The Beetle Behind the Blockchain
Meet Tierra Viva, a Colombian beetle exporter from Tunja making waves in the cryptocurrency pond. In a twist that’d make any entrepreneur smile, the company launched its own cryptocurrency to dodge those pesky high commission fees associated with international sales, particularly targeting the vibrant market in Japan.
KTV: The Beetle Currency
Introducing the Kmushicoin (KTV), named after the revered Kabutomushi, or Japanese rhinoceros beetle. This little coin isn’t just a cute moniker; it’s part of a broader strategy to revolutionize sales of long-horned beetles, which retail at an eye-catching $300 a pair in Tokyo. Imagine a world where kids collect beetles and use coins to trade them—sounds like a collector’s paradise!
A Word from the Code
Carmelo Campos, the chief programmer at Tierra Viva, shares this nugget of wisdom: “It’s an alternative to be able to export the beetles to Japan or any other part of the world and be able to use it as a method of payment.” Who knew beetles and blockchain would mesh so well?
Mining and Hearts: A Hybrid Approach
The Kmushicoin sports a unique blockchain established on a hybrid consensus model, combining proof-of-work (PoW) and proof-of-stake (PoS). Yet, in an environmentally savvy twist, only those who stake coins earn block rewards, while miners are left with just transaction fees. A savvy move to minimize environmental impact, considering the ongoing concerns about cryptocurrency’s heavy footprint.
Furrowing New Ground in Colombia
As the Kmushicoin starts gaining traction, over 220 retail businesses in Tunja have hopped on board to accept it as payment. Priced at approximately $1.80 each, KTV is carving out a niche in Colombia’s budding crypto scene, which is fast becoming a beacon of innovation. In September, for example, the Colombian government invested a modest sum to develop a gamified app designed to educate young minds on crypto and stock trading. To top it off, Colombia’s oldest bank is peeking into the cryptocurrency realm. Whoever said beetles could only crawl does not know Mile-high technology has made them fly!
