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As reported by Reuters Thursday morning, Tierra Viva (“Alive Earth”), a Colombian exporter of long-horned beetles based mostly in Tunja, has been creating its personal cryptocurrency to keep away from excessive fee prices on worldwide gross sales. Based on the outlet, the Hercules, Neptunus, and elephant beetle species exported by Tierra Viva have a retail worth of $300 a pair in Tokyo. The beetle species are in style amongst Japanese schoolchildren and collectors.

Carmelo Campos, chief programmer of Tierra Viva, stated the next in an interview with Reuters:

It is an alternate to have the ability to export the beetles to Japan or some other a part of the world and be capable to use it as a way of fee.

Tierra Viva’s digital forex known as the Kumushicoin (KTV), named after the native identify of the Japanese rhinoceros beetle, the Kabutomushi. As discussed in its white paper, Tierra Viva’s essential company exercise earlier than launching ATV was reworking natural stable waste with beetles it had raised.

On Aug. 24, 2019, the corporate developed the Kumishicoin with its personal blockchain with an preliminary complete provide of 20,000,000 KTV. The community operates on a hybrid consensus consisting of each proof-of-work and proof-of-stake mechanisms. Nevertheless, solely stakers are entitled to dam rewards and miners can solely obtain transaction charges as consideration for his or her efforts. Tierra Viva claims this setup is designed to disincentivize mining as a consequence of its environmental impacts.

According to CoinGecko, the Kumishicoin is just out there for buying and selling on the CREX24 trade, which doesn’t help U.S. shoppers. Every KTV is at the moment price $1.80. Reuters reported that round 220 retail companies in Tunja are at the moment accepting KTV as fee.

Colombia is rising as a neighborhood hub for cryptocurrency adoption. In Sept., the nation invested over $30,000 to develop a gamified app that simulates crypto and stock trading for younger learners. Earlier this 12 months, Colombia’s oldest industrial financial institution began exploring cryptocurrency-related services.