On February 9, the American professional baseball team based in Washington, D.C., the Washington Nationals, announced the team has partnered with Terra, the open-source blockchain platform and decentralized autonomous organization (DAO). The Washington Nationals detail that the team is a “leading innovator” and is “consistently introducing new technologies to enhance the fan experience.” Washington Nationals Ink Long-Term Deal With Terra Major League Baseball (MLB) team the Washington Nationals has partnered with the blockchain platform and DAO Terra, according to an announcement published by the team on Wednesday. The deal with Terra follows a slew of sports-related deals with crypto firms, but the MLB team will be the first to partner with an open-source blockchain project. In addition to the partnership, the algorithmic stablecoin UST that’s issued on the Terra blockchain will be “accepted as a payment method at Nationals Park as early as next season.” “The Nationals continue t...
This Colombian beetle exporter once used biotechnology to reduce organic waste. It's now moving into cryptocurrency development.
As reported by Reuters Thursday morning, Tierra Viva ("Alive Earth"), a Colombian exporter of long-horned beetles based in Tunja, has been developing its own cryptocurrency to avoid high commission costs on international sales. According to the outlet, the Hercules, Neptunus, and elephant beetle species exported by Tierra Viva have a retail price of $300 a pair in Tokyo. The beetle species are popular among Japanese schoolchildren and collectors.
Carmelo Campos, chief programmer of Tierra Viva, said the following in an interview with Reuters:
It's an alternative to be able to export the beetles to Japan or any other part of the world and be able to use it as a method of payment.
Tierra Viva's digital currency is called the Kumushicoin (KTV), named after the native name of the Japanese rhinoceros beetle, the Kabutomushi. As discussed in its white paper, Tierra Viva's main corporate activity before launching ATV was transforming organic solid waste with beetles it had raised.
On Aug. 24, 2019, the company developed the Kumishicoin with its own blockchain with an initial total supply of 20,000,000 KTV. The network operates on a hybrid consensus consisting of both proof-of-work and proof-of-stake mechanisms. However, only stakers are entitled to block rewards and miners can only receive transaction fees as consideration for their efforts. Tierra Viva claims this setup is designed to disincentivize mining due to its environmental impacts.
According to CoinGecko, the Kumishicoin is only available for trading on the CREX24 exchange, which does not support U.S. clients. Each KTV is currently worth $1.80. Reuters reported that around 220 retail businesses in Tunja are currently accepting KTV as payment.
Colombia is emerging as a local hub for cryptocurrency adoption. In Sept., the country invested over $30,000 to develop a gamified app that simulates crypto and stock trading for young learners. Earlier this year, Colombia's oldest commercial bank began exploring cryptocurrency-related services.
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