TEU Tokens – Bitcoin For The Shipping Industry
300cubits is a blockchain solution for the container shipping industry, realized through the issuance of a digital currency called TEU Tokens. These tokens are supported by the TEU Ecosystem.
Phase 1 of the project is to introduce TEU Tokens as a shipping booking deposit executed through a Booking Deposit Module to tackle the industry pain points of No Show and Rolling.
No Show refers to the case where customers book a shipping slot but do not show up with cargo while Rolling occurs where liners accept a booking but fail to load the cargo accordingly.
Together, these pain points cost the container shipping industry $23bn of losses annually.
The shipping industry has been actively seeking remedies to these pain points but solutions currently in the market – cash penalties, up-front payments and bank guarantees – have not been widely accepted.
300cubits believe TEU tokens offer a less capital-intensive solution for the industry than the existing solutions.
The leadership of 300cubits is composed of an executive team and an advisory board with expertise in container shipping, finance, system development and cyber security.
One hundred million (100mn) TEU tokens have already been minted. 300cubits is prohibited from minting more tokens through a self-imposed limitation in the code.
The TEU token program code has been provided at GitHub.
About the Company
300cubits is a project initiated by ETH Smart Contract Tech Limited (ESCoT). ESCoT was founded in Hong Kong by Johnson Leung and Jonathan Lee.
2M TEU tokens were sold in Pre-ICO concluded on Sep-2017.
The TEU ICO is scheduled to take place on 15th March 2018