The BeefLedger ecosystem is nascent and in ongoing development. In this context, BeefLedger has begun to issue a platform cryptocurrency – BEEF Token – as a mechanism by which supply chain data can be valorised and exchanged. The BEEF Token and the ecosystem being developed is principally designed to enable data-backed services and products (in the beef supply chain) to be transferred. Ultimately, an integrated data-based supply chain ecosystem aims to valorise data by way of improved revenues and fairness in distribution on the basis of consumer preferences for credentialed product. Credentialing is the key to new value creation.
To this end, BeefLedger issues BEEF Tokens on the basis of the following Guidelines on Responsible BEEF Token Ownership.
Mission: BeefLedger is driven by a belief that consumers and all supply chain participants can benefit from greater transparency and streamlined transactions in the beef supply chain. Food safety and fraud concerns are massive issues, especially in emerging markets like China. Australia is a premium producer of safe, high quality food products – including beef – which is increasingly sought out by Chinese consumers. BeefLedger’s mission is to develop and commercialise an integrated blockchain-enabled beef provenance and smart contracting payments regime that streamlines payments and strengthen consumer confidence in product credentialing.
Values: Our values are to promote efficiency, fairness, sustainability and the pursuit of excellence across the entire beef supply chain. We believe that we can promote this by enabling the valorisation of data. The BEEF Token is the ecosystem’s medium of value transfer, enabling data to be valorised and supply chain value to be fairly distributed.
Prohibitions: BEEF Tokens are issued on the basis that holders do not use BEEF Tokens for any speculative, illegal or unethical purpose including but not limited to money laundering and funding of terrorism.
Speculation: BEEF Token is an exchangeable digital crypto-token. This is to ensure market mechanisms can be mobilised to provide sufficient and timely liquidity, at an acceptable relative value, to the ecosystem to enable the production, distribution and consumption of premium beef. To this end, BEEF Tokens are issued on the basis that holders will not misuse them by participating in speculative investment and market manipulation activities. Market manipulation activities include, but are not limited to, the following:
Lender of Last Resort: BeefLedger Limited has retained 30% of all potential circulating tokens to fulfill a Lender of Last Resort Function. A Lender of Last Resort Function may be called into play in the event that ceteris paribus, there is insufficient liquidity in the market at a reasonable price to enable the smooth movement of beef throughout the supply chain. In fulfilling a Lender of Last Resort Function, the additional tokens injected will not be part of the permanent circulation volume of tokens, but would be provided at a cost (effectively an interest) to the borrower(s). See discussion below on this Function.
Ecosystem Responsibility: BeefLedger encourages all ecosystem participants to behave as Responsible Token Owners and adhere to the guidelines above. We encourage all ecosystem participants to maintain vigilance against irresponsible behaviours and notify the community in the event that there are reasonable grounds to believe that a Token Holder or group of Token Holders acting in concert are engaged in market manipulation or speculative activity. Suspicious or potentially illegal activities should be reported to the relevant authorities.
Non-Adherence to Guidelines: demonstrable failure of token holders to uphold the values of the BeefLedger ecosystem and adhere to the guidelines on responsible BEEF Token ownership may result in sanctions. Sanctions may, but not necessarily, include some or all of the following: public naming; suspension of account processing; and penalties (to be determined) including payment of fines. Other sanctions may be considered by BeefLedger and the BeefLedger ecosystem.