WHAT IS TEATOKEN?Tea Token has a mission to disrupt the outdated technology of the Tea Industry through establishing a fully transparent ledger of ownership and cutting out unnecessary parts of the supply chain by creating as direct connection from end-to-end on the supply chain as technologically possible through its peer-to-peer marketplace.
WEBSITESteatoken.ioThe website for the ERC20 token, TeaToken, the white paper, and all remaining information.
teabay.ioThe hub that will connect tea producers and consumers all in one place.
TOKEN SALE DETAILS
ICO START DATEAugust 7th, 2017
ICO PARAMETERS
STAGE I: ICO • The pre-sale period will last one week.
• One Ether can be traded into ten thousand (10,000) TeaTokens during this stage.
• Tokens sold in this stage will be the backbone of the platform and will incentivize both farmers and consumers to join on the global scale.
STAGE 2: ICO • The second stage of the ICO will last one week.
• One Ether can be traded for five thousand (5,000) TeaTokens during this stage.
• The tokens sold here will be a fundamental part of changing the tea industry. Token holders will still be able to be a part of this movement.
STAGE 3: ICO • The third stage of the TeaToken ICO will last until the contract is killed, we are aiming for a week here also.
• One Ether can be traded for two and a half thousand (2,500) TeaTokens during this stage.
• ICO token holders will be the final participants in the TeaToken movement. Although not getting the best value, participants will be early adopters for a revolutionary market.
Symbol: TEA
Total supply:
Token supply determined by ICO
THE TEAM, ADVISERS & CONSULTANTSCEO & Founder: Alex Martins
Solidity Developer: David Bachman
Blockchain & Smart Contract Consultant: Johnny Rosannberg
Advertising & Content Specialist: Nihong Shen
WHAT ARE TEATOKENS?TeaToken is a cryptocurrency that is meant to be a reflection of the tea commodity market. Along with the TeaTokens, we are also creating a peer-to-peer marketplace, TeaBay, which offers completely free registration for producers and none required for consumers. Simply by visiting the marketplace, consumers can exchange their TeaTokens for tea from registered producers. Those tokens can be traded on a cryptocurrency exchange for fiat or can be held for a speculative appreciation of value.
FACTS ABOUT THE MARKET1. In 2017 the tea industry was valued at 39.3 billion dollars
2. With an estimated 70,000 cups consumed each second, tea is the most popular drink in the world after water.
WHY TEATOKEN?There are two primary problems that we are seeking to solve in the tea industry through Blockchain technology. The first is in ensuring secure and transparent transactions directly to the farmers at the instant their products are evaluated and sold. The second problem addresses the growing disbalance between the profits of corporate distributors and tea farmers when compared to total consumer cost. Fair trade advocacy groups and supporters spend a lot of overhead on tracing materials. This cuts into profits made by farmers and these middlemen. While the margins are higher than they normally would be for non-fair trade tea, these rudimentary tracing mechanisms employed by groups can be both imprecise and difficult to implement. This leaves farmers in situations where they can still be exploited in the field and their tea is sold on the market by some exploitative third party on their behalf. This is unacceptable in 2017.
The goal is to bring complete transparency to the tea supply chain. Approximately 70% of the global tea production originates from 8 million smallholder farmers in Africa and Asia. In Kenya alone, smallholders produce more than 60% of the tea harvested. This confluence of trends around Blockchain technology, developing nations and the tea industry provides us with a unique opportunity to deliver financial independence and fair treatment. The biggest concern that TeaToken addresses is the demand of lower cost for consumers and higher profit margins for farmers. Consumers are able to buy specialty tea knowing exactly where it came from and get the best prices possible. As developing countries come online and get access to electricity and mobile phones, we aim to provide immediate liquidity to their commodities allowing them to sell directly on a global scale. TeaToken aims to become a major player in the peer-to-peer revolution.
TeaBay: HOW DOES IT WORK?The following sequence illustrates the TeaBay decentralized application.
•The seller creates a listing and chooses a “negotiator” who then sets a fee, to be charged only in the case of a dispute. At this point, the arbiter does not get paid and deposits a gas fee in case it needs to be called.
•The buyer purchases tea. Their money moves from the wallet to a smart contract.
•The seller ships the tea to the buyer and indicates to the contract that they have fulfilled their part of the sale
•The buyer receives the tea.
•At this point, the buyer can finalize the sale or open a dispute. If the sale is finalized, the money moves from the smart contract to the seller. If the transaction is settled, the arbiter does not get paid and the seller is refunded the fee paid.
•If the buyer opens a dispute, two things can happen: The seller agrees with the dispute, the money moves from the smart contract back to the buyer's wallet. The negotiator does not get paid. The seller wants to open a dispute. In order to do so, the seller pays a fee to a smart contract
•At this point, the negotiator gains control of the tokens, and he can send the money only to the buyer, or to the seller, or to both in a ratio that he chooses.
•The negotiator only gets paid if both parties dispute the transaction. In that case, he is fully paid by the seller, out of the escrowed funds. If there is no dispute, the negotiator does not get paid and choosing a negotiator was free for the seller. For the buyer, opening a dispute and arbitration is always free of a platform fee. The only fee needed will be the transaction gas fee.
The ICO is funding the first version of TeaBay only. The aim is to create a large hub of tea farmers in order to The later decentralized version will only be developed with profits made from TeaBay directly.
TeaBay will have an early version available after the ICO. This version will be fully functional and will accomplish almost everything we have set out to do. As it will not yet be deployed onto the Ethereum blockchain so we will not have solved all the issues we have set out to solve, such as decentralization.
CONCLUSIONTea Token plans to create a transparent Peer-To-Peer hub of Tea farmers and Tea lovers on the Ethereum network. The Tea Token is a decentralized cryptocurrency based on the tea industry, which will be used to trade between consumers and farmers. No longer will the price of tea be determined by a middle-man corporation. Prices will be determined entirely by consumers and farmers. Farmers can take a bigger profit while consumers can pay less for their specialty tea. By incorporating decentralization and peer-to-peer ideals from the Ethereum blockchain, Tea Token will revolutionize the tea industry forever.
