Farmplus is an attempt to tackle the problem facing the agricultural system in Nigeria. It is an implementation of the Ethereum blockchain for crowd funding agricultural and agro-allied initiatives in Nigeria. It provides an easy way for farmers to access funds from anyone in the world. How it works basically is that agro-based initiatives of farmers are put on the platform for everyone to sponsor. The funds required to sponsor these farms are collected in the form of a cryptocurrency called ethereum. The records of farm sponsorships are stored in a smart contract that has already been deployed to the Ethereum blockchain. Before an agricultural operation is uploaded to the platform for sponsorship, the terms of the sponsorship are set these include factors such as the interest rate sponsors will receive at the end of an agricultural operation, the number of tokens required to buy a plot/share of that agricultural operation.
FarmPlus is the first blockchain based crowd sourcing initiative for agriculture and solves the problem of financing agricultural initiatives in Africa.