The goal of the Beerchain Team is quite straightforward: They want to create a beer-based cryptocurrency. While the idea of having beer-based money is an interesting idea in itself, the questions of how and why still need to be answered.
How does one create beer-based money?
The coin can only be mined through beer, meaning that a unique code will be delivered with beer that can be scanned with the Beercoin app to generate Beercoins. There are various possibilities to deliver such a code, as it just consists of eight simple characters. The code can be delivered via QR code inside a bottle cap, NFC tag on a beer coaster or plain text on a check.
The value of the Beercoin will be defined through a standard beer. This beer will always have a value of 100 Beercoins, while other products are priced relatively. That way the Beercoin is bound to be less volatile then other cryptocurrencies, which is an important aspect if one wants to use it as money.
The final aspect to make a viable cryptocurrency is to increase its usability. The Beerchain Team plans to incorporate a wide range of pubs in the Beerchain to ensure that the user has an easy an convenient to actually use his Beercoins in the real world. While Beercoin can be traded like most cryptocurrencies it could not be viewed as a currency if you can not go out and get yourself a beer.
Why would one create beer-based money?
The beer market is a billion-dollar industry which has not seen many innovations in recent years and is currently decreasing in volume in many parts of the world. While the consumer base is shrinking a lot of new competition, in form of craft beer breweries, is trying to find a solid foothold in the market. With our project we want to offer breweries a way to fight for their market share with the pinnacle of modern technology. Participating breweries can offer their consumers a beer, which not only tastes great but enables the consumer to mine a cryptocurrency with it.
From a users perspective it an easy and convenient way to participate in a cryptocurrency. All they have to do is to buy a beer and scan the code. If they sent their Beercoins to friends, trade them, donate to charity or simply buy a beer is all up to them. The Beercoin will help to increase the usage of cryptocurrency in the general population and will make the concept of cryptocurrency easier to grasp.
The next steps
The Beerchain project is now finished with the rough framework of the Beerchain and a demo version of their app can be downloaded for Android and Windows phones. The legal questions for the Beercoin ICO are solved and their ICO starts at the 18th of Mai. For more information on beer-based money visit their website or their listing here.