Hi,
Some questions that arose while reading your white paper and watching your video. Hope you can answer them in detail:
- The CCC seems to be a security token to me? Thus, shouldn't you comply with (inter)national financial regulations?
- Why do you implement your own token for the settlement of payments? Why can't participants pay in the (crypto)currency they want?
- Why don't you first build a working platform + MVP before raising money?
- How do you ensure the reliability of 'off-chain' information to 'on-chain' information?
- You mention that your token(s) will be traded on CEX and DEX. Are you aware of the requirements and costs of CEX? If yes, what exchanges will you try to list first and why?
- Why do you have a bonus structure in place? To incentivize early investors? If your product and community is strong enough, you shouldn't need to incentivize them. Such a bonus structure as you have in place gives IMO the wrong message.
- Why do you create a private blockchain? And why then do you use the Ethereum ERC20 standard instead of developing your complete own utility token?
Who is responsible for the verification of the blocks? Private companies I assume.
Thanks in advance.
A good question deserves a good answer - hence the processing time
1. Blockshipping has been assisted by the largest law firm in Denmark Kammeradvokaten/Poul Schmith ("Poul Schmith") regarding the legal considerations under Danish law in connection with the issuance of CCC Tokens during the ICO.
Based on Poul Schmith's understanding of the factual description as stipulated in Poul Schmith's legal opinion, Poul Schmith is of the opinion that the CCC Tokens do not qualify as financial instruments pursuant to annex 5 of the Danish Financial Business Act (Consolidated Act no. 1140 of 26 September 2017 as amended) ("FBA") or section 4(1) of the Danish Capital Markets Act (Consolidated Act no. 12 of 8 January 2018) ("CMA"). More specifically, the CCC Tokens do not qualify as (i) shares or securities equivalent to shares, (ii) bonds or any other debt instruments or (iii) options, futures or any other derivative agreements.
2. There is one primary reason: We are pegging the CPT to USD to for a relative conservative industry like shipping to embrace the project by ensuring predictability in the settlements between the parties on the platform. In order to guarantee the fixed rate, we will need to keep dollars in the same amount as we have issued CPT (just like eg. Tether although there are some who doubt if they actually have all the USD they claim) or having another company to guarantee the balance. Additionally, the companies targeted to use the platform in the first couple of releases are not using any crypto currencies today ie. it will not be a demand to actually use crypto currencies as a mean of settlement currency.
This said we do have it as a candidate on our roadmap to allow using other types of crypto currencies by cooperating with a crypto exchange to do the conversion to and from USD and GSCP then automatically issues the CPT, if and when we will open up the platform to a wider range of participants and use cases than what is targeted here in the first couple of releases
3. To develop a global IT platform servicing the global shipping industry is a significant investment and the purpose of the ICO is to raise money for this development.
4. We would appreciate more detail or background for this question to understand the context. We are not planning any off-chain transactions as the transactions for CCC and CPT are on-chain on their respective blockchains. There is a lot of research going on at the moment though on how to include off-chain transactions in on-chain transactions to allow side chains e.g. for scaling concerns.
5. Please note it is only the CCC that will be listed on a public exchange. The selection of exchange(s) has not been finalised yet (we are focusing on getting on a CEX for the first listing), because as you rightfully note some of the exchanges are demanding pretty high sign up fees for listing tokens. The signup fee also depends on the number of token holders and the projected trading volume expected, therefore we are waiting to finalise the agreement with an exchange until after the public token sale has completed. We are keeping our short list of exchanges a secret to allow us the best terms in the negotiation, but as we stated in the FAQ we are favouring exchanges that:
" will commit to further distribute the airdropped Revenue Share Token to its account holders holding CCC in their exchange wallets.
" has a good reputation
" has a sizeable trading volume and user base
" has a fair fee structure.
6. We are giving bonus to pre-sale sign ups because pre-sale contributors are contributing without the CCC actually existing and not knowing if the ICO is a success or not, i.e. they are taking a higher risk than the public sales contributors. Additionally, due to the nature of our project i.e. we have been going under the radar before going public to avoid other to take our concept and build before us, we need an incentive to kick start the community building.
7. We have chosen the ERC-20 standard as it is the mostly widely used standard for defining a transferable
crypto currency, and in terms of securing the right resources and know-how for building the
platform Solidity is by far the most widely used language to write smart contracts in. Additionally, the ERC-
20 standard is fully extensible allowing us to add the specific utility methods we need, and at the same
time allowing us to trade or transfer the CPT in a later point of time if it is a viable choice.
8. For the external token CCC we will be using the Ethereum blockchain, and we will have our own master node setup in our data center to allow secure and stable access to the network.
For the internal token CPT Blockshipping will in in the first phases be hosting the blockchain infrastructure including the nodes verifying the transactions, and provide APIs (some of them complying to existing EDI message structure) for the integration to allow easy adaptation for the platform participants. Gradually we hope that the participants of the platform will setup nodes themselves to act as gateway to the platform, and thus distributing the workload of transactions verification and allowing the participants to take full benefit of the technology.
The frameworks we are evaluating for the internal [Suspicious link removed]e with their own implementations of blockchain, consensus algorithms and node architecture. Eg. Microsoft, along with Intel, will offer some especially secure nodes that are used to validate and run Microsoft Coco private blockchain. I.e. with a very high throughput and low transaction costs
