Introducing "Harvestpay", a platform for Real World Assets (RWA)

Astar Initiatives
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Hi guys my name is Eudomar (Van), as you know I am an Astar agent since 2020, I have been able to follow the growth of the network first hand, and it has been a great pride for me to represent the network.

As you know, together with @Ercab I have been leading the community in Spanish during all these years.

We are pleased to introduce this Real Assets World (RWA) platform to be launched on Astar Network: “Harvestpay”. We have spent the entire year 2023 developing the basic fundamentals for the initial development and future growth of the project

Note: The main purpose of this post is to present to the Astar Network community our project, we are not yet applying for dApps Staking or Unstoppable grants, however, we hope to join in the near future to these programs.

Team:

Introduccion:

What is Harvestpay?

Harvestpay is a project that originated as an innovative solution to the need for fair credit in accordance with the reality of small and medium-size the reality of small and medium-sized enterprises (SMEs) in Latin America, mainly in the agricultural sector.

In order to grant loans to SMEs, a decentralized platform supported by blockchain technology will be implemented to manage the approval, disbursement, and repayment of loans to SMEs in Latin American

General Objective:

To be a decentralized credit platform for small and medium-sized enterprises (SMEs) in Latin
America, with the autonomy and versatility to handle cryptocurrencies, fiat, and
commercialize products under its own brand, thereby contributing to the sustainable growth of
the region, with a significant positive impact mainly in the agricultural sector.

Harvestpay will initially be a platform that will provide loans to small and medium-sized farmers, to promote sustainable development in Latin American regions, while promoting the adoption of web3 and specifically the Astar Network.

Mission:

To contribute to the sustainable development of SMEs in Latin America by providing them
access to fair credit through a decentralized platform, utilizing blockchain technology, and
offering comprehensive business advice

Vision:

To become the most widely adopted decentralized system for credit and advisory services for
SMEs in Latin America, based on blockchain technology.

Volcanicoffe

Harvestpay in addition to providing decentralized lending services, develops a new concept for the tokenization of Real World assets: “Agro Real World Assets”: A-RWA, which makes it a dynamic and versatile platform to bridge the gap between web2 and web3, through the tokenization of real agricultural assets, starting with coffee: Volcanicoffe.

Harvestpay platform will tokenize (through the NFT format), develop and market its own products. The first product tokenized by Harvestpay will be “Coffee”, thus creating its first commercial brand: “Volcanicoffe”, a high quality coffee harvested and produced in Panama on the volcano’s slopes: “Barú”.

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Crowdfunding

The crowdfunding figure will allow users to be part of the first product tokenized by our platform: “Volcanicoffe”.

A collection of NFTs will be launched where users will be able to acquire an NFT and be part of Volcanicoffe, and a percentage of the benefits related to its commercialization and sale will fall on the NFT holders (the percentage of benefits for each Volcanicoffe NFT holder will depend on the amount of coffee, packaged, commercialized).

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Details on the launch of the Volcanicoffe NFT collection will be published later in a separate document.

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Greetings, there is a deficit in the RAW area in Astar and it is thought that interest will shift here in the coming years.

Generally well thought out. I look forward to looking at the details in your dApps Staking or Unstoppable grant programme applications.

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It’s definitely an interesting concept. The RWA concept is something that is being spoken of from the wider economic world, so it could be a good head start with good promotion towards Astar Network, look forward to hearing more about this project.

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It is a very interesting idea with use and utility in the real world too. I am very curious to see the future results, I support the project 100%

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Greetings thanks for your comment, initially we have focused on developing the physical part of the project, RWA has this quality allows you to develop the physical plane and then take it to the blockchain, in the near future we will share our plan for dApp Staking and Unstoppable Grants.

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I agree with you, RWA is a little exploited space in Astar Network, maybe we are the first RWA project to be launched in Astar Network, you can check our whitepaper on the web and learn more about the project, we always look forward to your comments.

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Thanks for your support guys, we really want to create a symbiosis where both the project and the Astar Network can expand to new horizons, we will bring all our experience and knowledge to achieve it.

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What a cool project, Van! Personally, I have seen very few such projects. In one of the hackathons we did here in Colombia, a similar project came up that tokenized cocoa and did crowfunding to support coffee farmers, very good project.

Back to the context, I am very happy to see projects of this type in Astar, there are already few of them. Congratulations! And whatever you need in terms of development, just let me know.

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Thanks for the support Carlos, RWA really has a huge potential to stimulate local economies, and at the same time empower Astar by attracting new users to the ecosystem.

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Thanks for your proposal @Vangardem would be nice to see RWA on the Astar ecosystem. However, you stated that the project intends to give loans to farmers, how then do you generate revenue? Second, in what way do you think Harvestpay would be utilized by the entire Astar community to drivegrowth and adoption?

Thank you.

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Hi Chris very good questions I will answer both of them:

  1. The benefits or income of the project will be generated through 3 ways:

Harvestpay business model is multifaceted, it focuses on generating profits and mitigating risks in several ways:

  1. Profits from loan transactions:

⦁ Interest rates and fees: The platform will earn revenues through interest rates and
loan disbursement fees.

⦁ Fees for special services: This includes fees for services such as the exchange between
cryptocurrencies and fiat currencies, and for international transfers.

  1. Sale and marketing of private label products:

⦁ Purchases from credit beneficiaries: SMEs that have received credits can sell their products to
the platform.

  1. Benefits of diversified funds:

⦁ Investment policy: According to the project’s investment policy, 18.5% of the funds provided by investors will be placed in low-risk investment platforms, with a target return of 6% - 12% per year (based on the average loan amount).

  1. As for the second question,

We are also an NFT project, we will launch an NFT collection for Astar users to be part of our first product, whose trademark is “Volcanicoffe”, the holders will be able to receive benefits from the commercialization of Volcanicoffe.

On the other hand, farmers will be instructed by our team on the use of web3 and specifically Astar.

In this way we are also ensuring to educate a new segment of the population that lacks knowledge on Astar’s blockchain technology.

Ultimately our efforts are also focused on making the Astar network more usable, unlocking new use cases.

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This is great, thank you for sharing! RWA is definitely great for Astar eco, I have a few questions:

  1. What specific strategies does Harvestpay plan to implement to ensure the effective management of loan approvals, disbursements, and repayments on its decentralized platform?
  2. How does Harvestpay plan to reach and engage small and medium-sized enterprises (SMEs) in Latin America, especially those in the agricultural sector who may not be familiar with blockchain technology?
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The project is very interesting. I would like to ask a few questions.**

  1. Where does the project’s income and expenses come from? How?

  2. Is there a rough target for the project? How many SMEs or people using the project, for example?

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Hey Dr !!

  1. The approvals and disbursements of the credits will be in charge of our consulting team in traditional finances, they will be in charge of the evaluation of the aspiring producer to the loan according to our manual of good practices. We will follow up in first person all those producers who receive loans to ensure compliance with the repayment.

  2. We plan to make alliances with international organizations in the agricultural sector, in order to offer them all our logistical support to SMEs unfamiliar with blockchain and thus facilitate their entry into web3 (Astar).

Thank you!! Dr.

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  1. Revenues shall come initially from two main sources:
  • From interest generated from loans granted to small producers.
  • From the commercialization of the products that we will create under our umbrella. Our first product will be Volcanicoffee.
  1. At the beginning we have approached and are in talks with several coffee producers based in Panama, where there are hundreds of producers, for now we do not have a specific ceiling to determine the number of producers who will join the program, but what we have determined with the market study is that there is much demand for credit which gives us a privileged place as lenders for this specific area, which is why we decided to start with coffee producers, which also has a lot of demand worldwide.
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I see your points. Thank you for your clarification. Cheers =)

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Since there is always the oracle problem between the Real World and on-chain, an intermediary is inevitably needed in between. Therefore, I think rather than insisting that all entities in a dApp for RWA must be decentralized, it makes sense as a traditional enterprise to use blockchain as a “tool” to achieve what was not possible in the traditional system, such as borderless crowdfunding. In that matter, I believe this fit very well with Astar’s specific direction as an blockchain. By promoting such use cases, I hope to contribute to Astar’s branding and ecosystem and receive a corresponding grant!

Just a casual question, do you think it’s feasible to have a fully-decentralized RWA funding platform structure that even decentralizes loan review and due diligence through token issuance?

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We will not issue token, we will work with ASTR token or any token in stable within Astar or any other network as the case may be.

  • We will use the NFT format to give participation to web3 users in the products we will launch.

  • We will not use Oracles to grant the loans or to track them, this will be done manually (we have a team of professional consultants for this task). It is very accurate what you say about the crowdfunding format that is used in the traditional environment, that is why we chose this format in the beginning, in our presentation we have made reference to the fact that right now we are in charge of developing the physical part of the platform.

  • In the future we want to build a dApp for lending, borrowing, swaps and that farmers or any user in general can access it for funding.

Thank you!

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Hello everyone, I am a Co-founder and a member of the HarvestPay team.

To complement Vangardem’s response, it is important to consider that HarvestPay has defined its scope exclusively for coffee producers in Latin America. The first phase of the project will be executed through conventional methods, requiring thorough due diligence and consultation with our consulting team.

The work carried out by the consultants, among other aspects, will generate information to assess and approve credits. With this information, a producer’s credit history and profile will be established.

Upon completion of the Daap construction in the third phase, the adoption by producers will commence. At this stage, the credit history and profile will enable them to apply for new credits through the Daap.

In this way, we aim to target the agricultural sector in the region and create a replicable model at the regional level, followed by a global scale.

Thank you!

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Of course, through this thorough study, the profiles of the borrowers of the loan will be created; this is how it works in the conventional model, just as you mention.

A question that I do not know if it is in the original post, do you already have partnerships with some entities, companies or group of coffee growers?

Here in Colombia we are very well known for our coffee, it is just a piece of information that I am sharing with you :smiley: