When we think about blockchain technology and e-auctions, we usually visualize hi-tech items, phosphorescent green lines of code cascading down a jet black screen, and the like. The more humble and commonplace vegetables and olive oil do not readily spring to mind.
Yet, blockchain technology and cryptocurrencies are slowly seeping through every aspect of life, including the agriculture market in the Mediterranean country of Greece.
Today, we take a look at Greek Food Corridors (GFC), a brand new ICO that offers the creation of an e-auction platform for fruit, vegetables and olive oil to enable farmers and growers to sell their produce in a coordinated and fair manner.
The GFC proposition: auction room for the Greek agricultural market
The current structure of the agricultural trade in Greece comprises a large number of small-scale farming operations and growers yielding produce. The concept of cooperatives is not widespread across Greece, accounting for about one fifth of production bases, as opposed to about 40% across the rest of Europe.
The scattered and uncoordinated nature of the market means that growers and producers are at the mercy of wholesale intermediaries that buy their produce at a low price and sell it on at a much higher rate. Growers and producers are the losers in this setup, as they receive meager returns on their investments while intermediaries rake it in.
GFC proposes a solution to this quandary through the creation of a e-auction platform that makes intermediaries redundant so that produce can be sold fairly and at a more adequate price.
The importance of a Commodity market for Futures Contracts in Greece. pic.twitter.com/nk95FpzHp8
— GFC-Greek Food Corridors (@GFCauctions) April 2, 2018
According to its whitepaper, the e-auction platform “will rationalize the value chain of agricultural products, eight Greek Food Corridors e-Auctions, enhance transparency in trade, bringing the producer closer to the final buyer, offering him individuality (equal power), liquidity (product flow), product homogeneity (quality standards & quantity) and will consolidate and improve product prices across the supply chain.”
Establishing the GFC online e-auction platform and networking it in real time with the production and consumption sites will organize, coordinate and increase sales focusing on exports, improving at the same time product quality standards and packing process. pic.twitter.com/WJkcziQuW5
— GFC-Greek Food Corridors (@GFCauctions) March 6, 2018
The platform will:
- Streamline marketing & transaction procedures
- Promote better marketing opportunities and fairer competition for farmers / sellers through online access
- Remove intermediaries that abuse the system and rig prices
- Provide access to detailed market information & international markets
- Improve the price for producers and consumers through better and real-time price discovery
- Ensure quality
- Guarantee price transparency
GFC in figures & quick facts
Be part of this huge project for the Greek economy & primary sector, contribute now! pic.twitter.com/ncFmTW6FRX
— GFC-Greek Food Corridors (@GFCauctions) March 24, 2018
- Token name – GFC e-auction for Agri-commodities (GFC)
- Total numbers of tokens issued – 50m
- Token worth – GFC 1 = 0,0005 ETH, or equivalent in Euro (0,50 EUR)
- ICO start date – March 5th 2018
- ICO end date – April 30th 2018
- Soft cap- n/a
- Hard cap – n/a
- Only ETH will be accepted as payment
- Token price for launch week (05.03.18 to 25.03.18) will have a 20% discount
- Price value of first week ITO: 0.0004 ETH / GFC (buy) and 0.00036 ETH / GFC (sell)
- GFC Token price will be 0.0005 ETH after 25.03.2018
The GFC token
As with any other ICO, the company will issue its own currency, the GFC e-auction for Agri-commodities (GFC), which is based on the ERC-20 standard.
— GFC-Greek Food Corridors (@GFCauctions) March 23, 2018
Learn more about GFC’s team here.
Social media presence and digital footprint
GFC concept! pic.twitter.com/ki55kXSK5U
— GFC-Greek Food Corridors (@GFCauctions) February 21, 2018
Here are the SM numbers for GFC at the time of writing (early April 2018).
- Twitter – 232 followers
- Facebook – 74 followers
- LinkedIn – 70 followers
- Telegram – 0 followers
GFC’s presence on social media is practically non-existent at this point in time.
GFC E-AUCTIONS: The live e-auction gallery
How does it work? pic.twitter.com/KvbUnzIuIY
— GFC-Greek Food Corridors (@GFCauctions) March 9, 2018
Greek food is quite unique. It gives health, longevity, and beauty, if the legends are to be believed. Now, whether or not GFC also enjoys longevity is a matter for debate. What is clear however is that GFC is a unique ICO at this point in time. No other ICO offering an e-auction platform for vegetables & olive oil is currently in operation.
From this standpoint, GFC has no competition whatsoever, so the opportunity is there.
Consult GFC’s whitepaper for more information about the platform, additional features and services, etc.
@GFCauctions, the #ICO for e-auction for agri #commodities just went LIVE on @BestCoinslist – https://t.co/Kh161bZt4o#BestCoins #Blockchain #Ethereum #BTC #ETH pic.twitter.com/NbKOEP47bV
— Best Coins (@BestCoinslist) February 27, 2018
If you are a seasoned epicure and have some spare funds to invest, you may wish to
take a second look at GFC, as their proposition is rather unique, appealing, and
Whether investors feel the same way remains to be seen, but GFC does have the merits to succeed, insofar as it benefits mostly the small-holding farmer and grower who toil every day for their wages.