One of the biggest problems facing the global economic market is that of poor availability of food and raw materials exchange platforms. Today, farmers all around the world are constantly forced to sell their produce at cheaper rates due to market monopoly of certain corporations and organizations. All of the big food exchanges are concentrated within a few market places in the world, and thus they pretty much determine the sale price of major food commodities. In addition to this, high fees are levied on traders and producers, thereby forcing them to live on meagre annual wages.
Chaintrade is an all new ‘food+materials trading platform’ that aims to cut out bureaucratic systems from within the existing framework and help farmers and producers get their fair share of income. The company aims to move around 2 trillion USD of annual trade to the blockchain, thereby making the crypto network an independent, self sustaining marketplace.
ChainTrade will help food and raw materials (commodity derivatives) to be distributed via a decentralized blockchain, that is open to everyone for participation. In addition to this, there will be lowered transactional fees, and the overall expenses for traders, buyers and sellers will decrease dramatically. Lastly, Chaintrade envisions the use of ‘smart contracts’ for all future deals so that there are no middle men involved in any of the dealings.
A little About the Company
ChainTrade is a Singapore based startup that was founded in 2009 (right when the crypto market came to the forefront for the first time). The company currently has 90 employees in 6 countries, and their projects incorporate a wide variety of ventures including Artificial Intelligence Systems, Retail Platforms, Enterprise software etc.
According to the company's website, their aim is to ‘make food and raw materials trading accessible to anyone, anywhere, without barriers’.
Key Benefits of this Platform
Since the network is decentralized there is no problem of trading on this platform from any part of this world.
All of the ‘Smart Contracts’ that are employed by Chaintrade are accessible from the web, mobile or any other endpoint of the user's choice.
(iii) Ease of Access:
All verified members on this platform will have equal access to any of the contracts that are contained in the network. To make transitions smoother, the initial Smart Contracts will be identical to the existing ones.
(iv) Low Fees:
There are no barriers for transactions to take place. In more specific details, the transfer fees are nearly half of today’s brokerage, clearing and exchange fees
Anybody can be part of this network. There are no restrictions in terms of the minimum investment needed, or bigger investors getting more preference over others..
(vi) Completely Legal:
This platform is completely legal and will be made to follow all international financial guidelines.
According to data obtained from the company's official website, ChainTrade is based on the CTC token (ERC20 compliant). The initial objective of the company is to sell 33 million tokens so as to raise enough funds to cover primary costs. Additionally, there is a hard cap of 200 million tokens that has been set. Unsold tokens will be burnt.
Other important details include:
- 200,000,000 tokens to be sold to the public
- 5,000,000 tokens reserved for bounty
- 20,000,000 tokens allocated to the team over the years
Trading will begin from December 17th.