OPENVINO Project, the world's first winery with its own cryptocurrency based on the value of wine

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3 years ago

Openvino is a revolutionary project in the wine world that aims to create the first open-source winery and the first wine-backed cryptocurrency in the world. Mike Barrow, an American computer scientist, is its creator. Established since 2003 in the province of Mendoza, cradle of the best vineyards in Argentina, he decided to unite two apparently antagonistic worlds, BlockChain and Wine.

Just 3 years ago, applying the open-source philosophy known in the world of software and new Blockchain technologies, Mike Barrow transformed his company Costaflores into the first winery, the first micro-enterprise in the world to share all its information, from data from grape cultivation and winemaking, through IoT devices, to complete accounting and sales logistics. This is how Openvino makes extreme transparency and extreme traceability available to everyone, stripping all its practices and sharing its intellectual property for any observer, hobbyist or expert.

On May 6, 2018, Costaflores launched its ICO (Initial Coin Offering), where it showed the world the first cryptocurrency linked to wine production: MTB18. Production during this year amounted to 16,384 bottles of MTB (Mike Tango Bravo) wine, exactly the same amount of tokens. Once the ICO was completed, the tokens were purchased on Ripio.com exchange where they can be exchanged and / or sold, and thus the cycle is played every year on the same date with each new harvest.

The only way to buy is from someone who has cryptocurrencies, so the price varies depending on the supply and demand of the token, a token is always equivalent to a bottle of wine and the only way to obtain the wines is through the tokens, so the price of acquiring that token / wine is different in euro, peso, dollar, bitcoins, etc. The objective here is that it is the market that ends up defining the price of the product.

According to information on Costaflores website, the schedule for this year's harvest is as follows:

  • The last days of March, we harvest the grapes from the vineyard.

  • During the month of April, we make the “Mike Tango Bravo 2020” wine

  • On May 6, 2020, we issued the MTB20 tokens, based on the number of bottles of wine produced.

  • The ICO ended on July 25, and the MTB20 wine tokens are available for resale on the Viniswap exchange.

  • Three years later, the wines are ready to drink, and can be purchased starting May 6, 2023, ONLY with MTB20 tokens.

By 2020, the ICO price of MTB20 tokens is based on the COST of the value of the wine. Once the ICO is over, we let the market decide the "real" value of our wines.

"You drink it, you own it"

In May 2021, the first MTB18 bottles will be available for consumption and what Mike calls "You drink it, you own it" will take effect, the consumer becomes a partner.

After uncorking it, the back label invites you to scan it with the phone, which takes you to download an App. Then you should take a selfie with the bottle and answer some questions about the experience drinking that bottle of wine. "And so we can know who the consumers are, what they think and what they think. In exchange for that intellectual effort, the winery delivers a security token that gives you the right to legal action by the company. Then, the consumer becomes the owner of the company. The philosophy behind this is that, if you are drinking their wine, you are committing yourself to the product and if you are ingesting it within your body, the question arises: why not be part of the company? How do you like your wine?

OPENVINO Project

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