Regen Network, a Blockchain startup helping agriculture industry manage environmental impact, is pre-selling its token, Regen CEO Christian Shearer told Karma.
Founded last year, the Massachusetts-based company records farming data on its Blockchain, offering food companies a trusted infrastructure to incentivize suppliers to reduce waste.
The immutable nature of decentralized ledger “enhances data quality and trust, compared to relying on ecological data collected by for-profit companies and certifications and stored in private databases with no publicly accountable governance,” read the company blog.
- Targeting to trade at 70 cents, Regen’s governance token XRN is offered at 21 cents to investors who commit for more than three years.
- One possible partner is Lotus Foods, a California-based rice importing company. Lotus Foods aims to incentivise its rice suppliers in Indonesia to switch to a more water-efficient planting method called the System of Rice Intensification.
- Regen will process data collected by European Union satellites and on the ground in Indonesia to detect if farms have switched to the new rice-planting method. The behavior will be recorded on the Regen Leger. If a deal is reached, the project will be tested this year and deployed in 2020.
- Founded last year, the company has raised $750,000 in pre-seeding round. It plans to sell 42% of XRN for fundraising, and 6% has been sold.
- Karma Takeaway: Applying Blockchain to agriculture improves data transparency and accountability, because of Blockchain’s immutable nature.