Uro: Backed by Millions of Tons of Urea Fertilizer
Just a thought would it not benefit the farmers to have the ability to purchase a prepaid URO card, to use as A. Currency B. acting hedge trader. This negates the necessity for a computer, and direct transfer from individuals in any local could take place without a middle man. Effectivly rendering any farmer a potential trader in URO. Granted they can hold on to the urea, or URO card directly. These cards could also be in smaller URO denominations. They would be sold and handled like phone minute cards, I’ve been to many rural places in 3rd world countries, phone cards are as prolific as soda these days.
If the local distributor had the ability to accept say .5 of a URO and the farmer still had .5 left on his card, he could chose to hold or sell at will. Price fluctuations will always be inherent in commodities due to supply and demand.
Paper wallets and brain wallets are definitely part of the plan involving the wholesalers for the next stage. We have not thought about cards but thanks for contributing this. Wholesalers will be trained to use Uro electronically while less frequent users can make do with paper wallets. If the Foundation donates Urea it would be in the form of Uro paper wallets, and Uro will be purchasable from Urea wholesalers.
For many farmers – understanding markets trends, cryptocurrency, finance, etc is a big problem indeed. However, if we just introduce a paper wallet which they can buy and hold as a certificate for Urea – then that is something everyone will understand. The best thing is that these certificates can be verified against counterfeiting due to the inherent power of the cryptocurrency network.
“The best thing is that these certificates can be verified against counterfeiting due to the inherent power of the cryptocurrency network. ” Absolutely, the blockchain is such an elegant solution. At some point they will need to be scanned electronically though correct? An extra layer of i.d verification would lock it all in.
Yes the paper wallets would have a verify QR code, signature and address, which trained wholesalers would check with up coming software we are developing. At this point, ID verification does not appear necessary and would add curb adoption just as it has done for Bitcoin (to buy BTC with fiat at the moment you usually have submit documents and wait days for them to be approved by the exchange, and many choose to just forgo the experiment because of this hassle).
Uro: Long Term Currency Backed by Millions of Tonnes of Urea Fertilizer