As reported by Reuters Thursday morning, Tierra Viva (“Alive Earth”), a Colombian exporter of long-horned beetles primarily based in Tunja, has been creating its personal cryptocurrency to keep away from excessive fee prices on worldwide gross sales. In keeping with the outlet, the Hercules, Neptunus, and elephant beetle species exported by Tierra Viva have a retail worth of $300 a pair in Tokyo. The beetle species are standard amongst Japanese schoolchildren and collectors.
Carmelo Campos, chief programmer of Tierra Viva, mentioned the next in an interview with Reuters:
It is an alternate to have the ability to export the beetles to Japan or some other a part of the world and be capable of use it as a technique of fee.
Tierra Viva’s digital foreign money is named the Kumushicoin (KTV), named after the native title of the Japanese rhinoceros beetle, the Kabutomushi. As discussed in its white paper, Tierra Viva’s essential company exercise earlier than launching ATV was remodeling natural stable waste with beetles it had raised.
On Aug. 24, 2019, the corporate developed the Kumishicoin with its personal blockchain with an preliminary whole provide of 20,000,000 KTV. The community operates on a hybrid consensus consisting of each proof-of-work and proof-of-stake mechanisms. Nevertheless, solely stakers are entitled to dam rewards and miners can solely obtain transaction charges as consideration for his or her efforts. Tierra Viva claims this setup is designed to disincentivize mining as a consequence of its environmental impacts.
According to CoinGecko, the Kumishicoin is just accessible for buying and selling on the CREX24 alternate, which doesn’t assist U.S. purchasers. Every KTV is at present value $1.80. Reuters reported that round 220 retail companies in Tunja are at present accepting KTV as fee.
Colombia is rising as an area hub for cryptocurrency adoption. In Sept., the nation invested over $30,000 to develop a gamified app that simulates crypto and stock trading for younger learners. Earlier this 12 months, Colombia’s oldest business financial institution began exploring cryptocurrency-related services.