Web3 Domain Provider and Blockchain Platform Work Together to Let Farmers Accept Cryptocurrency and Create Digital Identities
Deploying a calculated manoeuvre to transform the agriculture industry, Unstoppable Domains and blockchain startup Farmsent have joined forces to introduce a new top-level domain, “.farms.” Through the ability to take bitcoin payments and create a strong digital identity within the Web3 ecosystem, this program aims to empower farmers.
Farmsent’s blockchain-powered marketplace will be heavily reliant on the “.farms” domain, according to a statement made by Unstoppable Domains. The goal of this marketplace is to eliminate middlemen by bringing together farmers and consumer-focused companies directly. Farmers can generate digital IDs and facilitate international transactions with over 275 supported cryptocurrencies by using this new Web3 domain.
Making Digital Access Simpler for Farmers
Farmsent CEO Yog Shrusti stressed that small-scale farmers will be able to expand their businesses, get funding, and get over the obstacles that come with centralized systems thanks to the launch of the Web3 domain. Traditional cryptocurrency wallets are an option, but Shrusti noted that many farmers find them to be obstacles to entry. The new domain seeks to streamline this procedure and increase accessibility for digital transactions.
During auctions, the Farmsent platform uses non-fungible tokens (NFTs) to digitally represent bids and guarantee the quality and authenticity of farm products. This NFT-based strategy, according to their white paper, aims to strengthen buyer-seller trust and secure the bidding process.
More than 160,000 farmers from nations like Colombia and Indonesia have already joined Farmsent. The platform, which is now in its beta phase, has made it easier for the UAE and Indonesia to trade commodities including coffee, avocados, and palm sugar.
With a positive statement about the collaboration, Unstoppable Domains Chief Operating Officer Sandy Carter said, “Farmsent is a prime example of how blockchain technology can change lives. We are pleased to provide them with a safe onchain residence, giving consumers a distinct digital identity that puts them on an even playing field with more established, global rivals.”
The UAE forbids mining cryptocurrency on farms.
In related news, using farms for bitcoin mining was outlawed in a May notice from the Abu Dhabi Agriculture and Food Safety Authority. According to the warning, engaging in such activities is deemed a “misuse of the farm,” with fines of up to 10,000 UAE dirhams (about $2,700) imposed on offenders.
