According to a report from Reuters on Thursday morning, the Colombian long-horned beetle exporter Tierra Viva (“Living Earth”) in Tunja has been developing its own cryptocurrency to avoid high commission costs for international sales. According to the store, the retail price of Hercules, Neptune and Weevil exported by Tierra Viva in Tokyo is US$300 a pair. Beetle species are very popular among Japanese school children and collectors.
Carmelo Campos, Tierra Viva’s chief programmer, said in an interview with Reuters:
“This is an alternative that can export beetles to Japan or any other part of the world and use them as a payment method.”
Tierra Viva’s digital currency is called Kmushicoin (KTV), named after the local name of the Japanese rhinoceros beetle Kabutomushi.As discuss In its white paper, Tierra Viva’s main corporate activity before the launch of KTV was to convert organic solid waste with its beetles.
On August 24, 2019, the company developed Kmushicoin using its own blockchain, with an initial total supply of 20,000,000 KTVs. The network operates based on a hybrid consensus consisting of proof-of-work and proof-of-stake mechanisms. However, only stakers are eligible for block rewards, and miners can only charge transaction fees as rewards for their efforts. Tierra Viva claims that this setup is designed to inhibit mining due to its environmental impact.
according to For CoinGecko, Kmushicoin can only be traded on the CREX24 exchange, and US customers are not supported. Each KTV is currently worth 1.80 US dollars. Reuters reported that approximately 220 retail companies in Tunja currently accept KTV as a payment method.
Colombia is becoming a center of local cryptocurrency adoption. In September, the country invested more than $30,000 to develop a gamified application. Simulate crypto and stock trading For young learners.Earlier this year, Colombia’s oldest commercial bank Start exploring cryptocurrency related services.