How Tokenizing Agricultural Land Gives Economic Independence to Farmers
DLTs have successfully passed their maturity test in recent years, and are advancing into the age of "digitizing everything" - even farming! We are thrilled to welcome Yenna Tech, a project in the Assembly ecosystem that has taken on the task of modernizing an age-old industry using new technologies to help its stakeholders – farmers around the world – to become more independent. Welcome, Yenna Tech!
Yenna Tech introduces itself
We, the team behind Yenna Tech, all grew up in families that were close to the agriculture business, and so we know the challenges of traditional farming, especially raising capital, first hand. In India, for example, farmers can only raise capital to support their crops by mortgaging their land. They also don’t have regulated markets to sell their produce. The idea behind Yenna Tech was born out of a simple desire to give agricultural businesses easier access to funding. With the advent of distributed ledger technology (DLT), we finally have the tools to take agriculture into a new era.
Through Assembly, we will be able to launch a digital marketplace where farms can receive capital in the form of loans and investors can receive returns based on the farm's underlying land and its return rate of revenue, which can be calculated by an asset evaluation of the inventory, accessories, or cash-flow to estimate future valuation.
The properties of these farm owners will be tokenized and offered for trading on our Assembly marketplace. This form of tokenization also allows investors with little capital to participate in the success of the farm with so-called "fractional land tokens". We are currently waiting for IOTA's tokenization framework to be able to realize the launch of our Yenna token on the most efficient and cost-effective DLT network.
We have set aside 11% of our token allocation to allow underprivileged members of our community to participate in our marketplace. This ensures that those who would benefit the most from our technology aren’t excluded from participation due to a lack of resources.
Yenna Tech has been there since the beginning of the Corona pandemic in 2020 ±– and it was all born out of the idea of giving farmers more self-determination over their business. Assembly's architecture will allow us to implement cost-effective smart contracts, and thanks to the recently-introduced tokenization capabilities on the IOTA network, we will be able to offer fractional trading without fees.
To find out more about Yenna Tech, follow the project on Twitter or dive deeper into its website.
Assembly (www.assembly.sc) is a scalable multi-chain network for sharded, composable smart contracts. It will deliver flexibility, scalability, and interoperability, and is a smart contract network for mainstream innovation and mass adoption. It does so by offering inexpensive, fast and secure smart contracts, trustless and feeless smart contract interoperability, full customization and composability of dApps, compatibility with Ethereum virtual machine and other benefits
In Assembly, anyone can launch their own smart contract chains with the flexibility to customize fee and incentive structures. The chains are overseen by permissionless and decentral dynamic validator committees of nodes that execute and validate smart contracts; these validators are assigned to their chains by a root chain through a marketplace, and the validators are rewarded with the network’s native token, ASMB.
Yenna Tech joins the Touchpoint open builders program, which offers participants a community of like-minded builders, direct access to funding, experts and knowledge, and general support to launch and scale the next generation of decentralized applications and infrastructure on Assembly. You can learn more about how Touchpoint works and how to join it here.
Every project that participates in Touchpoint is given the opportunity to introduce itself in its own words. Statements made by projects are not verified by Touchpoint, Assembly or the IOTA Foundation and should not be taken as an endorsement. Individuals are advised to always conduct their own due diligence when engaging with any crypto projects.
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