A Crypto Currency that Propels Ships.. 300CUBITS ICO rating – not rated.
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Ended ICO : 15/03/18 – 12/04/18
About 300CUBITS ICO (token sale)
300cubits ICO is a blockchain solution for the container shipping industry, realized through the issuance of a digital currency called TEU2 Tokens. These tokens are supported by the TEU Ecosystem.
Phase 1 of the project is to introduce TEU Tokens as a shipping booking deposit executed through a Booking Deposit Module to tackle the industry pain points of No Show and Rolling. No Show refers to the case where customers book a shipping slot but do not show up with cargo while Rolling occurs where liners accept a booking but fail to load the cargo accordingly. Together, these pain points cost the container shipping industry $23bn of losses annually. (Source: New Jersey Institute of Technology).
The shipping industry has been actively seeking remedies to these pain points but solutions currently in the market – cash penalties, up-front payments and bank guarantees – have not been widely accepted. 300cubits believe TEU tokens offer a less capital-intensive solution for the industry than the existing solutions. Moreover, project implementation should benefit from the project’s strong penetration strategy, experienced management team and easy to adopt technology
The project was launched with the publication of the Whitepaper on 1 August 2017. One hundred million (100mn) TEU tokens have already been minted with 2% sold for 1,588 Ethers during the Pre-Sale conducted in Aug-Sep 2017. The project team has since succeeded in engaging most major participants in the container shipping industry to test the blockchain concept and the Booking Deposit Module prototype. A group of end customers are considering joining the 300cubits initiative not only as customers but also as joint promoters. Many in the container shipping industry are aware of the TEU tokens through 300cubits’ appearance in mainstream and industry media channels and industry conferences.
Of the remaining 98mn TEU tokens, 38mn will be sold to generate funding for 300cubits’ project development while 54mn will be distributed to the container shipping industry. 300cubits expects the industry will identify a number of real world use cases for blockchain application, accelerating demand for this digital currency. The 54mn TEU tokens for the industry will be distributed free of charge but on a set of conditions that incentivise early adoption and actual usage. 300cubits will charge 0.7% commission in TEU tokens for each booking deposit transaction.
The Booking Deposit Module is being developed on the feedbacks given by the 20+ industry participants who have attended the system demonstration or tried the prototype. The development objective is to provide a functional digital currency transmission system that requires no system alteration and little adoption efforts at the side of the users while automation maybe optional for the future releases. The Booking Deposit Module is scheduled to go live on 15 June 2018. However, users will be given option to use TEU tokens independent of 300cubits’ system.