Prime Shipping (PRIME Token): Blockchain Payment System?
Prime Shipping Foundation (PSF) is the world’s first blockchain-based platform that focuses on the shipping industry. The platform provides an online payment system, a crypto exchange, and bank for participants in the marine shipping market such as business customers and corporations.
PSF seeks to create an international Business-to-business payment ecosystem for the shipping industry, which will simplify transactions and ensure the transparency of payments between the shipping market participants.
Additionally, Prime Shipping Foundation seeks to solve some of the inefficiencies of the current marine logistics, payments, and legal operations such as unnecessary delays in crediting funds to beneficiaries’ account, complexities in transferring funds between people in different countries, and high cost of transactions.
Through the PSF’s ecosystem, participants in the freight market such as ship-owners, brokers, agents, charterers, freight operators, and bunker suppliers have the opportunity to increase the efficiency of their operations while at the same time reducing their operating expenses substantially.
How Does The Platform Work?
PSF uses its own unique cryptocurrency, the Prime token that is specially designed for the shipping industry to solve the major problem in the shipping industry and completely disrupt the way the world moves goods.
The platform also utilizes its ecosystem to revolutionize the way B2B payments are handled by processing the payments with less overhead costs.
The components of the ecosystem include:
- Prime Payment System: this cross-border blockchain-based payment processing service facilitates instant transactions on the platform.
- Prime Crypto Bank: Prime token holders can freely open accounts within this bank. The crypto bank will not only be compatible with crypto payments but also support fiat payments thus enabling its users to conduct fiat settlements within one bank.
- Prime Exchange: through this exchange, platform users will be able to exchange USD, EUR, BTC, ETH into PRIME and back. In the future, the platform will integrate more fiat currency and cryptocurrency pairs.
- Prime Shipping Platform: this is a matching engine that pairs cargo to a carrier. The platform implements smart contracts that processes escrow in a distributed ledger. The smart contract will also store data about the transaction like the number of tokens used, destination, origin, and type of cargo.
Benefits Of The Prime Shipping Foundation
The platform provides its users with instant payments without any geographical restrictions for those participating in the transaction. Similarly, PSF provides instant conversion of Prime tokens to fiat or any other accepted cryptocurrency.
PSF’s payment system will be one of the most efficient ways to transfer funds or even settle payment contracts, as it attracts a transaction fee of less than $1.
PSF interface is intuitive, easy to use and understand. Its services online or mobile banking services can be accessed through the web and through iOS and Android devices.
Suitability For Businesses
The services provided by the PSF ecosystem are customized to suit the business needs of its customers.
Parameters Of The ICO
- Token: PSF
- Token Protocol: ERC20
- ICO sale date: 15 November – 01 December 2018
- Token price: 1 PSF = 1.00 USD
- Accepted currencies: BTC, ETH
- Soft cap: 15,000,000 USD
- Hard cap: 150,000,000 USD