Fishcoin is approaching the fishing industry with an ecosystem approach. Using business technology the data collection and input can be greatly enhanced to improve the seafood industry.
When did you first get into Bitcoin and why?
Our foray into the space was not so much Bitcoin, but blockchain. We work in fisheries and agriculture supply chains and have been exploring blockchain based solutions for the past several years.
Where did the inspiration for your ICO come from?
Fishcoin didn’t come from a single point of inspiration, but really evolved over time based on discussions with our partners. Initially one of our advisors, Antanas Guoga, who is a blockchain investor and Member of European Parliament, suggested that we consider an ICO based on the approach we were taking with blockchain for the seafood industry.
That further evolved into an ecosystem approach, which has been heavily influenced by our partners at JUN Capital (https://www.juncapital.io/team). If you look through JUN’s partners and advisors you will see that they are some of the most influential people in blockchain today.
How will your business make money in the future?
Our ICO is very different than most insofar as it is not based on our business alone. We are taking an ecosystem approach with Fishcoin, and our company, Eachmile Technologies, is simply one actor in that ecosystem, albeit the progenitor of the ecosystem. Our business is using technology to facilitate the trade of sustainable seafood, and Fishcoin is an essential part of our strategy because the purpose of Fishcoin is to increase the 4Vs of data (velocity, variety, volume and veracity) in the seafood industry.
The data ecosystem that Fishcoin empowers will allow us to trade more seafood, and to innovate on our business model to connect buyers and sellers more directly, and to increase quality and profitability for our customers. With that said, Fishcoin is likewise a backbone architecture for other partners in the ecosystem to improve their models as well. You can see many partners on our website – fishers and fish farmers, seafood processors, seafood wholesalers, sensor providers, etc. – that will each be able to utilize Fishcoin to enhance their businesses just like we plan to.
How big is your team at the moment?
Our team has been working together since May, 2015, with a recent update to our legal structure this year. We are 5 Founding Partners, 15 core team members and 3 Advisor Partners. We also work with a network of engineers and developers on specific technologies.
What is the idea behind your ICO?
Fishcoin is a data ecosystem for the $150bn global seafood industry. Right now the seafood industry struggles to be sustainable in many sectors mainly because it is significantly limited by a lack of data to drive efficiency, safety and profitability.
In most situations, when we buy fish at stores or eat at restaurants, we have no idea where it comes from or the conditions of the supply chain along the way. One of the major reasons for this lack of data coordination is fragmentation in the industry, which is comprised of independent stakeholders throughout the world.
This causes a lack of incentives for supply chain actors to share their data because they don’t know where it is going, and they don’t get rewarded in any way for passing critical data long. The result is literally $ billions in value lost each year due to fraud, waste and inefficiency.
Fishcoin is the result of years of research in how to connect with and incentivize these independent supply chain stakeholders. There are many blockchain initiatives in the seafood industry that are trying to address these issues, but most focus on the mechanism for data capture and not the incentive. With Fishcoin we are designing an ecosystem in which the mechanism for data capture is inextricably tied to the incentive, and this ecosystem is powered by Fishcoin tokens.
Can you walk us through the critical components of your business and how it will work?
There are two critical issues that need to be addressed when talking about seafood data: the first is the incentive mentioned above, and the second is the validity of the data itself – particularly in a decentralized environment. In order to address this we have designed the peer-to-peer interaction in Fishcoin to follow the flow of goods. To illustrate, below is a simple example of a p2p transaction between a Fisher and their First Receiver:
- Fisher captures data using an input such as a digital catch log on their mobile phone. Upon entry these data are not stored on the blockchain because at that point we wouldn’t know if the data are valid, mistakenly entered, or outright fraud.
- Fisher sells their catch to a First Receiver using fiat currency — nothing changes about the actual trade of goods. However, in addition to the seafood (let’s say 40KG of tuna for example), the Fisher now transfers their catch record to the First Receiver as well.
- Upon receipt of the data the First Receiver must accept or reject the record. If they reject the record nothing happens, but if they accept then a smart contract executes, the Fisher’s and First Receiver’s identity are stored on the blockchain along with the catch record, and tokens go to the fisher. At this point the First Receiver has given what we call ‘evidence of data value’ because in knowing they will be giving tokens to the Fisher, they are acknowledging the Fisher’s record has some value.
This is the most basic transaction in the Fishcoin network and this peer-to-peer interaction continues throughout the supply chain.
What was the greatest challenge you have faced so far?
The greatest challenges for Fishcoin are related to the size and fragmentation in the seafood industry – literally 1 in 10 people on the planet derive their incomes from seafood and aquaculture, but getting to the millions of producers is the challenge. This is where our partners come in and we are fortunate to have great partners who have come on board.
In fact, some of the largest seafood companies, with the largest producer networks in the world have joined on as Fishcoin partners. We post about them on our Medium site (https://medium.com/fishcoin), and the updated list is always on the Fishcoin website (https://fishcoin.co/).
Where do you see your business in 5 years time?
This again is where Fishcoin is unique as a token ecosystem. Our business, Eachmile Technologies, will continue to facilitate the trade of sustainable seafood – buying and selling and connecting buyers and sellers. We are just one part of the ecosystem.
In terms of where Fishcoin will be in 5 years, we anticipate significantly more partners on board, many of whom will have built their own applications on top of the Fishcoin network stack. We have already talked to sensor providers in the industry about using Fishcoin to transform their business model by allowing more real-time revenue models (pay-per-use) rather than producers having to absorb all of the costs of the sensors up front.
This will transform their businesses, and add value to the Fishcoin network by adding greater varieties and volumes of data to the ecosystem. We foresee a massive ecosystem operating using the token and innovations happening by 3rd party developers that we never imagined.
If you were to start again, what would you do differently? Why?
That’s a difficult question, but with the benefit of hindsight we would have ideally started the process earlier! Fishcoin has been an evolution for us based on decades of experience in the industry, plus insights we have gained along the way.
If we had it to do over we would have been a much earlier mover in the blockchain space, but that is probably the case with any technology once it begins to mature. In many ways though we are still at the beginning.
What are the biggest factors that will bring success?
Your partners. Be sure to partner with great people and great organizations that will actually provide meaningful impact to your vision.
What’s your advice to other ICOs or Bitcoin businesses who are just starting out?
Don’t just create a token just to create a token, and make sure you have more than just a team of 20-year-olds. Doing an ICO and running whatever business you are going to be running requires business knowledge and domain expertise beyond just technical (depending on the industry).
Disclaimer – We do not endorse or are not being paid to promote this ICO.