SilicaCoin™ is a blockchain-based tokenization of silica as a commodity, designed to enable a versatile network between buyers and sellers of silica. Each SilicaCoin™, entitles the holder to redeem one metric ton of in-situ silica, of a standardized quality from the SilicaCoin™ Supply Network. SilicaCoin™ will be fully transferable, with its technology powered by the open source FAT Protocol on the Factom® blockchain network. This framework offers foolproof audit trails for all silica transactions on the network.

As industry partners (buyers and sellers) join the SilicaCoin™ ecosystem it will add value to the membership as a whole. Silica sellers will offer their mine supply of silica to the network, thereby increasing the total available silica supply for sale. This will give silica buyers a greater options to choose from when placing orders.

Once a Coin is purchased and then redeemed for the physical delivery of the silica commodity, it is effectively “burned” or classified as no longer in existence; this consistently reduces the amount of SilicaCoin™ available for sale to silica buyers, making is necessary to have the ability to add subsequent issuances of SilicaCoin™ to the open market; in conjunction with the total available supply of silica within the network. Initially, One Billion (1,000,000,000) SilicaCoin™ will be released, to the business community; representing one gigaton of silica reserves. The first round of issuance will provide One Hundred Million (100,000,000) SilicaCoin™ available for sale to the silica buyer market. Additional Coins will be issued as necessary to maintain market stability.