As reported by Reuters on Thursday morning, Tierra Viva (“Alive Earth”), a Colombian exporter of longhorn beetles based in Tunja, has developed its own cryptocurrency to avoid high commission fees on international sales. According to the outlet, the Hercules, Neptunus and elephant beetle species exported by Tierra Viva have a retail price of $ 300 per pair in Tokyo. The beetle species are popular among Japanese schoolchildren and collectors.
Carmelo Campos, chief programmer of Tierra Viva, said the following in an interview with Reuters:
It is an alternative to be able to export the beetles to Japan or to any other part of the world and to be able to use it as a means of payment.
Tierra Viva’s digital currency is called Kumushicoin (KTV), named after the native name of the Japanese rhino beetle, Kabutomushi. As stated in her white paper, Tierra Viva’s main business activity before ATV launched was to turn solid organic waste into beetles that she had raised.
On August 24, 2019, the company developed the Kumishicoin with its own blockchain with an initial total supply of 20,000,000 KTV. The network operates on a hybrid consensus made up of both proof of work and proof of stake mechanisms. However, only stakes have the right to block rewards, and miners can only receive transaction fees for their efforts. Tierra Viva says this setup is designed to discourage mining because of its environmental impacts.
According to CoinGecko, Kumishicoin is only available for trading on the CREX24 exchange, which does not support US clients. Each KTV is currently worth $ 1.80. Reuters reported that around 220 retail outlets in Tunja currently accept KTV as a payment method.
Colombia is emerging as a local hub for cryptocurrency adoption. In September, the country invested more than $ 30,000 to develop a gamified app that simulates crypto and stock trading for young learners. Earlier this year, Colombia’s oldest commercial bank began exploring cryptocurrency-related services.