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Fishcoin is an ERC20 compatible token that incentivizes data sharing.

Data Ecosystem For The Global Seafood Industry

  (UNITED STATES, 9/10/2018)

The month of September is extremely exciting for the Fishcoin team, not only because they will start its pre-sale on September 17th but also because the team is invited to events worldwide to share the impact that this project on the seafood industry.

Fishcoin combines the mechanism for data sharing, using blockchain, with a scalable incentive (pre-paid mobile top-ups) using Fishcoin, that is meaningful to the millions of fishers and fish farmers around the globe from the large seafood producing nations like China, Vietnam, Indonesia, Thailand and many more.

Unlike many blockchain initiatives, Fishcoin is not based on a central company or entity. Instead it is designed to be a decentralized ecosystem that incentivizes data capture so that an ecosystem of companies and 3rd party developers can benefit by adding value to the network.

Seafood is one of the largest industries on the planet. 1 out of every 10 people on earth derive their incomes from seafood, and the wholesale export-import value alone is more than USD 150 billion. The seafood industry is about to make the leap into being data driven, but is not there yet. In fragmented seafood supply chains incentive structures for data sharing are misaligned and trust is abysmal. The industry needs a common protocol for sharing data, along with a scalable and borderless incentive structure that is meaningful to the masses of fishers and fish farmers primarily located in developing nations. 

Fishcoin provides value to the seafood industry by incentivizing data capture and rewarding participants via mobile data top-ups. 

Industry Background

Seafood is one of the largest and the oldest industries in human history. Evolving from capturing fish by hand 45,000 years ago (Baiter, 2011) to where it is today where we are using artificial intelligence to identify species and boats equipped with mechanized nets and other technologies to increase efficiency and quality. Although today’s methods drastically increase the amount of fish we capture, as an industry it is far from peak efficiency because so much of what we take from the ocean goes to waste (Dandson, 2014). As populations increase along with seafood demand, the industry needs a shared protocol to change this non-sustainable reality. 

All data comes back to the ecosystem.

Starfish Protocol and Fishcoin Tokens 

The project Starfish Protocol is made to drive the seafood industry to become more sustainable and help consumers to efficiently trace back to the origin of where their food came from, along with adding significantly more data which will transform the way trade is done worldwide. The entire process will utilize blockchain technology, which ensures transparency and security.

Within the Starfish Protocol, Fishcoin tokens (FISH) are being issued and used for:

  • Mobile rewards
  • Accessing valuable seafood data
  • Data to de-risk trade finance
Fishermen are able to receive reward upon insert fishing data.

This protocol has the potential to change the seafood industry and because of the massive size of the industry and the sheer volume of transactions, it may very well become one of the world’s most significant implementations of tokenization for sustainable purposes.

Rewards

Tokenize incentives are implemented at every step of the way to ensure fishermen, importers and exporters are rewarded and acknowledged for inputting valuable information for buyers and consumers.

Inherent in this peer-to-peer network is an evaluation mechanism set in place for receivers of data (buyers) to inspect data as it follows the path of the physical goods to prevent fraudulent or malicious usage. As fraudulent actors are identified, supply chains can respond and take action accordingly.

Fishcoin has been designed as a peer-to-peer network that allows independent industry stakeholders to harness the power of blockchain using a shared protocol so that data can be trusted, transparent, and secure.

Mobile Data Exchange

Starfish Protocol is the only blockchain project partnered with GSMA, which is the largest association of telecommunications companies in the world. By aligning with the interests of Mobile Network Operators (MNOs) in throughout the world, this protocol and incentive network has the potential to quickly scale to reach the many fishers and fish farmers scattered throughout the globe. This is significant as the UN FAO estimates that 12% of the world’s population derives their income from seafood.

Given the amount of income fishermen can earn in developing nations, mobile data puts a strain on already limited incomes. But if these fishermen were able to enter the data of the fish they captured in exchange for free top-ups on their mobile data plan, they will be willing to take this additional step. This method allows for fish to be traded for something tangible, valuable and scalable other than flat-currencies and will shift the paradigm of the crypto-space as it becomes relevant to the base of the economic pyramid.

Token distribution.

Ecosystem Purchases 

The Starfish Protocol will ultimately become an autonomous organization run by the community to ensure decentralization. This encourages any third party DApp to be build on top of the underlying network and protocol. The ecosystem will self-generate a secondary marketplace of data for industry users to purchase. Each of these purchases are done using Fishcoin as the internal currency for data. The Starfish Protocol ecosystem will ultimately be the indicator in the seafood industry, opening up even more possibilities for tokenization.

Companies and organizations throughout the seafood industry are signing up almost daily to be rollout partners in the Fishcoin ecosystem. If you would like to know more about joining the Fishcoin community of partners you can read  the white paper here.

About Fishcoin

Fishcoin is a new way to give fishers and fish farmers in developing nations an incentive to collect data on their catch. Utilizing blockchain technology, Fishcoin will give fishermen tokens for topping up their mobile phone data plans in exchange for collecting and submitting information on their catch.

The initiative motivation is to gather more data in areas where the industry largely doesn’t have any way to increase the efficiency and sustainability of fisheries.

Source: Fishcoin

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