TE-Food Review – Cryptocurrency Guide
What Is TE-Food?
Situated in Vietnam, TE-FOOD is creating an inexpensive, adaptable answer for straightforward tracking, securing, and ensuring nature of food being transported all around. This will be used to battle food-borne disease, misrepresentation, robbery, and defilement. Basically, they have a two-sided approach:
TE-FOOD will train businesses, ranches, providers, butchers, and transporters in their network to use their app and QR codes to sweep and log domesticated animals, and other crisp foods in transport from takeoff area (i.e. the homestead) to processors (i.e. butchers) to the market, and each progression in between.
The goal is to give straightforwardness (both geologically and constantly) to all gatherings involved, including the market which would be fundamentally worried about length of movement.
The other part is conscientious consumers that need to know what kind of excursion their food has been on. They would then be able to examine and verify the timeliness of the food deliveries to the market too at the quality.
How best in class is the project?
TE-FOOD as of now has a working arrangement, including B2B (business to business), and B2C (business to consumer) apps that right now serve to follow and show each progression of deliver and domesticated animals from homestead to market.
They at present use the application to follow 12,000 pigs, 200,000 chickens, and 2.5 million eggs for each day. Likewise, the consumer mobile app has between 10,000 to 50,000 downloads up until this point.
The Following is their guide to date, and broadened:
Q2 2015: TE Ltd. begins development of TE-FOOD in participation with Erba Ltd.
Q2 2016: Agreement came to with the government of Ho Chi Minh City to execute TE-FOOD.
Q4 2016: TE-FOOD dispatches for tracking pig and pork in the HCMC district.
Q2 2017: Chicken ranch/egg maker workers trained (10,000 aggregate).
Q3/4 2017: Chicken and egg tracking begins, National Livestock Registration framework begins in Vietnam.
Q1 2018: TE-FOOD International Ltd. is established.
Q2 2018: Produce, and cows tracking will be propelled, along with venture into 2 extra target nations.
Q3/4 2018: Traceability ledger executed with blockchain technology, seafood tracking dispatch, creature anti-infection tracing dispatch, pandemic forecasting and alert framework created, TE-FOOD marketplace is propelled.
Q1/2 2019: Food security sensors with blockchain auto-logging features dispatch, grow logging capacities, creature confront acknowledgment, 2 extra target nations will have TE-FOOD market nearness.
What are the tokens used for and in what manner would token be able to value appreciate?
The tokens will be used as a medium of exchange between businesses, but will likewise be rewarded to clients that use the app to examine food they get to guarantee quality. Those tokens would then be able to be used on the platform to buy higher quality insight, and also food quality analysis services. This gives more incentive to consumers, which circles back providing incentive for businesses to use the service.
The tokens ought to appreciate in value depending on what number of working accomplices TE-FOOD can anchor, and also the quantity of consumers/markets depending on the app to guarantee quality. The more the app/tracking service is used by organizations, the more they should buy tokens in mass, driving up request, and along these lines price.
TE-FOOD ICO Value Proposition
The TE-FOOD ICO suggests that a distributed ledger-based framework would both add value and versatility to their offchain item. It might appear to be unrealistic for a few perusers, but in emerging markets there is significant doubt among consumers toward the food industry and even administrative specialists because of the over the top use of synthetic concoctions, cases of poisoning and so forth.- just in fact unalterable coordinations and food quality data can give real validity.
The 2008 Chinese Milk Scandal that brought about the poisoning of 300,000 infants outlines not only the real risks caused by deceitful practices by food makers, but likewise by degenerate specialists who conceal such abuses. Adding everything about information about a given item onto the TE-FOOD distributed ledger will give a level of straightforwardness that advantages all members, protecting as well as inhibiting food makers from making expensive mistakes and reassuring consumers that their food is sheltered and of the highest quality.
TE-FOOD has planned an inventory network framework in which identification apparatuses (RFID labels, security seals and name stickers) are applied to animals, transport and new food bundles, storing each datapoint all through the entire production network. Crisp food items at the retail level can be followed back to their origins together with food wellbeing related information. The framework conveys a B2B mobile app for entering data onto the ledger and a B2C app for client access to item information. A nitty gritty rundown of the existing identification instruments and apps along with explanations on what part each bit of technology plays in the framework is available here.
To comprehend the ecosystem, we will first investigate the structure and capacity of the underlying blockchain engineering. The TE-FOOD ecosystem works on two separate ledgers and tokens:
Token Transaction Ledger
The token payment arrangement will be executed on an open network using TFOOD, an ERC20 token. Inventory network members will use it to buy transactions in the framework.
Transactional and food related information will be put away on a private blockchain and use an internal specialized token: the Transaction token. TE-FOOD blockchain structure from whitepaperDiagram of Blockchain Structure (pg. 17 of the whitepaper)
Each company in the production network maintains two wallets; a TFOOD wallet on people in general network and a Transaction wallet on the private network. A breakdown explaining the part of the TFOOD utility token within the TE-FOOD ecosystem follows:
Value Exchange Point 1:
Sharing of profitable information between organizations in the inventory network e.g. if a dairy animals has just been treated with anti-microbials, this is recorded on the ledger and influenced known to the following point in the supply to chain. Organizations can forgo assist treatment, consequently reducing cost and preventing the overuse of anti-toxins. The company selling the cow sets a price in TFOOD for the information and the collector sends TFOOD to the dealer’s TFOOD wallet in exchange.
Value Exchange Point 3:
At the point of retail, consumers are rewarded with TFOOD for using the B2C app. Consumers have the extra choice of using TFOOD tokens to arrange food analysis services. Users bundle a piece of the item and send it to TE-FOOD. The consequences of the food analysis are come back to the users in electronic configuration. While this may appear to be pointless to a few perusers in nations with strict directions on food generation, the service gives clients in emerging markets where cases of food misrepresentation are more common outright certainty while choosing the correct item for say, feeding their kids.
Token holders rate store network organizations with which they work, so the framework can maintain a company scoring framework and incentivize enhancements.
TE-FOOD ICO Team
TE-FOOD was begun by TE Ltd., a Vietnamese company built up to work a food traceability framework. Erba 96 Ltd., a Hungarian company, was contracted as an IT development accomplice of TE Ltd. from the beginning of the offchain variant of the item. An itemized design of every single legitimate element involved in the project and how they identify with each other is available here. The lead team originate from the two organizations. Likewise, the TE-FOOD program includes a broad blockchain dev team, programming dev team and food industry specialists.
TE-FOOD have two Co-CEOs who lead the project – Erik Árokszállási and Dr. Trung Dao Ha.
Erik Árokszállási is as of now CEO of Erba 96, a Hungarian programming development company that has been in activity for 2 decades. His Linkedin demonstrates he has worked there since the founding of the company. With TE-FOOD, he will persist his part as Co-CEO.
Dr. Trung Dao Ha is likewise Co-CEO of TE-FOOD. His past encounters lay at the intersection of tech and business. He has served for a long time as the President of the Ho Chi Minh City High Technology Association and has established a few business wanders.
Marton Ven fills in as CMO of TE-FOOD. Already, he was the IT Project Manager at Erba 96 and has likewise been with the company since its inception.
TE-FOOD ICO Strengths and Opportunities
Any ICO that dispatches in light of a working business with a client base and income stream instills a higher level of trust in the investment. TE-FOOD have figured out how to execute and scale a problematic technology that includes all members in the Vietnamese food production network. Convincing undertakings to spend cash for any new kind of service when net revenues can be thin is in no way, shape or form a simple accomplishment, but the company have pulled it off.
To this understanding, the offchain infrastructure for the framework as of now exists, works and has demonstrated its feasibility. On the client end, they have gained unobtrusive footing with up to 50k downloads of the B2C app effectively according to Google Play.
TE-FOOD have been especially straightforward regarding both the presence of their business and associations, providing news clasps and photos of their organization concessions to their Medium blog. A standout amongst the most promising developments so far is that TE-FOOD has joined forces with ZALO, a Vietnamese app like Viber with more than 70 million users. A video showing using ZALO to filter a TE-FOOD marked item can be seen here. The potential for mass reception is exponentially increased through the association with ZALO, giving users of the app quick openness to the item.
TE-Food ICO Weaknesses and Threats
We know about the large number of decentralized store network projects on the market, and have thought about these competitors in our rating. To specifically address this issue, TE-FOOD have furnished correlations of their project with WABI, Ambrosus, Modum and Waltonchain, which can all be gotten to through this link. The main takeaway in our opinion is that TE-FOOD have figured out how to catch the Vietnamese market, and are in this way insulated from coordinate rivalry until the point when they venture into different markets where the opposition is likewise present.
Our greatest worry with TE-FOOD is the administrative position of the Vietnamese government toward cryptocurrency. In October 2017, The State Bank of Vietnam passed a prohibition on cryptocurrency, referring to it as an unlawful, non money payment.
“The issuance, supply, use of bitcoin and other comparative virtual cash as a methods for payment is restricted in Vietnam.” (Original Source in Vietnamese)
While unmistakably cryptocurrency can not be used as a type of payment, the government is open to considering crypto as an investment resource. According to an ongoing bizhub.vn article, the national bank plans to coordinate with the Ministry of Justice to examine the lawful framework for managing cryptographic forms of money.
We took these inquiries specifically to the TE-FOOD ICO team for their pledge on the issue. As TFOOD token will be used to get to services within the TE-FOOD ecosystem, our worry was that it might be considered a type of payment and consequently, denied. The appropriate response we got from Daniel Csendes, Blockchain Technology Consultant for TE-FOOD, is that the token isn’t considered a type of payment under Vietnamese law, but instead a “permit”.
He additionally indicated a declaration would be made addressing this issue soon. Contradicting this, the SWOT analysis on page 30 of the whitepaper acknowledges that cryptocurrency directions do indeed speak to a potential risk to the project. The topic of how controllers interpret the capacity of the TFOOD token to get to services, regardless of whether as a computerized permit or an unlawful cash, will hang overwhelming until the point that an official declaration eliminates any confusion air.
Except if there is supreme certainty regarding the administrative status of the TFOOD token itself, we need to account for the hazard this postures to the project’s advance. The way things are, there is a substantially higher hazard to the investor if the Vietnamese government cinches down on the project than for the TE-FOOD ICO itself.
With an existing business and stream of income, TE-FOOD has a construct to fall back in light of should the administrative condition get ugly, while investors then again will be left holding a pack of useless tokens. Dealbreaker? We don’t think so. Something to firmly mull over while placing our wager? Definitely.
The company has a solid footprint in Vietnam, but their capacity to imitate the accomplishment to different nations is doubtful because the food and agribusiness industry in every nation is altogether different. However, the company has set up workplaces in Hungary and South Africa and has made some key contracts in the two nations.
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Generally, we like both the flipping and long-term capability of this ICO. Our musings on buying the tokens for flipping and investing for the long term are as follows:
Good. The thought, team, development advance, and token measurements are generally better than expected. Certain past projects in the production network space have been generally welcomed by the market so we trust this project can likewise do well.
For long-term holding
Good. Te-Food’s clients are a portion of the greatest basic need chain/farming organizations in Asia. Not very many blockchain projects have a client base as solid as Te-Food. Tracking food at a cost impact way is one of a major use case for blockchain technology and we trust this project has a good possibility of being fruitful.