Russian Farmer Creates Own Crypto Called Kolion
It is interesting to see how the blockchain technology has affected a majority of individuals across the globe, most especially those who are underrepresented or live in areas where access to traditional financial resources barely exists. It only proves that cryptocurrencies offer a unique opportunity, one that can get anyone in a booming economic sector.
Building Their Cryptocurrency
Interestingly, a good number of farmers in Russia are doing exactly the same market usage. Mikhail Shlyaobikov, in particular, is believed to be the creator of the cryptocurrency called Kolion. And yes, it has already been employed by some farmers in their small town called Kolionovo, where the digital asset was obviously derived from. The town is only 80 miles away from Moscow and often uses the crypto for transactions, including farmers nearby.
Apparently, the creator found a way to deploy the cryptocurrency in numerous ways throughout the community. It is no doubt that the digital asset will soon be used to skirt the traditional economic prowess in countries like Russia. And although the story behind the community’s promising digital asset is somewhat extensive, it helps characterize a modern struggle to acquire the coin off the ground. And obviously, it is poised to enter an ever-changing market.
Ironically, Kolion started as a traditional paper bill, which also had the same name. However, in 2015, it was banned by the Russian court due to economic reasons. But for Shlyaobikov, the ruling was due to the competition involving the world of fiat currency; hence, he utilized online technology in order to convert the paper bill into a digital asset.
The first step in acquiring support for the crypto was to follow the same beaten road that hundreds of altcoins took. This was when he created an Initial Coin Offering. The latter turned out to be successful, as it managed to accumulate about $500,000 USD for the new currency.
And with the international community pouring a massive amount of interest towards Kolion, it was only a matter of time before the cryptocurrency’s price skyrocketed. Now, the farmer Shlyaobikov reportedly owns millions of Kolion coins, which, up to this day, is showing a strong sign of becoming a long-term currency.
Perhaps the most unique aspect of the aforementioned digital currency is the way it is obtained. It cannot be acquired simply by mining. That is because it should be purchased and/or plowed, which refers to the process of consumers assisting residents (particularly in close towns) to the original point of the currency.