300Cubits developed a shipping cryptocurrency called TEU Token with the intention of preventing the lack of commitment from shipping lines and customers in the sector to generate more losses to the maritime industry.
The South Korean company raises TEU Token as the currency through which both shipping lines and customers who request their services can make a deposit of payment for the service in question.
Hypothetically, both the client and the shipping line commits 1 TEU Token each to make the reservation. If the client does not arrive at the port at the agreed time and date, the shipping line keeps the 2 TEU Token, while if the client fails to transport his merchandise because the shipping line oversold space in his containership, the tokens go to the client.
The coins whitepaper explains that, according to 300Cubit, the breach of this type of contracts between clients and shipping companies is the root of the economic problems that the maritime industry has suffered. Johnson Leung, co-founder of 300Cubit, explained that the shipping cryptocurrency could help solve a problem that costs the maritime industry $23 billion each year.
On February 1°, 300Cubits opened the list for shipping companies, cargo owners, ship operators and third-party logistics providers to receive 20 million Token TEUs free of charge in order of request.
The support of the shipping cryptocurrency would be the market itself, since after being distributed it will be published in cryptocurrency exchange sites and a price will be set on which the industry will be able to value the tokens. Each TEU Token "committed" by shipping lines and their customers will have a transaction fee of 0.7% that will go for 300cubits.
The reservation deposit system is scheduled to start operating from June 15° 2018.
What is a cryptocurrency?
A cryptocurrency is a digital currency that uses encryption techniques to regulate the generation of its units and verify the transfer of funds that operates independently of a central bank.
Currently there are more than 1,000 cryptocurrencies, Bitcoin being the most popular and the best appreciated in the market; By mid-February 2018 1 BTC was worth more than $ 10,000 and its maximum market value was $ 20,000 on December 18.
The total market capitalization of cryptocurrencies is more than $ 600 billion and the daily volume record is more than $ 500 billion
TEU Token will be the first shipping cryptocurrency, focused on transactions for the maritime and intermodal sector.
With information from 300Cubits
and Maritime Executive