December 8, 2023
Cropto Launch Night and Panel
Cropto's launch of agricultural asset-based tokens was held on the evening of October 11, 2023, at the Conrad Hotel with special invited guests. Among the invitees were very valuable names from our crypto ecosystem.
Following the launch night speeches, a panel was also held. As the Cropto Advisory Board Chairman, I took on the role of moderating the panel. I cannot say I was very successful in this moderation task, which I have only done twice before in my life, but thankfully the guests were kind enough to watch our panel to the end and then provide their valuable insights.
Panel Participants:
Dr. Eren Günhan Ulusoy, Chairman of Ulusoy Un A.Ş. and Söke Un A.Ş., Eurasia President of IAOM (International Operational Grain Traders Association)
Prof. Dr. Ümmühan Aslan, Head of Accounting Department at Bilecik University
Erkan Öz, Economist, journalist, and writer
Turan Sert, Author and researcher, blockchain expertThese valuable speakers, to whom I gave the floor in order, provided very useful information to the guests in the hall about Cropto Tokens specifically and agricultural tokens in general, and touched on interesting points.
These esteemed speakers, whom I invited to speak in turn, provided the attendees with valuable insights specifically about Cropto Tokens and agricultural tokens in general, highlighting intriguing points.
First, I asked Günhan Ulusoy, whom I gave the floor to initially, 'What does Cropto mean from your perspective? Why do you think Cropto is important?' He emphasized that Cropto Tokens represent a significant development for agricultural families, including his own family with a nearly 60-year history in agriculture. He highlighted the importance of wheat, the world's oldest technological product, being recorded by blockchain, one of the newest technologies. He underlined that the results of combining the oldest and most established technological products with this new and developing technology would be exciting and stated that he would closely follow these exciting developments.
Next, I asked Professor Ümmühan about how Cropto Tokens are perceived or will be perceived from an accounting perspective. Previously, in 2017, Professor Ümmühan Aslan and I co-authored a scientific paper on the relationship between blockchain and accounting.
First, Ümmühan explained how blockchain tokens are currently accounted for. She shared her valuable insights on how Cropto Tokens, which are indexed to agricultural products, would be viewed from an accounting perspective. When she mentioned that futures contracts are not considered in accounting records, Günhan also shared some of his experiences on this topic.
Between the two questions, it was suggested that token systems indexed to agricultural commodities could potentially be subject to futures contracts in the future. Our panelists explained how this structure currently operates with traditional written and verbal contracts and how it could be enriched with the Cropto Token family.
Later, when I asked economist Erkan Öz for his views on Cropto Agricultural Tokens, he provided insights into the current global economic situation. He mentioned that he would be interested in agricultural tokens, alongside gold and bitcoin, in his portfolio. He noted that the global context, especially the ongoing conflicts in our region, has increased the value of agricultural commodities, and he believes this trend will continue. He added that the prices of agricultural food products, particularly wheat, will never decrease but will always rise in the future. Erkan has hundreds of thousands of followers on Twitter (now called X) and YouTube, and I hope he includes Agricultural Tokens in his future investment evaluations.
Turan Sert, who was the last speaker among the panelists, is an old friend of mine. We served together on the advisory board of Paribu, one of our country's leading crypto exchanges, for nearly three years until January 2023. Turan always offers great suggestions about new products and provides sincere and critical feedback. I asked him to give a similar critical review for Cropto. Turan mentioned that similar products would soon emerge in foreign markets and advised us to be ready to compete with those foreign tokens, essentially preparing for all kinds of competition. He added that foreign companies would be interested in developments related to the grain corridor in our region and believed that Cropto would be scrutinized at this stage.
Conclusion
When asked, all the panel speakers individually expressed that they would consider investing in Cropto and believed that this family of agricultural tokens would grow even more in the future.
The key takeaways from this panel for me were the potential for wheat and other agricultural tokens to be not only investment-worthy but also viable for regional and international trade. The idea that adding futures contracts to Cropto Tokens on the blockchain, incorporating a time factor, could lead to fascinating developments was particularly thought-provoking. Additionally, Professor Ümmühan's point about futures contracts being a blind spot in accounting, along with Günhan's emphasis on the financial aspects of wheat trading, were the main topics that stayed with me.
Cemil Şinasi Türün
Chairman of Advisory Board
Cropto - Trademark of AgriFintech Finansal Teknolojiler A.Ş.