There’s been a lot of discussion on internet platforms over reports that Ambrosus has entered a partnership within the United Nations. According to some Redditposts, this is a verified partnership whereas some others have claimed all they’ve done is reach out to figures with the UN’s enviromental programme.
According to reports The Market Mogul has managed to obtain it seems that Ambrosus became a programme member for UN’s Sustainable Consumption and Production (SCP) Clearing House in October last year. The role of the Clearing House is to become the official information sharing platform for each of the 10 Year Framework of Programs (10YFP): an initiative to research and accelerate the adoption of sustainable food systems across the supply chain. By being a member, Ambrosus will be able to collaborate with others to form initiatives with the UN’s 10YFP goal at the end.
So what exactly is Ambrosus? Ambrosus is an eco-system which, according to its website, plans to use blockchain and IoT to track products across the supply chain and as such guarantee its quality, safety and origin for consumers. The idea is that consumers can know exactly what they are buying and the information collected can also be used to draw up smart contracts between suppliers and the consumer and therefore enforce quality control. They claim coupling sensor technology, with IoT and blockchain creates a system of “interconnected quality assurance”.
Based in the Swiss town of Zug, Ambrosus was founded in July 2017 and its CEO, Angel Versetti previously worked at the UN as well as with the World’s Resource Forum. According to Ambrosus’ whitepaper, the plan they have will see a combination of sensors and/or biosensors that can assess the product’s physical attributes and surroundings for each individual unit. This product can then be given its own individual ID so it can be identified across the supply chain by supplier and consumer alike. The information will also go towards the constituent smart contract which will travel parallel with the product and will be held in blockchain.
The Ambrosus network, which partially runs off the Ethereum blockchain, uses a native token called Amber (AMB). An ERC20 token, it is a database token, which links the information back onto the blockchain and onto the smart contracts. As an item moves through the supply chain, the amount of Amber put onto the original token is split up as it is processed or transformed.
The tokens remain with the readings and locked in the smart contract until the item has moved all the way to the end consumer or it has reached an expiration date. Suppliers pay for using the system by purchasing Amber tokens and consumers are rewarded for using the network by getting to claim the tokens at the end. What exactly Ambrosus envisions the main incentive for holding onto Amber tokens, whether they are converted into fiat on crypto-exchanges or whether they will be used to buy prizes, isn’t exactly clear.
An Amber token is presently worth $0.55 and has a market cap of $79.6m. Out of a total 361.4m cap, 144.5m are in circulation: just under 40%. Since the end of January, the AMB price has fallen from a valuation of $1 and a total value of $148.6. The marketplace is currently going through beta testing and reports suggest that Ambrosus won’t be completely ready until 2020.
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