Sponsored writing contest - cotton coin

in contest •  last year  (edited)

This blog post is an entry for a writing contest run by @crypto.piotr. if you want to participate please find the link below.

https://steemit.com/contest/@crypto.piotr/cotton-coin-technology-my-first-sponsored-review-writting-contest-130-usd-in-rewards-pool

This article is written purely for the purpose of being contest entry and is not to be seen as a recommendation or any form of advice. Please ignore the views expressed about Cotton Coin in this article, if you are thinking of investing.

Here it is -


1530103929101_Logo-cott01.png

The world’s population is expected to grow to about 9 billion by 2040 compared to about 7 billion today. That means that the world is going to be more in need of basic things such as food, shelter and clothing. While, the most important aspects for human survival – food, water and energy, get a lot of attention, clothing does not. Moreover, the most prominent growth of the human race will happen in developing and underdeveloped nations, where the above mentioned resources are even harder to source.

With growth in population, the demand for textiles, most importantly cotton, is also poised to grow significantly. While this sounds good for the overall industry, truly speaking, the cotton industry is marred with problems. The key problems include disproportionate use of water and lack of earnings growth for cotton farmers. Moreover, climate change will also impact how and where these crops are grown.

child-girl-cotton-bright-summer-clothes-set-collage-isolated-colorful-white-kid-s-female-apparel-fancy-clothing-66308328.jpg
Source: Dreamstime.com

At present, roughly 20,000 litres of water is used up to make a pair of jeans and t-shirt from cotton. That’s a lot! A lot of people also suggest that the next world war is going to be for resources – water and food. Think about the recent protectionist measures being implemented in the US. The world population is growing, and it is becoming increasingly unsustainable to feed everyone and ensure a decent standard of living for people in the largest economy in the world. Therefore, given that demand for cotton will increase, can we really afford to waste a precious resource like water for making cheaper t-shirts and jeans to feed out consumerism? The answer is probably no but let’s discuss it a bit later.

download.jpeg
Source: agrodaily

The other problem with cotton industry is farmer suicides. Currently India is one of the largest producers of cotton in the world, the second largest after China (if I am not wrong). News websites in India will have a daily article about a cotton farmer committing suicide. In fact, research shows that one cotton farmer in India commits suicide every 8 hours.

Wide-Range-of-100-Raw-Cotton-Wholesale.jpg
Source: alibaba.com

So why talk about all this. Because something needs to done about this, and there is a blockchain start-up looking to solve this problem – Cotton Coin (https://cottonco.in/)


What is Cotton Coin?

(Source: https://cottonco.in)

COTTON COIN is a blockchain based protocol that creates a trusted transaction ledger to integrate consumers, supply chain participants and authorities in one ecosystem. COTTON COIN has a built-in peer-to-peer payment network can be used as an alternative to fiat currency, offering instant payment by bypassing corrupted intermediaries.

In addition, COTTON COIN has a backend growers-to-buyers blockchain traceability solution that can manage more than 1,000,000 transactions each day. Once implemented, we are expecting a vibrant ecosystem involving more than 10,000 agents and 30 million participants (farmers, agents, buyers etc) throughout the world. Two front-end B2B and B2C dApps help to authenticate cotton sources, tracks delivery and monitors cotton prices.

Textile_Supply_Chain.png
Source: chainpoint

At the moment, cotton farmers, especially in developing countries do not get the money they deserve. This is because, they are heavily indebted and rely on seasonal rainfall. They also sell their produce to local aggregators, who buy cheap, and keep all the profits. The governments, being corrupt in nature, do little to help the farmer. By creating an interface that links buyer, supply-chain intermediaries, farmers and government authorities and trade bodies, Cotton Coin aims to remove the middle man and provide farmers the relief and transparency they need. Moreover, data being on a blockchain is immutable and insusceptible to corruption, and the network also helps the producers to reach the world, as payments are simplified and fast, thanks to a cryptocurrency as opposed to fiat.

By implementing its solution, COTTON COIN aims to improve the distribution, procurement of cotton, reduce corruption, and support fair trade practices by building trust among the cotton industry participants in the emerging markets.

Cotton Coin’s mission is:

  1. To make Cotton more transparent
  2. To democratize the access to Cotton related information as a common property
  3. To enable technology to become the “authority” To reduce the scale and effect of epidemics and Cotton frauds in emerging countries all around the world
  4. To educate people through incentivizing conscious consumer behaviour To help small Industries to be more competitive

Benefits of Blockchain backed solution

  1. Immutable Data
  2. Publicly available Data
  3. Transparent and Secure

image-4-276x300.png
Source: blockgeeks

By implementing a blockchain based solution, Cotton coin is bringing transparency to the system. The transactions will be fair, payments will bypass strict foreign currency regulation and data on the blockchain will be secure and immutable. By removing the middle man and corrupt agents, the cost of end product will still be low, but the earning of farmers in Emerging Markets will improve drastically.

download (1).jpeg
Source: genetic literacy project

Having knowledge of the cotton, whether it was organic or not, will also help the consumer. The consumer knows whether the t-shirt it is wearing is ethically sourced or not and whether the money actually benefits the weakest (cotton farmer and labour at textile factories) in the overall ecosystem. The recent case of an Indian company falsely claiming to sell Egyptian cotton to Walmart was a big breach of trust. A blockchain solution will help bring trust back to the ecosystem. Using smart contracts, one can also assess, if children are being employed in the factories of textile companies and whether labour is getting paid the right amount for their work.


Here is the cotton coin whitepaper –

https://cottonco.in/wp-content/uploads/2018/06/Cotton-Coin-Whitepaper-02062018.pdf

The key aspects of the project are as follows –

  1. Instant Payment System
  2. Versatile Traceability System
  3. Cotton Safety Alerts
  4. Reputation System
  5. Supporting Conscious Consumer Behavior
  6. Industry Management Tool
  7. Retail and Consumer Tools
  8. Cotton Registry
  9. Cotton Safety Sensor Tools
  10. Marketplace

COTTON COIN’s primary target markets are developing and underdeveloped markets. Such countries are known to have rampant corruption and bureaucracy and nearly 65% of the Cotton industry related frauds happen in these emerging countries. Corruption forces lack of transparency.

Governments in these countries have shown the will to improve things, which gives a strong regulatory background.

Lack of proper systems requires a solution that Cotton Coin is offering. Supply chains lack any form of a traceability system.

Growing middle-class in emerging countries, and increasing awareness among population drives growing demand for consumer level product history insight.

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your introductory paragraph was captivating, it was mind blowing and it kept me reading to the end. this is a great entry , i still think you can do better with the sourcing of images. kudos @karamyog

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Thank you @antigenx! When i first submitted the post, it had no photos at all, except cotton coin logo. Photos were suggested after I had sent my entry, so i used whatever i found. Thanks for the feedback!

That certainly is a lot of water for jeans and a t-shirt. Enjoyed your background story and images. Had not seen a how cotton is first packaged.

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Thanks a lot for your kind words @machnbirdsparo!

Nice work buddy!
Tip! 0.5

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Thanks a lot @hatu!

Hi @karamyog! You have received 0.5 SBD tip from @hatu!

@hatu wrote lately about: Crypto Needs More Liquidity! Feel free to follow @hatu if you like it :)

@tipU voting service | For investors.

Awesome one sir!
I love how you used practical happenings to back up your review. It's something I should learn to do more often.

You can make your posts more beautiful though
If you're interested just tell me😏

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Absolutely, i am all for feedback. Let me know how i can make my posts more beautiful.

Hi there, I’m helping Piotr narrow down the posts that he should take a look at and read yours. I think yours is a quality post, there is good information, opinions and summaries. I will be recommending it for my top 10. One thing I would have done differently is put the opening statement at the end it turned me off to the post a bit.

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I am doing the same. Thanks for the feedback. I just wanted to have the disclaimer out first, may be i was being too careful.

Dear @karamyog

That was a long week and I definitely did not expect this contest to become so popular. I expected 15-20 reviews about Cotton Coin but ended up with almost 60 entries. Crazy but positive :)

Let me already express how personally grateful I am for your support. This has been my first sponsored contest and I can safely say that I have already gained and learned so much of valuable knowledge from it.

Regardless if you will be one of the awarded winners or not - I want you to know that I will do my best to check your profile every few days and support all quality content related to blockchain, AI, human psychology or crypto (as those are my main topic of passion).

IMPORTANT:
I have almost 60 reviews to go through and I want to personally read each one. It might take me some time but I will definitely reply to any of your comments.

Also: Im looking for few judges who would help me select some of the best reviews submitted. Please visit my latest post (contest update) for more details.

Obviously upvoted :)

All the best, Piotr

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Thanks @crypto.piotr. i hope i win but i am sure everyone must have written a good article.

Let me check your latest post. May be i can help in someway.

@karamyog.. Nice write up about the contest. You've said it all and I have learnt alot from your write up. I wish you success in the contest.

Thanks for sharing this great post with love [email protected] 💗😁🙌

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Thanks a lot for the kind words and feedback, @hardaeborla!

very good entry you got here, thanks for your submission

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Thanks @iamchijamz!

The transactions will be fair, payments will bypass strict foreign currency regulation

Yes I tend to agree with you on this one
that the forex rate of the different for currencies transation will be eliminated with blockchain technology and COTN

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Yes, not only that but fees associated with banks as well m

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But what do you @karamyog think about the acceptance of cotton coin in by the local farmers in your country

Hi @karamyog I wish you the best of luck
........as you slide to success with this contest

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Thank you!

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your welcome my dear.
With the cotton coin industry emerging
will you like to venture into the industry in the future

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Its not an industry but i do want to do something in blockchain.

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oh I see ................
what else tickles you to toes on blockchain ?
maybe it might interest m as well

Greetings @karamyog

We would like to confirm that your entry has been submited. Thank you for your time and effort.

Results of this contest will be announced on saturday 07/07/2018.

Best regards, Cotton Coin Team
Cotton Coin

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Greetings @karamyog

linia2-small.png

Just a small update.

Results will be announced on saturday 14/07/2018 (instead of 07/07/2018). This contest turned out to be a huge success and it may take us more than a week to read all reviews.

You can find more details visiting @crypto.piotr profile and checking out his latest post:
https://steemit.com/cottoncoin/@crypto.piotr/cotton-coin-technology-contest-update

Best regards, Cotton Coin Team
Cotton Coin

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Thanks a lot for the update! Great project!

  ·  11 months ago (edited)

Great article, definitely one of my favorite. I like that you well explained the problem and provided a clear solution. Your article has a good structure and it's nice to read it. Thank you for your engagement and professional approach. I wish you best in Piotr's contest!

P.S. I followed you and hope to see more interesting content on your profile :)

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Thanks for the kind words @neavvy!