Down on the Farm – A Tokenlab Story
Michael is a cryptocurrency enthusiast and a self-taught programmer. (He likes to say he knows just enough to be dangerous.) By day he works on his family’s farm. When he has time at night, he frequents the crypto forums to gain as much knowledge as he can and to keep up with new developments in the space.
Most of his evenings are spent doing paperwork for the farm. Believe it or not, it’s a complicated business to track, with his biggest challenges arising around taking his produce to market. For each food category, he must track the timing and path from harvest to table, with stops at graineries and farmer’s markets along the way.
Michael has an entrepreneurial mindset, and it did not take long for him to realize that there is a point where the two worlds collide: Blockchain technology is the perfect tech to leverage to track and verify his harvest from the fields all the way to the table, ensuring as little waste and product loss as possible.
He found a developer that agreed to take his current processes, using spreadsheets and various miscellaneous planning software programs, and develop a real supply chain management utility dApp to track and validate his products throughout the stops required in the go-to-market process. Not only will it simplify his life, it can be marketed to others in the industry..
He knows from his exposure to the cryptocurrency markets that he wants to tokenize his new dApp.That’s where the ecosystem around Tokenlab comes in.The first step is to mint a token for his BIG idea using the Token Wizard. It provides the tools he needs to easily and inexpensively mint his own token to run on the Expanse blockchain. Not only that, the Tokenlab Module Marketplace is a one-stop-shop he can access to find other utility software dApps to help him market his new software and run his business.
Should he need to raise money to pay his developer and package his product,Tokenlab provides the administration capability for crowdfunding, as well. And he can list his token on EXPEX, the decentralized exchange, for frictionless peer-to-peer trading (launching 1st ‘qtr 2019)..
Michael can now go to Tokenlab.io to mint his token.Tokenlab asks him to enter the following information:
- Token Name (Farm-to-Market Tracker)
- Abbreviation (FXP)
- Number to Mint, (Set by him)
- Protocol (ERC20),
- Address for his LUNA Wallet (to send the new tokens to)
Finally, to begin the minting process, Michael is prompted to send 1000 LAB and 1000 EXP to the address provided. After about 20 minutes, the smart contracts are created, the process is complete and the FXP tokens appear in his Luna Wallet.
Michael can hardly believe it! The mysterious and magical part of the process required to bring his BIG idea to market, creating his own utility token, was super easy and inexpensive through the use of the Tokenlab ecosystem powered by Expanse. (Available January 23 at https://www.tokenlab.io)
Note from the editor: This story is partially based on real facts. Do you have a story about your BIG idea and how Tokenlab can/will help bring it to fruition? Send it to me, [email protected].