SilkChain, the first blockchain-based project designed to improve international trade, launched in Singapore at the start of April. This was a major milestone for the developer, International Trade Digitalization Commission. The goal of the project is to create a global trade system that is freer and fairer for the digital era.
The project has been named after the Silk Road, which made trade between the west and China possible. The SilkChain is a type of smart contract powered by the blockchain. The aim is to get rid of the barriers to trade that exist in the current system.
Why SilkChain Project Matters
This project is going to boost efficiency and cut costs associated with transacting. To achieve this, it will create an authentication system and smart contract standard for trade. This platform is going to be adaptable and will still work even when volumes grow. The developers of the project say that international trade is highly fragmented today. As such, there has been a growing need for a low-cost high-efficiency trade service.
The whole project is based on the idea of openness, decentralization, and mutual benefit. This project is going to attract global service providers, an open source community, developers, and trade companies to come up with an app that operates on a localized level.
This smart platform is going to drive business globally to ensure the creation of a harmonized credit system. It will also offer support for the storage of data, transactions, supply chain management, quality tracking, and even financial application. It has the potential to revolutionize the global trade ecosystem.
The project recently completed a round of funding from angel investors that include GSR Capital, JLab, btcq123.com, Cybermiles, Tracing Capital, worldico, and 8btc.com. This project has received widespread recognition and investment from various e-commerce firms such as DinoRiver. Besides that, various international giants have joined in the funding such as a Great Way of the USA, and Dragon City of Bahrain.
How To Obtain The Silk Tokens
For the purposes of measuring value transfer amongst participants in the SilkChain ecosystem, the project will utilize the Silk tokens. To obtain the tokens, you will need to be part of the initial offering, which will only be open to qualified investors. You can also obtain the coins via mining using your processing power.
The coins can also be obtained via a sign-up bonus. When a service provider joins SilkChain, they get a bonus of coins. The coins can be used to establish a community for marketing and promotion. Besides that, the coins can be obtained as a transaction fee. When a service provider creates an application on SilkChain, they can offer various services and charge a fee. These services include quality tracing, credit valuation, order matching, and financial insurance.
- Token: SILK
- Total Tokens: 10 billion SILK
- Type: ERC20
- Bonus: Yes
- Soft Cap: 55,000 ETH
- Hard Cap: 95,000 ETH
Pre ICO Details
- Start: May 1, 2018
- End: May 19, 2018
- Pre-CIO Price: 1 ETH = 16,000 SILK
Main ICO Details
- Start: May 20, 2018
- End: June 30, 2018
- Currency Accepted: ETH, BTC