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February 21, 2018, 03:43:51 AM |
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Some personal opinions about Sentinel Chain:
Sentinel Chain aims to empower unbanked farmers and business owners in developing countries to seize country of previously “dead capital” into fungible assets. Assets such as livestock can be tokenized using the Sentinel Chain platform, and users will be able to track and verify their ownership of these assets.
With the tokenization of livestock, Sentinel Chain opens up ways for users to utilize their livestock assets for insurance, loans, collateral and more, which are traditionally unavailable financial services to farmers and the like in these countries.
These are the core components of the Sentinel Chain platform:
1.Livestock Identification Tag: A single-use, tamper-proof RFID tag that is affixed to livestock. This tag stores geolocation as well as timestamp information. It cannot be removed without both destroying the tag as well as the information residing on the tag.
2.CrossPay Blockchain and Mobile App: The CrossPay blockchain works in synergy with the overall Sentinel Chain platform as well as the mobile application. CrossPay exists as different locales will have varying native currencies, and CrossPay will utilize a cryptocurrency token called “Local CrossPay Token” or (LCT) which will be pegged to the value of the user’s native currency. Each country will have its own LCT token, and it cannot be minted on its own. The mobile application serves as a mobile wallet that allows transactions with other users and merchants.
3.Sentinel Chain: Sentinel Chain serves as a B2B marketplace for financial inclusion services with livestock as collateral. It will have its own private blockchain while being connected to multiple CrossPay blockchains in different countries. This infrastructure allows users of Sentinel Chain access an international network of financial providers. SENC will be the only currency utilized on the marketplace. SENC will only exist on the Ethereum blockchain.
Tokenization of livestock is a unique idea. The project can potentially open up access to credit and other financial services for the unbanked farmers. If successful, the project has great potential because it is tapping into a new territory.
The team has secured partnerships with different established companies, which increase the likelihood of success for the project.
The project is backed by reputable venture capital firms, meaning that the team has passed the scrutiny of those institutional investors.
The project has very little competition, therefore, if the project succeeds, it would have a first mover advantage in a huge industry.
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