The Best Wine Application in Crypto (4.4 in ICOBench)

[Lambolife]

Crypto Wine Exchange is a decentralized fine wine market built on the EOS blockchain.

TL;DR Watch this video commentary it is visually appealing you will never get bored. https://youtu.be/DGDWu6HmE34

Imagine being able to trade wine at a global scale without the hassle and high fees imposed by cross-border regulations? Even if you are not a wine drinker, as long as you are in the crypto market CWEX is definitely worth atleast a look. I'll talk about the technicals in a moment but let me just give a very short background on wine.

Wine

Wine is made from the fermented juice of grapes, but wine grapes are different from table grapes. They're smaller, sweeter and have lots of seeds. Wine drinking can either be a social event or a personal indulgence.

It has a rich variety of tastes that have been enjoyed by people for countless generations. Wine production dates back thousands of years ago and is deeply embedded in our culture, history, and agriculture worldwide.

Wine has a similar property with some assets such as jewelry and land in the sense that its value grows with age. As much as jewelry gets more valuable over time due to its limited resource and scarcity, fine wine becomes better with age as chemical reactions involving a wine's sugars, acids and other compounds can change the scent, color, and taste of the wine. Therefore, the wine becomes more valuable.

Now back to the Crypto Wine Exchange
Their aim is to bridge the gap between the Fine Wine market and cryptocurrency technology. Essentially, what they are creating is a blockchain-based fine wine trading platform.

There are many wine exchange markets existing today such as Cavex and Liv-Ex but they are complicated and have high commission fees, among other disadvantages.

Buyers have limited buying options internationally. For instance, Cavex only allows trading of wine bottles stored in UK- bonded warehouses.

For the seller's side, trading wine globally has a complicated procedure and they lack intermediaries who can market their products effectively. Even if you sell your products you may have to pay additional fees if you don't know your way around cross-border regulation.

This proves the difficulty in establishing a great global wine market. If we look at this issue more closely, it boils down to heavy taxation and legal requirements imposed by governments. CWEX aims to work around or mitigate this. But how are they gonna do it? Well they are not alone.

Two companies are working hand-in-hand to make this a reality:
WEX Limited Hong Kong in partnership with DotChain GmbH based in Switzerland.

WEX Limited is what I'd like to call the Technology side. They manage the decentralized exchange platform itself, specifically the trading system. They promise to charge a very low commission rate of 1%. Furthermore, they will provide a fully automated and free to use portfolio
management system for members to self-manage their fine wine collections and trade them on a consolidated marketplace.

DotChain is the business and legal side. They are mostly in charge of things that go on outside the exchange like insurance, legal issues and tax.
It is also their job to onboard partners and merchants and verify their authenticity. All wine sellers have to go through them. They will also be responsible in the issuance of blockchain-based ownership certifications, among other things.

So how do you use the platform?

It's relatively simple

First step is to Bid or offer
As a registered trader, you can place a bid or offer for a selected fine wine.

Step 2: Once your bid or offer is matched, you are notified of the successful trade.

Step 3: CWEX and DotChain secures the asset and creates insurance for it at the same time handle all the compliance requirements.

Step 4: Blockchain-based ownership certification is transferred to the buyer. You will receive the ownership certification on your account as a guarantee of the bottle´s authenticity and the investment value.

Step 5: As the certificate owner, you have three options – your ownership certification can be traded on the platform, held for price appreciation, or delivered to your location.

So What do you think?

[BookingNinjas]

It's a pretty dubious investment market for me. The market for expensive wines is quite complex and volatile. If you are not an expert in wines, it will be difficult for you to generate income using this investment market. In addition, as a result of the purchase, you receive a certificate. The scheme of further use of this certificate is not clear to me. Will such a certificate protect my investment? It's an open question. Also, it isn't clear how the value of a certificate can grow if it's "held for price appreciation"? If the price of any product is changeable and it can't only grow. This is contrary to the general rules of the market in investments.

[aemma]

A wine exchange? A fine wine trading platform? And why would people use it instead of sticking to the ones they already know which is easier. The idea looks weird and not applicable, hence bound to fail before it even starts. You see, in the crypto space nowadays, many investors have learnt a lot and hence very careful of their funds, and one of the things learnt so far is, most ideas are not applicable and hence only a means to enrich the team. Also, most team will come up with ideas just as this one, list the features that looks attract but in reality they have no experience towards it, and I once came across a beverage platform as well, which didn't work sadly I can't remember the name.
In essence, many projects are worthless today because they have no good use case, hence it will be very important for someone to study this new projects as well as how it will work and bring impact to the crypto space before investing.

[Mulann2]

Sorry but the mentioned of eos blockchain already spoil my appetite for it, that's one blockchain I really do not like because it is unnecessary complicated, having a fine wine exchange is not a bad idea at all, I know wine lovers in crypto will find it interesting, this is new idea in crypto.

[ryzaadit]

Doesn't any matter about ratting on every ICO/Project Rating like ICOBench and other website ratings.

It's pretty easy to raise the score of some project, they can pay the owner website or someone who has a verified profile on ICOBench account and gives you a good score. You can search on "Google" about how ICOBench manipulated the ICO/Project score, anyway IMO kind of this project doesn't really need blockchain at all.

Not, every topic, idea or other things always need blockchain.

[Dutchyyy]

This project has a future.

The blockchain-based ownership certifications are cool and are a good solution again fake wines. Dev's could easily extend it to the whiskey market which shares common issues.