CargoCoin is a new ICO in the crypto market that is targeting a trillion dollar worth of transport industry that involves seaborne, inland, and air. Planning to reduce fraud, lower costs, minimize delays, increase trust, secure information, and safe archiving, the project is targeting the pain points of the transport industry, CargoCoin ICO is aiming for “Revolutionising the global trade and transport by decentralization.”
CargoCoin (CRGO): Blockchaining Logistics
Targeting the problems of the shipping industry, such as delay in delivery, lack of trust, high cost, and fraud, the idea here is to revolutionize the trade and transport. CargoCoin is linking the physical world of trade, transport, and logistics with the blockchain. The paper documents are being eliminated and smart contracts are taking their place that will be providing escrow payments throughout the process.
The two pillars supporting CargoCoin are the online platform where various parties connect and exchange information along with smart contracts that records the data.
The CargoCoin ecosystem will be extending its shipping platform, inland platform, cargo all-purpose platform, and air cargo platform globally to any organization or individual with an objective to create a global marketplace for transport and trade services supported by smart contracts & crypto payment methods.
CargoCoin provides detailed information through its explanatory whitepaper. Covering the scope and limitations present in the transport industry that can be potentially solved by blockchain, the team provides a picture of inhibiting facts and figures. The tech side of the project is also explained in the whitepaper albeit relatively concise.
As for fund utilization, the company provides a clear picture where half of the chunk will cover marketing and sales while 30% goes to Research and Development. 10% of the funds are allocated to administration and legal section gets 3 percent. The remaining 7 percent is for exchange listing.
The company has the prototype of its product ready for its investors to look at and understand the projects’ feasibility and viability.
- Team profile
The team of CargoCoin comprises of 16 people including the founders. It covers specialists from shipping, transportation, container, finance, and legal along with business development, pr & marketing, designers and developers.
Bogomil Alexandrov – Founder, Bogomil has worked as a lead developer for over 20 years while having experience as blockchain developer and software & financial specialist. He has also served as an advisory role at different crypto-related projects and as President and co-founder at venture funds. Bogomil has a Bachelor’s degree in International Finance and a Masters degree in Computer Software Engineering.
Martin Iliev – Founder, Close to two decades of experience in logistics, shipping, and international trade, Martin has completed his education at Brunel University London in BSc Economics and Business Finance.
Piyush Gupta – Blockchain Developer, Teaching Assistant and Research Intern at Indraprastha Institute of Information & Technology (IIIT), Piyush is the blockchain developer of this project.
- Business Model: CRGO Token (CRGO)
With the ultimate objective to boost the demand and further facilitate the usage of CRGO tokens, the “infinite possibilities” to add value to the users as well as participants on the platform can be only utilized with CargoCoins.
As put by the CargoCoin team in its whitepaper, “The CargoCoin Ecosystem, its services, and the Smart B/L utility provide sound foundations for decentralized instant crypto transactions by CargoCoin tokens. The Smart B/L security is an element that actively promotes further the Platform Crypto transactions. The interaction between the platform users delivers a strong demand for instant, secure payments at global scale facilitated by CargoCoin tokens.”
Moreover, CargoCoin is also working on providing a solution for a new, secure and instant payments need of trade and transport industry. Hence, CRGO tokens can be used for freight payments and Services Payments.
Furthermore, the official global trade and transport statistics show the potential of about billions of USD worth of transaction volume for CargoCoin. And the demand for smart contract and CargoCoin utilities only drives up the demand for this token and ultimately its value.
- Backing Technology: Ethereum-based Blockchain
CargoCoin is utilizing the ever-famous and most used ICO platform, Ethereum for its project. However, instead of ERC 20, it is using ERC-223 token standard which allows it more precise and advanced handling of smart contracts.
As for the smart contracts, they are based on Ethereum blockchain and Solidity code that is based on the ERC223 standard. Additionally, the CargoCoin DApp involves two main layers i.e. front-end application server and database storage and the solidity code.
However, Ethereum scalability issue is yet to be resolved and that can present a problem as a project like CargoCoin which will involve a number of participants and huge amounts of data for storage can present a problem in future.
- Crypto-Sale Resiliency
Incorporated in the UK, cryptocurrencies remain largely unregulated in the country but with a positive approach to them.
CargoCoin follows KYC requirements while restricting US residents to the ICO sale. Meanwhile, the lowest investment limit is notified at $100 USD.
The company also has a big team of advisors with 20 members viz. Michael E. Bryant, CEO of Blockchain Ventures International; Simon Cocking, Senior Editor at Irish Tech News, Editor in Chief at CryptoCoinNews; Anthony Abunassar who has worked at PricewaterhouseCoopers, Rothschild & Co, as Vice-President at Goldman Sachs, and Vice-President of JPMorgan among many others.
Out of the total token supply of 100 million, the largest chunk i.e. 55% is for ICO while pre-ICO only gets 10%. 10% of the token supply is allotted to bounty & affiliates and reserve each. The remaining 15% is for the team that will be made available to them after 6 months of ICO completion.
CargoCoin has already exchange partners viz. Bancor, Nauticus, Arousal, Ethen Exchange, TokenJar, and H&B among others. MyEtherWallet and Bind wallet are its wallet partners.
- Community Acceptance
The project team is active and enthusiastic about their project in providing constant development information to its investors. From Facebook, Twitter, LinkedIn, YouTube to BitcoinTalk, Medium, GitHub, Reddit, and Slack, they have a wide presence on the social media platforms.
CargoCoin is close to reaching 11,500 followers on Facebook and 800 supporters on YouTube with just about 1,300 followers on Twitter and more than 66,000 followers on Telegram.
Stage of Project:
The idea of the CargoCoin started in the third quarter of 2017 after which ICO preparation and launch got into motion. It was then followed by the development phase.
Next year would see the blockchain integration, the launch of the global shipping platform and inland transport platform along with marketing. Following years will witness the development and launch of air cargo platform and supply chain platform and promotion for the same.
The scalability issue of Ethereum blockchain can present a problem for the project in the future as the network expands and onboard more clients and in turn, data.
A note to investors
This project is targeting a trillion dollar market with a team of experts in their relevant field. A big enough team with an equally good number of advisors is backing up the idea. Having a prototype further sheds a positive light on it. The team further provides clear information on token distribution and funds budgeting along with having a strong presence on social media that works in the project’s favor. However, the team needs to find the solution to Ethereum’s scalability problem while delivering on its promises.
To rate an ICO, we follow a list of parameters that are basically the KPIs (Key Performance Indicators) of a project viz:
- Whitepaper – Availability of code or prototype, the breakdown of funds, wallet for crowdsale
- Team Profile – Team’s strength and reputation
- Business Model – Problem solved, purpose & utility of the token and the economic model
- Backing Technology – Blockchain infrastructure, clarity of terms & conditions and token software
- Crypto-sale Resilience – Incorporation, token distribution, legal risks and security aspect
- Community Acceptance – Clarity & frequency of communication and social media presence
By asking the right questions, we maintain the integrity and viability of our ICO review while following a rating method that is based on the criticality of a particular factor. For instance, elements like token utility and funds breakdown have been given the highest importance while the team members’ reputation and plan to attract a user base are of medium criticality.
We have a team of robust professionals who rate the ICO projects in a completely unbiased manner.
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Passionate about Blockchain and has been researching and writing about the Blockchain technology for over a year now. Also holds expertise in digital marketing. follow me on twitter at @sagar2803 or reach out to him at sagar[at]coingape.com