You want to invest in soybeans, but in Ethereum! We show you how to do it!
Soybean is a legume rich in vitamins B, E, minerals such as iron, calcium, phosphorus, potassium and zinc. It is low in saturated fat and is a great source of protein. It has been traditionally used to make oil or foods such as milk, tofu or bean sprouts, and its consumption has also become popular in Western countries in the last 20 years, where experts have come to define soy as one of the foods most complete in existence.
Its largest producers are China and the US, which represent 28.1% and 20.3% respectively, followed by Argentina and Brazil, with a very similar production of 7.7 million tons, both representing 15% of the total. world.
Argentine manufacturers implemented the tokenization of raw commodities in response to the cryptocurrency boom. To put it another way, they designed cryptocurrency that could be used to fund the production of cereals, livestock, wine, and even sugar. The cryptocurrency arrived at a good time: soybean prices have climbed by 7.3 percent so far in 2022, and Argentina’s soybean production will range between one million and 50 million tons.
These stable-coins have a similar character since they are all based on the Ethereum (ETH) technology, which is a cryptocurrency similar to Bitcoin but with a higher layer of functionality that enables for creative improvements. The Ethereum block chain is used for the issuance and trade of NFT assets. Ethereum is a network that allows for the development and maintenance of so-called Smart Contracts, which are computer programs that move money depending on a set of rules. To put it another way, for these programs to operate, hundreds of computers across the world must collaborate to run the code, which, like everything else in blockchain, is decentralized.
Some of these activities were launched prior to the outbreak of the pandemic, and they are now all the rage in 2022. The goal is to reflect future output in a digital currency that trades on a “crypto-commodities” secondary market. The issue is that digital currencies may become extremely volatile. As a result, investors have started using services like Commodities-API to keep track of these currencies.
What Is Commodities-API?
Commodities-API It’s a simple Open-Source API that provides current and historical commodity rates from banks and the stock market. The API can give exchange rates for practically any commodity, precious metals, single currency conversions, Time-Series data, and volatility data, among other things.
How Accurate Is It?
You can obtain information from the Commodities-API in any currency you like, with a precision of 2 decimal points, and from over 170 different options. You may also get data updates every 60 seconds and make 100.000 API queries every month.
How to use it for the first time?
It’s pretty simple! Just follow these quick steps:
- Go to commodties-api-com
- Register and have access to an API-key
- Find what currency and commodity you are interested in
And that’s it!
For more information, check their website.