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Blockchain Technology to the Rescue
COTTON COIN’s cotton trading platform and dApps are designed for cotton industry. It enables instant peer-to-peer payment, cotton authentication, and grower-to-buyer traceability. It also features two front-end dApps for the B2B and B2C markets, offering a plethora of services such as cotton advice, live price monitoring, and comprehensive tracking.
For centuries, the cotton industry in 3rd world countries has been operating on an archaic system prone to data manipulation and payment inefficiency. COTTON COIN resolves these major issues by using blockchain technology where all data and interactions are an auditable, transparent and secure way.
Since 2015, the team members have been working closely with key players in the cotton industry to resolve procurement issues and improve global distribution. The most pressing issues that we have identified are lack of funding and trust. Project Cotton Coin coming with revolutionary solutions through blockchain technology.
Why Blockchain? – Because the economic inequality is one of the largest social problems and we need a technology which helps to create a fair access to data, know-how, and income. Corruption is a global economic problem, and the cotton sector in emerging countries is one of the most affected sectors, incorruptible cotton history information leads to transparent cotton supply chains, which can make a difference in public health, and literally save lives.
The mission of the project
=> to make cotton industry chain more transparent
=> to democratize the access to cotton related information as a common property
=> to enable technology to become the “authority”
=> to reduce the scale and effect of epidemics and Cotton frauds in emerging countries all around the world
=> to educate people through incentivizing conscious consumer behavior
=> to help small Industries to be more competitive
Solution and technology
This industry needed a technology which ensures that the cotton-related data cannot be corrupted or modified in any way, by any party.
COTTON COIN runs on blockchain protocol that creates a trusted transaction ledger to integrate consumers, supply chain participants and authorities in one ecosystem. The Cotton Coin has a built-in peer-to-peer payment network can be used as an alternative to fiat currency, offering instant payment by bypassing corrupted intermediaries.
Once implemented, the project is expecting a vibrant ecosystem involving more than 10,000 agents and 30 million participants (farmers, agents, buyers etc) throughout the world.
Two front-end B2B and B2C dApps help to authenticate cotton sources, tracks delivery and monitors cotton prices.
Cotton Coin system benefits
The main thing in the Cotton Coin platform is versatile traceability system. It enables all companies of the cotton supply chain to manage logistics and cotton safety-related data in their operations. Identification tools of various technologies are applied to planting, transport and cotton packages to enable the tracking of items throughout the whole supply chain. Cotton products in retail can be traced back to their origin together with cotton safety-related information.
Cotton Coin’s modular structure enables it to easily customize the process flow, and its data requirements according to the requirements.
Connecting the physical and digital is done via QR codes with COTTON COIN’s mobile dApps, to read/write/update data about a tracked item.
Several additional features have to be mentioned:
- Cotton safety alerts – it is built into the whole process and can be triggered by certain events. E.g. if a Cotton transport takes longer than the average, it can trigger an alert at the receiving side to check on the transport for suspicious activities.
- Reputation system – an internal reputation scoring system helps supply chain participants to rate their own suppliers through their common business transactions.
- Supporting conscious consumer behavior – Cotton Coin provides a mobile dApp for consumers to check the history and cotton quality of the cotton products and provides incentives for frequent usage.
B2B Mobile dApp
There is a multilingual mobile admin dApp, optimized for low-end phones.
Using the dApp is role-based, each role (e.g. Industry, refine house, packaging house etc.) has its own processes, menus, and functions such as:
- Logistics transactions – sending and receiving transport, verifying information provided by the previous step
- Cotton safety information – providing weight, package number, farm name, etc.
- Identification tool management – inventory and ordering of identification tools and transactions
- Authority tools – functions of the supply chain enforcement for the authority.
- Reporting tools – supply chain participants automatically get daily, weekly, monthly reports with tables and charts about their activities.
The mobile dApp uses the phone’s camera to read 1D/2D barcodes to identify items (Cotton package, transport, Cotton product) as part of processes.
B2C Consumer Mobile dApp
Besides supply chain members and the authority,Cotton Coin is transparent towards the consumers as well. A B2C consumer mobile dApp enables consumers to read the QR codes and view the history and characteristics of the cotton they intend to buy. The mobile dApp is available for download on Android and IOS smartphones.
Supply chain participants indicate the number of transactions they want to buy in theCotton Coin B2B app. To cover the cost of the desired number of transactions, they can buyCotton Coins for fiat money or ETH on the Exchange, and store it in theirCotton Coin wallet.
The smart contract automatically deducts 10% of the Cotton Coin tokens, and 9% is exchanged for transactions on a fixed exchange rate for supply chain reimbursement, transfers 1% to theCotton Coin Consumer Rewards wallet, exchanges the tokens to transactions on a fixed exchange rate, the remaining tokens are distributed to the solution provider.
Reimbursement process: each time a supply chain participant buys transactions, 9% is exchanged to transactions on a fixed exchange rate for supply chain reimbursement. Daily once, an algorithm selects the supply chain companies to share the tokens.
Value Added information: supply chain companies (value providers) can set a price/item on specific cotton related data they provide.
Consumers check theCotton Coin tracked Cotton product’s QR code using the B2C mobile app. A smart contract automatically transfers a pre-specified amount of Cotton Coin tokens from the Cotton Coin Consumer Reward wallet to the Consumer’sCotton Coin wallet as a reward.
Supply chain participants and consumers can sell their excess tokens on the Exchange for the desired rate.
Q2 – 2018
- Idea Conception
- Platform creation
- COTTONCO.IN website launch
- Develop COTTON COIN’S payment platform
- Pre-sale ICO begins
- Cotton Coin wallet launch
- Social Media Marketing begins
Q3 – 2018
- Masternodes.pro listing
- DISCORD group (Opens to community)
- TELEGRAM group (Open to community)
- Exchange community voting bounties
- Acquire more partners
- Bounty campaign launch
Q4 – 2018
- Masternodes.online listing
- Attend agricultural trade shows
- Educate cotton farmers in India and Pakistan on Cotton Coin
- Meet with agents and officials in 3rd world countries
- Sign up users forCotton Coin
- Begin developing the Traceability System and dApps
- COTTON COIN Wallet improvements
- Attend agricultural trade shows
- Educate cotton farmers in New Zealand and Australia on Cotton Coin
- Sign up users for Cotton Coin
- Meet with logistics companies
- Integrating features in Traceability System and dApps
Q1 – 2019
- Planned listing on either Bittrex or Poloniex
- Cotton Coin features improvement
- Educate cotton farmers in Uzbekistan and Turkmenistan on Cotton Coin
- Continue to sign up users for Cotton Coin
- Meet with logistics companies
- 1st phase of testing Traceability System
In a future is planned to create a virtual Cotton and Cotton marketplace which enables easier matching of buyers and sellers as well as wizard-based contracting with automated conditioning (e.g. quality or transporting conditions), and escrow based payment.
Cotton Coin specifications
Token name COTTON COIN
Token symbol COTN
Total token supply 20,000,000 COTN
Premined tokens 2,000,000 COTN (10% of total)
Block Time 60 seconds
Masternode Collateral 3,000 COTN
Allocation of Funds
45% Marketing Expansion – including online and offline marketing campaigns, seminars, public relations events and community building activities.
18% Operations – for operations, administration,a financial and legal consultancy.
10% Development – to Cotton Coin and their advisors for research and development, strategic planning and project support.
27% Technology – for infrastructure development, tech support, function and security enhancement.
SHIV KUMAR, Chief Executive Officer – a pioneer of Enterprise Resource Planning (ERP) software for India’s textile companies, a top software development company in New Delhi, India.
TAKESHI, Technical Director – Blockchain Developer at NashTech Japan with over 15 years of programming and blockchain development experience.
PIOTR LEIB, Community Management – founder of Promib.pl, a chain of computer hardware shops in Poland. His team organizes articles, contests and other events to raise awareness for this project.