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That food is a basic human need is true. It replenishes and is indeed vital for our general well-being. That is why an increasing number of individuals are conscious and picky on what they consume. After an alarming statistic revealed that an astonishing700 million across the globe are hospitalized and 400,000 dying, caution prevails. Most of these killer ailments are after all, traced back to food related diseases. From the number of casualties, there is clearly a gap in food distribution that requires immediate action.
TE-Food recognizes the urgency of the matter in question by using blockchain technology to roll out a fitting solution. To that end, it is providing a transparent trust-based solution for international operation. The platform seeks to improve food safety, eliminate corruption, enhance fair trade, and build trust between the food supply chain companies, consumers, and authorities in the emerging markets.
The start-up bridges the gap between consumers and the entire supply chain, enabling them to obtain data on food history and its quality through physical identification tools, mobile apps and web-based software solutions in a PPP model.
TE-FOOD is a joint venture (JV) of a Hungarian and a two years old Vietnamese company, currently employing 30 people. The geniuses behind this noble movement are headed by Dr. Trung Dao Ha, the CEO and president of the High-Tech Association of HCMC. He has 20 years of strategic leadership, marketing and sales experience in Asia and Europe.
Working side by side with him is, Erik Arokszallasi CEO, co-founder and leader of two successful corporate IT development companies in Hungary. Erik has a remarkable 23 years of leadership, and IT project management experience.
Assisting them is Marton Ven CMO, who not only has 21years’ experience of marketing, sales and project management but also is a co-founder and marketing leader of two successful corporate IT development companies.
The team is advised by Endre Jobbagy who is very competent in blockchain and business technology. He is the Founder and CEO of Interticket, and a Co-founder of Blockchain Competence Centre, a European management consulting and professional service company specialized in the Blockchain industry.
Dr. Michael Patching acts as an Independent Animal Welfare and Husbandry Advisor. He has a Masters in International Animal Welfare Ethics and Law with over a decade’s experience as a veterinary doctor. Presently, Michael is the current Vietnam Livestock Services Manager for Meat and Livestock Australia.
In Q2 2016, TE-FOOD struck an agreement with the government of Ho Chi Minh City for implementation. Official pig and pork trading in the HCMC region of Vietnam started in Dec 16, 2016. A few months later, more than a 100 chicken farms and egg producers were trained in Q2 2017.
Thereafter, in Q1 2018, TE-FOOD International is founded. Shortly after that, all TE-FOOD rights and contracts were transferred to TE-FOOD International. Q3 2018 marked the implementation of Blockchain as a traceability transaction ledger. Other developments as the Animal antibiotics traceability and the AI based smart pandemic forecasting and alarm modules for the National Livestock Registration system were also introduced.
In Q4 2018, the TE-FOOD Marketplace was launched. Following this feat, in Q1 2019 an extended farm management tools including Food Safety Sensor tools were ready for deployment.
Presently, plans are underway for a further presence in four countries with the service made better thanks the Facial Recognition Feature, a product of their research and development which started in Q3 2018.
For achievement of their goals, the TE-FOOD has partnered with GS1, a not-for-profit organization. GS1 develops and maintains worldwide standards for business communication. Their interaction enables TE-FOOD to comply with the GS1 standards which are used globally.
Then again, TE-FOOD has a partnership with the New Zealand Trade Centre (NZTC). Of the many things, the objective will be to “implement food traceability from farm-to-table for fruit products exported from New Zealand.”
A key partner of TE-FOOD, Unisto is a Switzerland based international manufacturer of security seals. The firm provides high quality seals for the organization through Unisto Malaysia.
Aside from this, the company works with The Food and Agriculture (FAO) for statistics purposes helping the firm evaluate their sustainability, feasibility and scalability of existing registries.
By working in conjunction with Zalo, a free message and call mobile application, TE-FOOD’s QR codes can be read by the Zalo app, in order to view the food history.
Other notable partners include Certified Wyoming Beef, Laurel, Halal Trail, Tele Norma, Big Group, Sankofa and QSM. That’s on top of the strategic partnership with the Hungarian Branch of Deloitte.
Token Details and Distribution
In brief, these were the details of their ICO:
Token name: TFOOD
Token symbol: TFD
Total token supply: 1,000,000,000 TFOOD
Tokens for sale: 512,000,000 TFOOD (51% of total)
Token sale volume: $19,100,000 (22,924 ETH)
ICO Token Price: 1 TFD = 0.05 USD (0.00004700 ETH)
Token sale dates: Start22.02.2018, End 22.03.2018
Accepted payment options: ETH, BTC, USD, EUR
As a utility, holding TFD grants one access to the platform’s features and functions. Uniquely, and being the first of its kind on the space, TFD is not a security but a certified utility complete with endorsement from the German regulators.
Token Distribution and Fund allocation
50 percent of the total supply, translating to 500 million, was available for public investment. Each token was sold at $0.05 with an ambitious hard cap of $19.1 million.
Of that, 10 percent of all token are set for a marketing pool while 40 percent will be locked up in a general reserve. The lockout period is two years and from there, 25 percent of these tokens will be released after the first year.
From $19.1 million raised, 60 percent will cater for market expansion. That will involve marketing, sales, and implementation costs as well. Meanwhile, 25 percent will be channeled towards Research and Development. 10 percent will meet operational costs at the firm’s headquarters while the remaining five percent will address any emerging legal issue.
Changing hands at $0.006, TFD has a market cap of $3 million drawing daily volumes of roughly $27 million across different exchanges. At spot rates, TFD’s return is dismal. It is 0.15X against the USD, 0.53X verse ETH and a discouraging 0.2X in BTC terms.
TFD/ETH Price Analysis
After a deep correction of 2018, TFD is largely consolidating against ETH. However, as the market recovers, TFD could rally. At the time of writing, it is up 4.2 percent. Clearance of 0.000028 ETH will surely pave way for 0.000048 preferably at the back of increasing participation hinting of underlying demand.
There is nothing as impressive as a solution that satisfies the needs of the customer. TE-FOOD does just that. Although the asset plummeted in 2018 as the general crypto space froze and dropped with some start-ups closing shop as finances dried up, the grit and determination of TE-FOOD is bullish.
At spot rates, the asset is down more than 75 percent from peaks. However, that is not to say there is no movement. A simple glance and assessment of the asset’s blockchain activity reveals that it is periodically in the top-10, competing with the likes of EOS and Ethereum.
Then again, and with what they represent, the decision of Vinamilk, one of the largest milk processors in Vietnam to join forces with TE-FOOD is a direct endorsement. Vinamilk draws $6.6 billion in annual revenue and employs more than 6,000people.
Because of TE-FOOD traceability, Vinamilk can “act proactively, and provide transparent information about their products” benefiting the end user who can at a glance read the history of the product using a QR Code.
It is notable after implementing a traceability framework, the number of food fraud cases increases. This occurs in light of the presence well designed traceability system like TE-FOOD helps authorities to notify fraudulent exercises.
At the point when a food fraud scandal is exposed, governments tend to enforce regulations, by expanding the types of animals to be tracked, the territory of traceability, and so on. This opens doors for TE-FOOD for market development in nations in which they are already present.
The platforms product line is fabricated to help this process by providing synergistic tools for an improved food quality control in the food industry. The company believes the global food traceability solution market will reach $15.1 billion by 2021.
Therefore, as they partner with more market leaders, expanding to Europe, New Zealand and the rest of the world, the value of its token will increase reflecting the value of TE-FOOD as a useful and reliable platform.
In 2018, they made adjustment on their technology side in readiness of more partnership maintaining that their overall objective was to “provide customizable and affordable traceability solutions for companies with any level of technological readiness.” Besides, they are working with other companies to release an AI based meat quality checker that will revolutionize food quality control while introducing farms to deep data analysis improving productivity as a result.
This is so because TE-FOOD believes that the future of traceability and quality control lies on the growth, development and maturity of IoT. Presently, they are seeking to partner with a firm in the IoT sector and thereafter integrate them to the TE-FOOD ecosystem.
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