Tierra Viva (“Alive Earth”) – a Colombia-based exporter of long-horned beetles – has reportedly been investing its resources in rolling out its own crypto coin, to steer clear from high commission costs on global sales.

Specifically, the new digital coin of Tierra Viva will reportedly go by the name Kumushicoin (KTV) – which is inspired by the native name of the Japanese rhinoceros beetle, the Kabutomushi. 

As included in the details of its white paper, Tierra Viva’s main corporate activity prior to the introduction of the ATV will reportedly be the transformation of organic solid waste with beetles it had raised.

“It’s an alternative to be able to export the beetles to Japan or any other part of the world and be able to use it as a method of payment” Carmelo Campos, chief programmer of Tierra Viva, further shared via a Reuters interview. 

On Aug. 24th two years ago, the firm reportedly initiated the development of the Kumishicoin, using its self-built blockchain, having an initial overall supply figure of 20,000,000 KTV. 

The network reportedly functions on a hybrid consensus, made up of both proof-of-work and proof-of-stake mechanisms. Nonetheless, stakers will be the exclusive people eligible for block rewards, and miners will be only sent transaction fees as consideration for their attempts. 

Tierra Viva revealed that this setup is created with a purpose of disincentivizing mining because of its negative effects on the environment.

Per CoinGecko, the Kumishicoin will reportedly be available exclusively for trading on the CREX24 exchange, which offers no facilitating feature for customers in America. The KTV individually has a value equivalent of $1.80.

Reuters reportedly disclosed that approximately 220 retail establishments based in Tunja are currently including KTV in their list of viable payment measures.