ICO 300cubits

300cubits 1 is a blockchain solution for the container shipping industry, realized through the issuance of a digital currency called TEU2 Tokens. These tokens are supported by the TEU Ecosystem.

Phase 1 of the project is to introduce TEU Tokens as a shipping booking deposit executed through a Booking Deposit Module to tackle the industry pain points of No Show and Rolling. No Show refers to the case where customers book a shipping slot but do not show up with cargo while Rolling occurs where liners accept a booking but fail to load the cargo accordingly. Together, these pain points cost the container shipping industry $23bn of losses annually. (Source: New Jersey Institute of Technology).

300cubits believe TEU tokens offer a less capital-intensive solution for the industry than the existing solutions. Moreover, project implementation should benefit from the project’s strong penetration strategy, experienced management team and easy to adopt technology.

The project was launched with the publication of the Whitepaper on 1 August 2017. One hundred million (100mn) TEU tokens have already been minted with 2% sold for 1,588 Ethers during the Pre-Sale conducted in Aug-Sep 2017. The project team has since succeeded in engaging most major participants in the container shipping industry to test the blockchain concept and the Booking Deposit Module prototype.

A group of end customers are considering joining the 300cubits initiative not only as customers but also as joint promoters. Many in the container shipping industry are aware of the TEU tokens through 300cubits’ appearance in mainstream and industry media channels and industry conferences.

This is a blockchain project solving US$23B ghost bookings pain point in the US$150B container shipper industry by creating a digital booking deposit, TEU ERC20 utility token, and ecosystem in Ethereum.