Beefcoin, a joint venture between Moscow based restaurant chain Meat Desire and farm operator Melbard LLC launched the sale of their BEEF token on Jan. 1. These two organizations aim to use the integration of their existing operations with blockchain technology to establish a structure of production and delivery from field to restaurant to offer completely organic beef products.
Meat Desire operates two restaurants in downtown Moscow in addition to a butcher shop offering organic beef products. Melbard LLC says it operates 1,000 hectares of land in the Penza region of Russia, including a complete meat processing facility and 500 Aberdeen-Angus cattle. Proceeds from the sale of BEEF tokens will be used to open six additional Meat Desire locations and expand the agricultural land operated by Melbard LLC.
BEEF tokens will be sold at $1 per token, with unsold tokens added to a reserve and distributed to existing BEEF token holders at the end of each year. Year end will also induce a buyback of 10% of BEEF tokens at a rate not lower than market value. Early investors in the BEEF token ICO will receive special BeefGold tokens – 100% of tokens purchased in the first week, reduced by 25% each week thereafter – that entitle holders to 20% of net profit generated by the BeefCoin venture, proportional to their holdings of the total supply of BeefGold tokens.
For more information about BeefCoin and the full terms and conditions of the Token Sale, visit http://beefcoin.org.