In what will be a token linked to the price of a foodstuff, an initial Sardine coin offering, or vintage 2020 Sardine coin, known as SARD2020, was issued by MYSardine, during CES 2020, the high-profile consumer electronics trade show held in Las Vegas.
SARD2020 will be an ERC-20 token based on Ethereum, while each coin of the issue will be backed by one can of 2020 vintage sardines.
The issue period will run from January 8 to April 1, 2020 and 75% of the proceeds of the issue will be used to buy up as much as possible of canned sardines production in 2020, while the remainder will be utilized mainly in operating costs.
The coin itself will be issued in September.
MYSardine has ambitious plans for its new token that is seen as an improvement on fiat currency-backed stablecoins such as Tether.
MYSardine also said it wants SARD2020 to be traded on crypto exchanges and to create a platform to make it easier for investors to redeem their tokens and claim their sardines.