Uro is the first cryptocurrency to utilize the blockchain as
future contracts (EDIT: for legal reasons we will not use this term, but you can hold Uro as a way of claiming Urea some arbitrary time into the future – its more flexible than a traditional futures contract – as there are no set time limits)
for a commodity. Innovative indeed. This will bring on the next era in the cryptoworld. Just the kind of potential utilization of cryptography (now the blockchain) Nick Szabo was talking about back in 1995 in this letter (http://cypherpunks.venona.com/date/1995/09/msg01303.html
), and Andreas Antonopoulous continually speaks about in interviews. As the blockchain is not a currency per se, but a network of consensus and trust that effectually replaces a previously required law enforcing and contract binding entity (the court). As one form of blockchain utilization, future contracts can potentially fit perfectly. Decentralized and well away from any manipulative/corruptive influences. Cleverly simple. A truly brilliant and innovative initiative, especially when applying it to a market with prevailing volatilities in the extremes.
Like any new groundbreaking idea, it will be heavily antagonized in its infancy. That is the inescapable causatum. But, to quote Arthur Schopenhauer, German philosopher (1788 – 1860):
“All truth passes through three stages. First, it is ridiculed. Second, it is violently opposed. Third, it is accepted as being self-evident.”
The world (John Q. Public, not just the cryptoworld) will take notice of these developments. Uro will not be the last initiative to utilize the blockchain in this manner, but it is the first.
I am bullish on agriculture, I am bullish on the value of the blockchain, and I am bullish on Uro, a marvelous coupling.
PS: Please read this insightful paper, if you haven’t already. Obligatory.