ICO Analysis: TE-FOOD
TE-FOOD is now the biggest farm-to-table food traceable system in the world. TE-FOOD serves over 6,000 businesses while averaging more than 400,000 transactions on a daily basis, which results in serving well over 30 million people. TE-FOOD has integrated 2,600 retailers and markets, 3,100 farms, 3,400 livestock agents and 190 wholesale distributors into their system.
TE-FOOD coordinates with governments, supply chain companies and consumers to enhance food safety, eliminate food frauds and minimize costs for supply chain companies. The entire supply chain will become more efficient through the use of one interoperable transparent ledger; this will help avert large-scale food recalls and enable smaller, targeted recalls.
Currently, the main focus of TE-FOOD is the emerging countries that account for 60% of the world’s population along with 45% of GDP, and which needs massive technological disruption because of the level of distrust in their food supply chains. Started in Vietnam and having found success, TE-FOOD is aiming to be in 17 countries within the next five years.
TE-FOOD’s revenue sources are the following:
1. Selling physical and logical identification materials
2. Charging transactional costs
3. Selling food transport environment sensors
4. Charging monthly or sales volume dependent fees on the marketplace
The company is issuing TFOOD tokens, which are ERC-20 tokens created to be used within the TE-FOOD system for the following:
1. Pay for transactions
2. Pay for value-added information
3. Rewarding conscious consumer behavior for using our Consumer mobile app
A total of 1 billion TFOOD tokens are to be created with 51% being available for purchase during the public sale which is scheduled to commence on Feb 22, 2018, and conclude March 22, 2018. TFOOD tokens should be immediately transferred and can be used in the TE-FOOD system after completion of the token sale.
A Vietnamese and Hungarian company combined to create TE-FOOD with a team that includes more than 20 members (each listed with details on their website along with LinkedIn links). The team is led by CEO Dr. Trung Dao Ha (Co-Founder of Thien Minh Group, President of Hochiminh City High Technology Association, Austria Honorary Consul in Hochiminh City for the Austrian Government and Co-founder/CEO of DAO advanced Technology), CeO Erik Arokszallasi (CEO of Erba 96 Ltd) and CMO Marton Ven (CEO at Flumen and CMO at Erba 96 Ltd).
TE-FOOD works with some of the biggest retail food companies in Asia such as AEON, Lotte Mart, JAPFA and C.P. Group. The government of Vietnam’s largest city, Ho Chi Minh City, also employs TE-FOOD. Current partners include: GS1 (barcodes), Unisto (security seals) and Zalo (message/call app).
TE-FOOD is developing a scalable, cost-effective system for tracking, securing and ensuring quality for global food transportation which will reduce corruption, theft, fraud and food-borne illnesses. Identification applications are used to track livestock, transports and fresh food packages from the farm to the table. This will enable fresh food sold in retail to be tracked back to their origins. TE-FOOD is able to track food items throughout the entire supply from beginning to end while accessing quality information.
TE-FOOD has been operating in Vietnam since 2016 with a proven track record and buy-in from thousands of businesse. If the company is able to successfully integrate its functioning business to its tokenized model with participation from current clients, along with expanding to new markets, it may find success for itself and investors.
- When seeking to expand to new countries, TE-FOOD may face a variety of difficult regulatory and compliance issues working with different governments and agencies. -2
- The executive team, though accomplished, is still involved with other businesses which may detract from putting their full efforts into the success of TE-FOOD. -1.5
- Although TE-FOOD does already have a working business, which is definitely a positive, they will still face strong competition from other blockchain companies. -1
- The company already has an established working product and with key partnerships with multiple businesses and the government of Vietnam. +5
- TE-FOOD is scheduled to be in 17 countries within five years according to their roadmap. +2.5
- TFOOD tokens will be immediately released and available to all investors. +3.5
With nearly 80% of food fraud involving fresh food products and livestock, over 400,000 annual deaths due to food contamination and the health threat of antibiotics overuse in animals used for food, TE-FOOD’s main mission is to greatly reduce these issues by making the fresh food supply chain transparent and more effective through a modern, but affordable ecosystem. Having an already working business model combined with the ability to scale, TE-FOOD appears to have the means to accomplish this mission if everything goes to plan. TE-FOOD receives a rating of 6.5 out of 10.
- Symbol: TFOOD
- Type: Utility
- Price: $0.05
- Accepted Payments: ETH
- Public Sale Date: Feb 22, 2018 – March 22, 2018 (Bonus levels – 15% Week 1, 12% Week 2, 10% Week 3, 5% Week 4)
- Public Sale Amount: 512,000,000 TFOOD (51% of total) to be sold. 1,000,000,000 TFOOD total supply
- Jurisdictions Barred from Participating: None mentioned
Featured image courtesy of Shutterstock.