In the province of Mendoza, Argentina, the project Open wine It combines technological knowledge with creativity, wine production and disruptive technologies such as blockchain and the Internet of Things. Now they have announced the start of the third “Vintage ICO” and the creation of a new DApp called Viniswap. For more information, Cointelegraph spoke in Spanish with Mike Barrow, owner of the Bodega Orgánica Costaflores and head of the Open Wine project, to find out what this initiative is about.
“The MTB20 token ICO is here,” enthused Mike Barrow. “”2020 was an exceptionally good year for grapes, ”he added later. And this year’s harvest will produce an organic wine for 9,600 bottles.
“”We have already colored the new digital MTB20 tokens – our cryptocurrency supported by our wine called Mike Tango Bravo 2020“, Display.
“”We issue 9,600 MTB20 tokens, which correspond to the 9,600 bottles of our wine“A delicious piece of Malbec / Petit Verdot / Cabernet Sauvignon,” he added
It should be noted that in order to buy MTB20, consumers need an ERC20 digital wallet installed on their smartphone or computer and a little ether cryptocurrency (ETH).
“What we do with OpenVino is very innovative and we want to invite consumers to join us,” he said. And then he specified: “From May 6th to July 25th 2020 you can buy MTB20 tokens in our ICO at cost price“”
“”We have created a new dapp called Viniswap for buying and selling our tokens in Uniswapas well as to display data from blockchain sensors and to interact with the ICO Smart contract, ”he emphasized.
He also said: “One token corresponds to one bottle and is sold on our new Viniswap platform“” He also recalled that the previous tokens (MTB18 and MTB19) can also be bought and sold on Viniswap.
“Our wines will be drinkable three years after their harvest. From May 6, 2021, those who have MTB18 tokens in their wallets can exchange them for bottles of the 2018 vintage. You only have to pay the shipping costs, ”he explained.
Mike Tango Bravo 2020 wines will also be available for drinking from May 6, 2023.
Tokenization and wine
In November 2019, Cointelegraph en Español published an interview with Mike Barrow. On this occasion, he highlighted, among other things, the connection that tokenization has with wine production. So he explained it:
“We use blockchain in different ways. We do the following to tokenize and sell wine: we harvest the grapes and then vinify them. As soon as we know how much wine there is per year, we calculate the corresponding number of bottles and issue the same number of tokens. The first time was May 2018. We took out the equivalent of 16,384 bottles and then spent 16,384 tokens, which are called MTB18. Now that the winemaking for that particular wine is complete, it still needs to mature for about three years to be in a good place to drink. In this sense, we use product tokenization so that the market defines the price.
It’s not crowdfunding, we don’t sell futures, we just sell tokens to the market and then market trading on a stock exchange or whatever he wants to define the price throughout life.
The idea is that not all wines are the same and should therefore have different prices. Not all wine moments are the same either. It can be consumed from the moment of fermentation until it goes out. Until it is in its moment of quality and criticism, until it starts to run out or something. Why don’t we have different prices? The idea is to use tokenization to open up this new dynamic through supply and demand. “
You may be interested in: