This is a self-assessment, meaning, it is information that the issuer has written themselves. The XRP Ledger Foundation does not recommend or endorse any individual token. Read more.
Basic information
Project name: Farming Labs
Currency: FRL (46524C0000000000000000000000000000000000)
Issuing account: r9GTczHnmvkufpdBHvE2iRA1FA3NYPBWya
Distribution accounts: rJhczrYZn4Ng7gHA91HShpwPxtEFgyyQf3, r9p6USQkxShJh8QTjX1he2mFyD6YAXVL33
This is revision number 1, signed April 16, 2023 by rJhczrYZn4Ng7gHA91HShpwPxtEFgyyQf3
Description: Our token project is a blockchain-based platform that leverages the power of AI and IoT to create a transparent, efficient, and sustainable system for managing agricultural supply chains. Our platform empowers farmers to collect and share data on soil conditions, crop growth, and other factors that influence agricultural productivity. This data is then analyzed using AI algorithms to predict crop yields, optimize resource usage, and reduce waste.
Our token is the native currency of our platform, enabling secure and efficient transactions between farmers, investors, and consumers. The token is used to access various features of the platform, including microlending, carbon credit trading, and secure data sharing. By using our token, farmers can access financing, reduce costs, and create new revenue streams, while investors and consumers can have confidence in the origin, quality, and safety of the agricultural products they are purchasing.
Our mission is to transform the agriculture industry and create a more sustainable, equitable, and transparent system for managing agricultural supply chains. By leveraging cutting-edge technologies like AI, IoT, and blockchain, we aim to empower farmers to make more informed decisions, optimize resource usage, and reduce waste, ultimately benefiting both farmers and consumers.
Unique selling points: What makes this token unique, compared to the broader landscape of tokens?
Our token project stands out in the broader landscape of tokens for several unique selling points:
Focus on agriculture: Our platform is specifically designed to address the challenges of managing agricultural supply chains, making us a niche player in the blockchain space. We believe that by focusing on this specific industry, we can create a more targeted and effective solution for farmers, investors, and consumers.
AI and IoT integration: Our platform leverages cutting-edge technologies like AI and IoT to collect and analyze real-time data on soil conditions, weather patterns, and other factors that influence crop growth. By using these technologies, we can provide farmers with insights on how to optimize resource usage, reduce waste, and increase productivity.
Sustainability: Our platform is designed to promote sustainable agriculture practices by reducing waste and optimizing resource usage. By empowering farmers with real-time data and insights, we believe we can create a more sustainable and efficient agricultural supply chain that benefits both farmers and consumers.
Secure and transparent: Our platform uses blockchain technology to create a secure and transparent system for tracking the origin, quality, and safety of agricultural products. By using our token, investors and consumers can have confidence in the products they are purchasing, while farmers can access financing and reduce costs.
Overall, our unique focus on agriculture, integration of cutting-edge technologies, commitment to sustainability, and use of blockchain technology make our token project a standout player in the broader landscape of tokens.
Purpose: What is the reason for issuing a new token, rather than using an existing? What purpose does this token serve, that is not possible with the native XRP token or other already existing tokens?
The purpose of the FRL token is to facilitate transactions within the Farming labs platform and provide incentives for farmers, investors, and other participants to contribute to the platform's growth and development. The Farming Labs token will be used for micropayments, as well as for staking and governance within the platform. Additionally, the issuance of a new token enables Farming Labs to have greater control over the token's supply and distribution, as well as to design specific features and incentives to meet the needs of the agricultural industry.
Whitepaper/sales material: https://farminglabs-tech.gitbook.io/farming-labs/
The whitepaper includes concepts of how and when are the tokens created, total supply and if applicable the distribution models and total amount of allocation.
Risk reminder: The issuer has disclosed a warning or a reminder of the risks associated with crypto/tokens.
Bug bounty program: This is not applicable for this token.
Legal Entity
The self-assessment is made on behalf of a legal entity (for example the issuer is a general partnership, limited partnership, private limited company, public limited company, corporation, commercial association or other).
Website: https://farminglabs.tech/
Website information: The website should disclose the following information:- Details of the legal entity: official name and registry code, company headquarters mailing address
- Contact information: e-mail and other contact information
- Core team members
- Whitepaper if available
The website contains relevant information.
Business plan: A business plan should entail:
- the amount of revenue and expenditure by area of activity
- obligations related to the issuing of the token
- the technical administration of the company
- operational strategy
- the intended activities related to the token
- general principles of risk management and strategy of risk management
- policy for the financing of activities.
The issuer has developed a business plan for the next 3 years.
Risk assessment: A risk assessment should include identification of, assessment of impact and likelihood and mitigation measures and status of implementation for applicable risk scenarios.
The issuer has conducted risk assessment and implemented risk management activities.
Internal policies: Critical internal policies are necessary to manage risks.
The issuer has adopted and implemented appropriate internal policies and procedures in the areas of information security, business continuity, risk management and accounting.
Legal requirements: Legal requirements may vary per country and project. It is the responsibility of the legal entity to ensure legal compliance.
The issuer has assessed whether and what legal requirements apply to the project (licenses, jurisdictions, anti-money laundering regulations etc).
Self-assessment revisions
| Revision | Date |
|---|---|
| Revision 1 | April 16, 2023 |