300Cubits describes itself as a cryptocurrency that propels ships. Find out how this currency plans to change the international shipping industry today in our review.
What Is 300Cubits?
300Cubits, found online at 300Cubits.tech, is a cryptocurrency that aims to disrupt the global shipping industry.
The China-based company claims that the global shipping industry sorely needs to be disrupted: the industry has lost money in 7 of the last 10 years. 300Cubits outlines problems like a lack of trust between customers and container liners as well as the inability for the industry to forecast or hedge against cycles.
The unique name of the company, by the way, appears to be a reference to Noah’s Ark. The Bible mentions that Noah’s Ark was 300 cubits in length.
300Cubits will launch its crowdsale later this year. Meanwhile, full development of the platform is expected to take place throughout 2018 and 2019.
How Does 300Cubits Work?
300Cubits seeks to solve crucial problems in the global shipping industry. To do that, 300Cubits plans to implement two solutions:
- Migrate critical business processes onto the blockchain; once an agreement or transaction is on the blockchain, it’s immutable and cannot be altered in the future
- 300Cubits will issue a cryptocurrency called TEU that can be used in daily business transactions, including booking and shipping services
The token sale for 300Cubits began on August 16 (pre-sale), with the general crowdsale taking place throughout September and October.
One of the crucial goals of 300Cubits is to allow users to easily trade container shipment bookings. If a factory knows that it won’t be able to fill a particular shipment in time, for example, then that factory could sell that booking on the 300Cubits marketplace in exchange for TEU tokens.
300Cubits plans to implement all of the following features:
- Smart Contract Builder: This feature will allow users to build smart contracts even if they have limited technical skills or knowledge. You don’t need any coding knowledge to use the 300Cubits smart contract builder.
- Booking Module: Customers make shipment bookings using TEU tokens as a deposit.
- Marketplace: Unused bookings can be traded for TEU tokens. TEU tokens can also be traded for USD or Ether.
- Rating System: 300Cubits will have a credit-like rating system that allows the best platform users to be recognized. The ratings will be based on past booking performance.
Who’s Behind 300Cubits?
300Cubits is led by Johnson Leung (Co-Founder) and Jonathan Lee (Co-Founder). These two come with a combined 50+ years of experience in the shipping and banking industries.
Johnson has extensive experience in the container shipping world, including with Maersk’s eCommerce project. Jonathan, meanwhile, has been a regional treasurer within the banking industry, and has 20+ years of experience dealing with fiat currency and banking settlement.
300Cubits is based in China.
The 300Cubits Token Sale
The 300Cubits token sale began in August and is taking place throughout September and October. You can purchase TEU tokens in exchange for ETH. TEU tokens are ERC20-complaint tokens built on Ethereum.
How Will TEU Tokens Be Used?
TEU tokens will play a central role in the 300Cubits ecosystem. The tokens have the goal of becoming the de facto cryptocurrency for the container shipping industry. With that goal in mind, 300Cubits has introduced four modules to help encourage adoption of TEU tokens across the industry:
The booking module will be available through a mobile or web DApp. The module will contain all of the functions you can currently find on shipping service websites, including shipping, schedule searching, quotations, and shipment status tracking. The interface allows users to send TEU tokens to Ethereum, take back the TEU tokens once a user’s obligation has been performed, or receive TEU tokens as compensation when a booking agreement is breached.
The 300Cubits marketplace module will be available online or through a mobile app. The module allows users to hold a confirmed but unused shipment booking. Then, users can trade that booking in the marketplace for TEU tokens. A shipper might know that his or her factory will miss the booked sailing, for example, which means they can sell that shipping booking in the marketplace. The marketplace will also serve as a place for users to trade TEU tokens for cryptocurrencies and fiat currencies.
Positive Credit Agency Module:
All smart contracts for shipment bookings are immutable, publicly examinable, and auditable thanks to the attributes of blockchain technology. 300Cubits aims to develop a user-friendly and intuitive credit record database and a credit rating system based on past performance. They may use an “A to F” scoring system. The goal of this credit system is to reward trustworthy shippers and liners.
300Cubits is an ambitious project that aims to disrupt the global container shipping industry through the use of a blockchain platform and a cryptocurrency called TEU. TEU tokens are designed with the goal of becoming the de facto currency for the global container shipping industry.
300Cubits will develops its platform throughout 2018, which is when the booking, smart contract, and marketplace modules are expected to launch (the credit agency module is scheduled for 2019).
You can participate in the 300Cubits ICO today by visiting the company online at 300Cubits.tech. If successful, 300Cubits could change the way the global shipping and container industry works.