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Author Topic: TEU – the shipping crypto currency - bounty announced  (Read 9553 times)
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August 06, 2017, 05:07:08 AM
 #41

Hi Joe,

You must be working or very closed to shipping industry as you understand that shipping management is conservative and slow in execution.  I am glad that you raise this up.  We announced our idea on 1-Aug and we were featured in all major shipping press. 

In 5 days, how can a ship liner confirm they will use TEU token?  It is a mind blowing idea to all of the shipping industry.  Everyone is talking about this.  Johnson will try to further answer your questions.  Lastly, we will speak to c-level management.  Thanks.

cheers
Jonathan

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August 06, 2017, 05:59:30 AM
 #42

Hi Joe,

You can further take a look at Johnson's LinkedIn profile to have a better feel about him.

https://www.linkedin.com/in/johnson-leung-277674/

cheers
Jonathan

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August 06, 2017, 07:03:46 AM
 #43

Founder was featured in coinspeaker.com.

Hong Kong Startup 300cubits Launches TEU Tokens to Revolutionize the Shipping Industry

https://www.coinspeaker.com/2017/08/04/hong-kong-300cubits-ico-to-revolutionize-shipping/

TEU ICO starts sailing on 16-Aug

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August 06, 2017, 07:28:25 AM
 #44

Apart from the founders who obviously have an interest in getting a good ICO, do you have any actual market participants - i.e shipping lines and customers who actually ship freight - who are coming out to say this is something they want to do? I understand you find the concept to be valuable, but before investing in this ICO it would be good to hear from actual customers/users who are willing to use it.
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August 06, 2017, 08:36:52 AM
 #45

Hi Dev, I would like to reserve for Filipino or Tagalog Translation. Thanks! Smiley

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August 06, 2017, 08:55:41 AM
 #46

I was navigating through the website which looks good with nice graphics. I would say the opening page of this thread doesn't look very professional and doesn't let good impression at first sight. You need to work with it too. I also saw first ICO round is from 16th August to 20th September. But didn't see when the second ICO is planned because that is important to know too before investing in it.

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August 06, 2017, 10:51:11 AM
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Hi  Freightjoe, We have barely started speaking to companies as my partner Jon has pointed out. We published the Whitepaper on Tuesday and have since started scheduling calls and meetings with shipping liners, NVOs and BCOs. Between those, they also spent fair amount of our time explaining to potential Ether contributors about what we do.

No industry participants have confirmed adopting TEU tokens yet. But I could say that response has been overwhelmingly positive in just 6 days after the world knows of our plan. There are already one of the top six liners contacted us and expressed their supports for what we try to achieve. Another meeting has been scheduled with a large liner's CEO tomorrow. In the US, we have contacted some large BCOs. The positive sign is that few of those large BCOs that we have contacted have open their first digital wallets last week. For the NVOs, we send out email to the main people of the top three players. One's CIO has proactively reached out to me to inform me that they are highly interested and that they will be host a phone conference with me when you are done with their internal review. Another NVO's manager has opened his first digital wallet and bought some Ether.

So quite some conversion works that we are going through. But what helps our effort that more and more people believe blockchain will only play a larger role than what it is today.

In the numerous phone calls, email exchanges and meetings with the people inside the industry last week, a couple of things appear clear to us which adds to my conviction that the industry will adopt TEU. First, the industry participants now seek new ideas to help them. The industry has been making serious losses in the past 8 years. Except for the few peak cycle years after China's entry into WTO, the container shipping industry were not known for profitability in 80s and 90s either. Something is just structurally wrong. In no time in my 23 years' career with the industry have I seen people so interested in about what can be done to change the industry. I was involved in the ecommerce project in Maersk between 2001-2003 when Maersk tried to turn its website from a pure information portal into a functional business service center. We had faced incredible amount of resistance from users back then although we succeeded in the end. I do see this time the world over in container shipping is far more interested in trying new solution. Immediately, the industry needs to fix its no show booking problem. The liners are trying but struggle to implement penalty, guarantee etc method, which of course is difficult if you ask clients to pay more. Our solution but giving valuable tokens to liners, NVOs and BCOs to start the deposit practice take away the costs hurdle.

Second, our giving the TEU tokens to industry participants will instill a vested interests among the recipients in the value of these TEU tokens. Say if our ICO is extremely successful that all the 100mil TEU tokens are given a market value of $100mn. It would still be far short of the $150bn annual revenue or $50bn weekly revenue that these TEU tokens are supposed to cover as deposit. The industry participants will know that the tokens in their hands will appreciate if they start to use them as booking deposits. This is a natural motivation for them to use these TEU tokens.

Anyways, long story. We have barely started but are progressing rapidly. And we see our solution has a built-in incentives for the industry participants to adopt TEU tokens.

/Johnson

               
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August 06, 2017, 11:00:02 AM
 #48

To NrX's point about ICO, our ICO will be carried out in two rounds before Sep 20. 10mn tokens will be placed in first round Aug 16-30 and then another 10mn tokens will be placed in second round Sep 13-20. So 20mn tokens will be sold to the public before Sep 20. This is like the seed round for us to get some development funding and most importantly acquire a market value for the TEU tokens so that they can be used as booking deposits.

Then we have another 20mn reserved for the public which we want to place when we have developed our user interface and have some liners, NVOs and BCOs signed up to adopted TEU tokens as booking deposit.

For more details, please see https://www.300cubits.tech/ico-its/ 
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August 06, 2017, 03:31:00 PM
 #49

Covered by Polish Media

Firma z Hong Kongu wykorzystuje własną cyfrową walutę w celu poprawy bezpieczeństwa żeglugi kontenerowej oraz sposobu płacenia za usługi

https://cryptonews.pl/firma-hong-kongu-wprowadza-token-teu

TEU ICO starts sailing on 16-Aug

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August 06, 2017, 04:02:06 PM
 #50

Covered by Vietnamese

Tại Hồng Kông, một công ty đang sử dụng Blockchain bằng cách tung ra tiền tệ số hóa của riêng mình, với mục đích cải thiện tính bảo mật của ngành công nghiệp vận tải container trong việc thanh toán tiền như thế nào trong các dịch vụ

https://tiendientu.org/2017/08/hong-kong-cach-mang-hoa-nganh-van-tai-bang-cong-nghe-blockchain.html

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August 06, 2017, 11:40:54 PM
 #51

Official Korean Twitter launched.

https://twitter.com/300cubits_kr

https://300cubits.tech

TEU ICO starts sailing on 16-Aug

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August 07, 2017, 04:21:39 PM
 #52

Another interview covered by the media www.maritime-executive.com/features/the-container-industrys-new-crypto-currency-explained

The Container Industry's New Crypto Currency Explained
By Wendy Laursen 2017-08-06 20:57:01

The Hong Kong-based company 300cubits is launching a new crypto currency (tokens called TEU). The tokens will be used as booking deposits for container shipping where value could be lost if a customer does not turn up with a cargo or a container liner does not load a cargo according to a confirmed booking.

MarEx spoke to 300cubits Co-Founder Johnson Leung to understand the basics of the system.

What are the benefits of TEU tokens over a system involving U.S. dollars?

When using dollars, the action and agreement are not automatically linked. So, we often hear of agreements not being adhered to. For example, volume or capacity commitments are not followed or customers refuse to pay no-show penalties.

TEU tokens and smart contracts are linked. Smart contracts can pick up third party's such as terminals' signals to decide whether a cargo has entered the gate before cut-off or whether the cargo has been loaded as per booking. If a customer books and then does not show up with the booking, his tokens would be lost. If a carrier confirms a booking but does not load the cargo, his tokens would be lost.

Are TEU tokens cryptocoins?

Yes. TEU tokens are a crypto currency. The advantage of crypto currencies are that their transactions are done on blockchain and have all of the associated advantages. That is, they are trust free meaning you do not need to rely on trust to do business. Additionally, the process is decentralized/peer-to-peer meaning the functioning of the blockchain is not dependent on one central server. The records as well as the terms in smart contracts will be immutable, and the transactions can be completed fast.

Moreover, the quantity of many crypto coins like bitcoins and our TEU tokens are fixed. We cannot mint more TEU tokens even if the demand for them increases. The current model of money relies on banks and central banks, which run on central servers which are vulnerable to attacks and slow. Moreover, central banks can print more money, which could cause money to devalue.

The tokens will be launched on Ethereum - an open-source, public, blockchain-based platform that runs smart contracts. How does blockchain technology work in the context of your tokens and container shipping?

The tokens are produced through a smart contract that we programmed. Such smart contract runs on the Ethereum blockchain system. So our TEU tokens are part of the Ethereum blockchain system. If the container shipping industry adopts our TEU tokens as booking deposit, the booking system may need to link (e.g. have an application programming interface) back to or be able to communicate with the Ethereum system.

Ethereum is said to be a system that does not have downtime, censorship, fraud or third party interference. How can that be true?

A central server offers a target to be hacked. In blockchain, there is no single target. Blockchain relies on many many computers, which we call nodes that perform what a single server system's server does. So, when one node is hacked, the other nodes will still be working.

Regarding third party interference, I think regulators will eventually find ways to regulate activities on blockchain, but this should not compromise the advantages this innovation has brought to us. We see regulations as helpful for the development of blockchain applications.

Couldn't the industry just use bitcoins instead of your tokens?

If the industry uses bitcoins, dollars, bank guarantee or insurance etc, there will be a huge cost. Our TEU tokens are issued at little cost, and a sufficiently large portion will be given to the industry for free.

You anticipate replacing U.S. dollars at least partially with TEU tokens. Can you explain how this would work and to what extent you will change finance?

When TEU tokens are being used as booking deposits and to pass value from one hand to another, they are already money in the sense that they perform the storage of value and provide a medium of exchange. Once TEU tokens carry the attributes of money, we envisage that some freight payments may be settled in TEU tokens. Truck drivers and terminal operators may also accept TEU tokens.

Money used in shipping is primarily dollars. So, if TEU tokens are being used as booking deposits, we think they will take some market share from U.S. dollars as settlement currency.

What do insurance companies, banks and other financial institutions think about crypto currencies?

Most of them have already been looking at blockchain and crypto currencies. In fact, even governments are considering issue government bank crypto currencies. I think all the traditional institutions will find way to work with crypto currencies. It is like when the internet came into use in the 90s, institutions found ways to incorporate it.

Maersk and IBM have announced a new collaboration to use blockchain technology to help manage the paper trail of the tens of millions of shipping containers across the world by digitizing the supply chain process from end-to-end. Do you see your system as an adjunct, totally separate or competing?

We, in essence, are creating another currency that replaces some of what dollars do today. From what I could read, Maersk and IBM are working for better documentation processing for shipment track/trace and simplification of the documentation system. So, I believe the two initiatives could be very complimentary. Once shipping transactions are settled in TEU tokens, a lot of documentation process will automatically be captured by blockchain.

Will I as a consumer (e.g. buying a book from Amazon) be involved in TEU tokens?

When the whole shipping industry is using TEU tokens like they use dollars today, there will be a well developed infrastructure e.g. forex, bonds etc market for TEU tokens. Then TEU tokens will be just like another currency that is convertible to other currencies, like the conversion of euro to dollars etc. Then consumers too would recognize TEU tokens and may use TEU tokens to send packages. One thing however will not change, is that there will only be 100 million TEU tokens in the world regardless the demand.  

https://300cubits.tech

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August 07, 2017, 07:25:06 PM
 #53

Excited for this.. ATB 2 u !!!

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August 07, 2017, 07:45:20 PM
 #54

This project has a nice idea the team is also looking nice just browsed the whitepaper. I think this ICO will be successful because this industry is very huge and it has huge room of growth in future.

 
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August 07, 2017, 08:49:18 PM
 #55

Dear dishku,

Thank you very much for pointing out again it's a big industry.  The annual revenue is $150B and weekly revenue is $3B and TEU token is used a medium of deposit for the weekly revenue of $3B. 

Regards,
Jonathan

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August 08, 2017, 11:19:34 AM
 #56

Featured in

https://www.investitin.com/ico-calendar/

https://300cubits.tech

TEU starts sailing on 16-Aug

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August 08, 2017, 04:42:45 PM
 #57

Newsletter on 8-Aug

http://mailchi.mp/b5f46c0a76d7/300cubits-newsletter-8-aug-63017


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August 09, 2017, 01:49:18 AM
 #58

Featured in

https://www.tokendata.io/upcoming

https://300cubits.tech

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August 09, 2017, 04:52:29 AM
 #59

Quite an ambitious project,
just emailed for ambassador request!
Many Thanks  Grin Grin Grin
Digiworld1

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August 09, 2017, 04:57:01 AM
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Looks like you're on to something here.

Need Dutch translation to motivate the ports of Rotterdam and to some extent; Antwerp?

Big ports...
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