launched and tested.
  16. Do you have any prototype for you blockchain?

    We will create an Ethereum-based blockchain. We will start working on it after the 1st stage of TGE, and the code will be available on GitHub.
  17. You are combining 2 very novel factors here: your business model, i.e. 1000 EсoFarms platform, is a novelty, and on top of it you throw another novelty which is the whole crypto currency experience. Now, this will be a double whammy for both your farmers and users - neither one of these concepts has gained enough traction yet nor anything close to early majority let alone mass adoption. When, which year, do you think your business model will actually gain enough traction to be really sizeable (if it survives), and how will you minimize the risks along the way and maintain your possible first entry advantage? Also, which are the main competitors to 1000 EсoFarms, and which geographical regions will you target this year and next?

    1000Ecofarms is separate and an already operating platform. To date, we are focusing on the US and EU markets. But after the TGE we are planning to develop the European market. 20% of the funds raised on the TGE will be sent to involving a new users like the 1000Ecofarms platform. Up to 10% of all tokens will be sent to social projects. Using funds in these ways, we expect to get support from different sides, and it will increase the popularity of both our projects.
Send us email: info@foodcoin.io
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