Flowertokens is an experimental project centered around the tokenization and verification of natural commodities, and a first attempt at creating a combined crypto-collectible physical asset.
Users will be able to buy, trade, and speculate on tokenized Freesias (familie Iridaceae) via an online marketplace. The state of the individual tokens will be automatically updated according to the different phases of their corresponding plant’s growth.
Flowertokens further marks the beginning of a series of projects oriented around these themes from terra0 – a group of developers and researchers involved in the planning and creation of hybrid ecosystems.
What is the idea behind it?
Given the rise of digital crypto-collectibles such as CryptoKitties, as well as the first working implementation of the ERC721 token standard, the next step is to test the possibilities of tokenizing physical, natural assets. Whilst projects like CryptoKitties provide working examples and reference projects for the tokenization of digital fungible assets, problems soon arise regarding the verification of the relation between intangible/
What does a decentralized verification process look like in practice when applied to physical assets? How can we ensure that the digital token stays truthfully linked to the changing condition(s) of such an asset? And finally, how can this nexus of information itself operate in a trustless manner?
Our Flowertokens project aims to make these issues raised more tangible. The characteristics of Flowertokens can best be described as a mixture of a crypto-collectible and a verified, constantly updated security: they are a new category of ‘live’ cryptotokens.
What will it look like?
Every plant will be represented by and tied to an individual ERC721-standard Flowertoken held on the Ethereum mainnet, and the physical installation will consist of a grow rack, 100 Freesias and a web interface which will provide the current condition of the tokenized flowers. The setup will be monitored 24/7 by a camera system which will provide a livestream for the website, as well as data for a computer vision program which will update the tokens’ states once a day according to their respective flower’s condition.
Users will interact with the project via the website. As well as acting as a livestream of the physical installation, the website will double as a marketplace where users and visitors can sell or buy tokenized plants and look at the ownership status, current value, species, age, size, and health of individual plants.
Each token will be initially sold by us, and will be immediately up for sale once the project begins. Individuals will be able to sell their tokens to others in the crypto-flower-collector community (if they wish), as well as purchase tokens from others, for the for the duration of the experiment.
What do I need to buy a Flowertoken?
A computer or laptop running the desktop version of Chrome or Firefox.
MetaMask, a browser extension and digital wallet used to interact with decentralized applications (dApps).
Ether, a cryptocurrency native to the Ethereum network, used to purchase Flowertokens.
When does it start?
The installation is set up at Trust and the bulbs are ready to be planted. We are currently doing a test-run and will be ready to open the experiment to the public in the near future. Stay tuned, updates will be posted through our Newsletter!