Ended ICO : 01/11/17 – 30/11/17
TEU Tokens are the Bitcoin for the Container Shipping industry.
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300cubits (TEU tokens ICO) is a blockchain initiative, looking to fundamentally change the container shipping industry through the creation of a de facto industry-focused cryptocurrency called TEU tokens supported by a TEU Ecosystem.
TEU is an industry acronym for Twenty-foot Equivalent Unit, a standard unit for containers. A TEU token is an ERC20 compliant digital token distributed on the Ethereum network and will be tradable on various cryptocurrency exchanges globally.
What is TEU tokens?
We will issue ERC20 compliant TEU tokens in the Ethereum network and promote them as the de facto cryptocurrency for the container shipping industry. We believe the TEU tokens are what the industry needs to ensure shipment agreements get honored, use crowd wisdom for more accurate forecasts and potentially hedge against the industry’s cyclicality.
Use the TEU tokens as booking deposits
Unlike the existing service contracts in the container shipping industry, the smart contracts governing the transactions of the TEU tokens are coded with a set of immutable conditions. Once committed, neither party can alter what has been agreed. Both the container liners and their customers will be given valuable TEU tokens that will be held as deposits with conditions, and paid out later upon the execution of the shipment booking. The container liners will be compensated with the TEU tokens if the customers do not turn up with cargoes. Likewise, the customers will be compensated with the TEU tokens if their cargoes are rolled. The smart contracts that govern the payout of TEU tokens simply execute according to the coded conditions based on the actual outcome, i.e. whether a shipment booking is fulfilled or not. So regardless of whether there is trust or not, the contract mechanism of the token will incentivize counterparties to honor their commitments.
A host of applications to make the usage of TEU tokens seamless
To promote the usage of TEU tokens, we will foster development of an industry community with an IT infrastructure, which we call the TEU Ecosystem. This community will be composed of interested industry participants, application developers etc., to establish the TEU tokens as the de facto cryptocurrency for the container shipping industry. The TEU Ecosystem will include Smart Contract Builder Module, Booking Module, Market Place Module and Positive Credit Agency Module.
The Smart Contract Builder Module is a web-based Dapp (decentralized application) that allows corporations or persons without any prior blockchain or smart contract coding knowledge to tailor a smart contract using the TEU tokens according to the commercial terms of each shipment booking.
The Booking Module is a web and mobile based Dapp platform, much like the existing on-line services of the container liners but will be an aggregator website that collects all schedules, quotations and shipment status from the container liners who use the TEU tokens. The module will become an industry booking aggregator, much like Booking.com for vacation travellers, for container shipping. Customers can look up schedules and quotations, either based on existing agreements or walk-in requests, choose and book the best quoted routes.
TEU tokens sale
The tokens sold during the Token Sale are known as TEU (twenty-foot equivalent unit) tokens. A TEU is a standard unit of a shipping container.
The TEU token is ERC20 compliant. The TEU token Total Supply is limited and fixed at 100,000,000, which ensures the long-term value of the tokens. These tokens are created during execution of a TEU smart contract, are transferrable, cannot be minted again but can be burned when 300cubits deems necessary.
Forty percent (40%) of the TEU tokens will be sold to the public during different Tranches of Token Sale. The proceeds from Token Sale will be used primarily to develop the TEU Ecosystem and to make the TEU tokens marketable in the container shipping industry.
A percentage of the TEU tokens will be given out for free to a selected group of container liners and their customers, or employees of the shipping industry to promote the use of TEU tokens as shipment booking deposits, and for generic use as the de facto industry cryptocurrency. Six percent (6%) of the tokens will be reserved for the founding team with a disposal restriction (“lock-up”) for 2 years starting on 16 August 2017.
Co-Founder at TEU TokensJohnson came from a traditional shipping background where he spent the first seven years of his career with Maersk Line in Denmark, Brazil and China before working for Hutchison Port Holdings as an Investment Manager specialized in acquiring and negotiating port concessions in the Middle East region. Johnson?s last assignment with Maersk was the eCommerce project at the headquarters, where he provided business logic for the development of Maersk Line?s on-line platform, similar to our TEU Ecosystem. Moving from industry to the finance world, he was the regional shipping analyst at JP Morgan and then a senior shipping analyst for Tufton Oceanic, the largest shipping hedge fund, before joining Jefferies as their Head of Regional Transport and Industrials Research for the Asia Pacific region. Johnson is a graduate of Maersk Shipping Academy and HKUST, and holds an INSEAD MBA.
Co-Founder at TEU TokensJonathan Lee is a Banking and Finance professional who spent over 20 years of his career with private, commercial and investment banks. In the last 4 years, he held managerial positions with 2 European private banks, namely Union Bancaire Priv_e (UBP) and Coutts & Co, overseeing Asian Treasury, Trading and Dealing functions. He was the Head and Deputy Head of Treasury in 2 Chinese commercial banks, Shanghai Pudong Development Bank and China Construction Bank, respectively for 5 years. Prior to that, he developed his diverse banking competence in various functions, including sales trader, settlement operation and risk management in Bank of NY Mellon, Standard Chartered Bank, JP Morgan and the clearing house of HK Futures Exchange over 13 years. He had unique experience in setting up the Treasury, Trading and Dealing functions for newly established banks, e.g. UBP and Shanghai Pudong Development Bank in 2016 and 2010 respectively, in Hong Kong. Jonathan graduated from HKUST and holds qualifications of CFA, FRM and CFP.
at TEU TokensEugene has 20 years? experience in IT and banking. He most recently ran fixed income middle office operations for Morgan Stanley Hong Kong. He graduated from Dartmouth College and holds an MBA from INSEAD.
Shanghai Based at TEU TokensViolet Gu has over 9 years of experience working in the financial industry. Before joining 300cubits to make a difference to the container shipping industry, she was the Vice President of China team in ICR, a leading investor relation company headquartered in New York. Prior to ICR, Violet was an Equity Analyst at Jefferies Hong Kong where she covered transportation sectors, including shipping and aviation, and financial institutions. She started her career as a Research Associate at Evalueserve where she was a member of UBS’s top ranking semiconductor team for 6 years. Violet holds a Bachelor Degree of Commerce from University of Melbourne.