- SardineCoins can be redeemed 1:1 for tins of actual sardines anytime over the next 10 years
A cryptocurrency named SardineCoin first appeared to be a practical joke, especially since the initial coin offering (ICO) was slated to end on 1 April, which is April Fool’s Day. However, SardineCoin has proven itself to be legitimate after showing up at a major cryptocurrency conference, and apparently SardineCoin will be backed by tins of actual sardines.
SardineCoin is similar to a stablecoin, except unlike typical stablecoins which are backed by fiat, this particular fish-based token is backed by sardines. Apparently SardineCoin will be an ERC-20 token on the Ethereum blockchain, and anyone who has the tokens can redeem them for tins of sardines anytime over the next 10 years on a 1:1 basis. The token distribution is expected to occur in September, a few months after the end of the ICO.
When asked why anyone would back a stablecoin with sardines, the co-founder simply said that regulators are more open to sardine-backed stablecoins versus fiat-backed ones.
Image Courtesy: Pixabay