- Project name: TE-FOOD
- Token symbol: TFOOD
- Website: https://ico.tefoodint.com/index.html
- White paper: https://ico.tefoodint.com/te-food-white-paper.pdf
- Hard cap: $19.1 million for 51% of total token supply
- Conversion rate: 1 TFOOD = $0.05
- Maximum market cap at ICO on a fully diluted basis: $37 million
- Bonus structure: Week 1: 15%. Week 2: 12%. Week 3: 10%. Week 4: 5%. Additional bonuses for Volume: $5,000+: 5%. $20,000+: 10%. $100,000+: 15%
- Presale or white list: Whitelist will be open for duration of sale
- ERC-20 Token: Yes
- Countries excluded: USA
- Timeline: From February 22 to March 22, 2018 (Please refer to Te-Food’s website for the most up to date information)
- Token distribution date: Immediately
Video summary (video is 10:09 long):
What does the company/project do?
Based in Vietnam, TE-FOOD is creating an inexpensive, scalable solution for transparent tracking, securing, and ensuring quality of food being transported globally. This will be used to combat food-borne illness, fraud, theft, and corruption. Essentially, they have a two-sided approach:
- TE-FOOD will train businesses, farms, suppliers, butchers, and transporters in their network to use their app and QR codes to scan and log livestock, and other fresh foods in transport from departure location (i.e. the farm) to processors (i.e. butchers) to the market, and every step in between.
The goal is to provide transparency (both geographically and chronically) to all parties involved, including the market which would be primarily concerned about duration of travel.
- The other part is conscientious consumers that want to know what kind of journey their food has been on. They can then scan and verify the timeliness of the food deliveries to the market as well at the quality.
Below is an introductory video of the project (video is 2:20 long):
How advanced is the project?
TE-FOOD already has a working solution, including B2B (business to business), and B2C (business to consumer) apps that currently serve to trace and display every step of produce and livestock from farm to market.
They currently use the application to trace 12,000 pigs, 200,000 chickens, and 2.5 million eggs per day. In addition, the consumer mobile app has between 10,000 to 50,000 downloads so far.
The Following is their roadmap to date, and extended:
Q2 2015: TE Ltd. begins development of TE-FOOD in cooperation with Erba Ltd.
Q2 2016: Agreement reached with the government of Ho Chi Minh City to implement TE-FOOD.
Q4 2016: TE-FOOD launches for tracking pig and pork in the HCMC region.
Q2 2017: Chicken farm/egg producer employees trained (10,000 total).
Q3/4 2017: Chicken and egg tracking starts, National Livestock Registration system starts in Vietnam.
Q1 2018: TE-FOOD International Ltd. is founded.
Q2 2018: Produce, and cattle tracking will be launched, along with expansion into 2 additional target countries.
Q3/4 2018: Traceability ledger implemented with blockchain technology, seafood tracking launch, animal antibiotic tracing launch, pandemic forecasting and alarm system developed, TE-FOOD marketplace is launched.
Q1/2 2019: Food safety sensors with blockchain auto-logging features launch, expand logging functions, animal face recognition, 2 additional target countries will have TE-FOOD market presence.
What are the tokens used for and how can token value appreciate?
The tokens are going to be used as a medium of exchange between businesses, but will also be rewarded to customers that use the app to scan food they receive to ensure quality.
Those tokens can then be used on the platform to purchase higher quality insight, as well as food quality analysis services. This provides more incentive to consumers, which loops back providing incentive for businesses to use the service.
The diagram below shows how the token works in a nutshell:
The tokens should appreciate in value depending on how many working partners TE-FOOD can secure, as well as the number of consumers/markets depending on the app to ensure quality. The more the app/tracking service is used by companies, the more they will have to purchase tokens in bulk, driving up demand, and thus price.
There are 17 members of the TE-FOOD team, and the following are the core members:
Dr. Trung Dao Ha- Co-CEO: Over 14 years’ combined experience in various leadership, marketing, and sales positions, such as being honorary consul at the Austrian Consulate in Vietnam, and his most recent experience being co-Founder of Thien Minh Group.
Erik Árokszállási- Co-CEO: Over 20 years’ experience as CEO of Erba 96 Ltd., which is a small business of 30 software experts.
Marton Ven- CMO: Over 20 years’ experience as IT project manager at Erba 96 Ltd.
Istvan Szukacs- DevOps Blockchain Team: Over 10 years’ experience as engineer as places like Amazon.com, Riot Games, and most recently as CTO of StreamBright.
There are also some knowledgeable advisors for the project that include; Dr. Michael Patching, the Vietnam Livestock Services Manager in Australia, Endre Jobbagy, founder and CEO of InterTicket, Dr. Gabor Pajor, who has over 20 years’ experience in the food services industry, among others.
- The company works with some of the biggest retail chains/farming companies in Asia such as C.P. Group, JAPFA, Lotte Mart, AEON, as well as the government of Ho Chi Minh City, the largest city in Vietnam. Each one of them is a large volume purchaser, so it is expected that TFOOD tokens will have heavy usage.
- This project is more advanced than other supply chain-related blockchain projects in both business development (serving a customer base of 30 million) and technology (both functioning hardware and software are developed).
- With the use of TFOOD, small farms can compete more effectively with the big players because they can also ensure the safety of their produce at a cost effective manner.
- Te-Food has multiple products (QR code as well as RFID tags) to cater for different types of products.
- The team is very thorough in its communication on their blog in terms of their vision, their partnership agreements (with the actual agreement posted), company structure, and progress update. This provides comfort to ICO participants in the legitimacy of the project and competency of the team.
- The company has a strong footprint in Vietnam, but their ability to replicate the success to other countries is unproven because the food and agriculture industry in each country is very different. However, the company has set up offices in Hungary and South Africa and has made some key hires in the two countries.
Overall, we like both the flipping and long-term potential of this ICO. Our thoughts on buying the tokens for flipping and investing for the long term are as follows:
Good. The idea, team, development progress, and token metrics are all above average. Certain previous projects in the supply chain space have been well-received by the market so we believe this project can also do well.
For long-term holding
Good. Te-Food’s customers are some of the biggest grocery chain/farming companies in Asia. Very few blockchain projects have a customer base as strong as Te-Food. Tracking food at a cost effect manner is one of a big use case for blockchain technology and we believe this project has a good chance of being successful.
For more information about the ICO, please visit the following links:
* The information contained in this article is for education purpose only and not financial advice. Do your own research before making any investment decisions.
This article is contributed by Victor Lai with the help of our intern John Coburn.