Ever wondered what would it take to simplify and optimize the global trade and transport by taking things to a whole new level?
CargoCoin brings decentralization to the shipping industry, by linking the physical world of trade, transport and logistics to the blockchain. Aiming at replacing the old fashioned paper documents with smart contracts and providing secure escrow payments along the process.
The full scale of the project extends to all transport areas – maritime shipping industry, inland transportation, air cargo. Other types of transportation include, but are not limited to: pipeline transport, space cargo, shared city rides.
What is CargoCoin?
CargoCoin, a UK based ICO project, is designed as a smart contract, cryptocurrency platform decentralizing the global trade and transport. Creates a strong link between the Physical world and the Crypto universe. Its main objective is establishing a free global marketplace for trade and transport, backed by blockchain and smart contracts. And the ultimate objective is to enhance and increase CargoCoin’s CRGO token value.
According to their Whitepaper the project’s foundation is based on two main pillars:
- The online platform – allows various parties to connect and match each other in the most profitable and speedy way. This includes exchanging information on cargos, their transportation needs as well as supplemental services.
- The smart contracts – used as electronic means of recording the whole process from offer to delivery, or to facilitate the actual payment. It can be direct payment, escrow payment or escrow payment type with partial funds release at various stages.
CargoCoin takes aim at solving a number of problems in the shipping industry:
- Reducing Fraud and in many cases completely eliminating it. This is achieved through the implementation of smart contract Bill of Lading, Letter of Credit and crypto-payments. Payments are only released as soon as the smart contract preset conditions are met.
- Lowering Costs – The smart contract Bills of Lading & Letter of Credit cut on the costs. High bank fees for escrow services are eliminated. The smart BoL eliminates international courier costs and stationary office costs.
- Minimizing Delays. The exchange of documentation is instant as per the preset smart contract terms, and simultaneously verified by the blockchain.
- Increasing trust. CargoCoin relies on the public infrastructure of the Ethereum blockchain. It is backed by a large community in a peer-to-peer decentralized infrastructure. CRGO will be based on the newest ERC223 token standard.
- Securing Information. CRGO is naturally secured. Reliant on blockchain’s proven hashing algorithm technology, with no possibility for information leakage.
- Safe Archiving. CargoCoing not only allows but totally relies on full historic storage of all transactions ever conducted. Any risk of physical loss or destruction of documents is eliminated.
- According to statistics, there is a potential of $US 380 billion in freight payments (*UNCTAD 2016).
- The overall value of sea-borne trade reaches up to $US 12 Trillion (**WTO 2016).
- Millions of users.
- Limited competition, only partially covering the services sector of CargoCoin’s platform, and with high monthly fees.
- No Bills of Lading and Letter of Credit smart contracts currently available on the market.
* United Nations Conference on Trade and Development
** World Trade Organization
CargoCoin’s designated short symbol: CRGO.
A total supply of 100 million tokens will be offered at stage 1, each with 18 decimals.
The ICO is broken down into two stages: pre-ICO and actual ICO.
The pre-ICO run for a very short time period and open to the public for a set time frame (from April, 1st 2018 @00:00 – April, 15th, 2018 @ 23:59). Price of 1 CRGO is fixed at USD 0.50 during the pre-ICO stage. A total of 10 million CRGO tokens are distributed. Supporters being able to purchase the CRGO token at 50% of its regular price.
Following the pre-ICO, the actual ICO takes place, with 55 million tokens to be distributed at the price of USD 1.00 (April, 16th, 2018 @ 00:00 – May, 15th @23:59). The ICO duration could be extended with further phases if the hard cap is not reached.
The hard cap is estimated to reach USD 55 million.
Estimated total capitalization of CargoCoin upon the initial coin offering stage 1 is USD 60 million.
Participating in the Initial Coin Offering
To purchase CargoCoin you can visit
CargoCoin’s Roadmap can be found here.
A core team of experienced, highly motivated, qualified and hard-working members ensures the successful unfolding of CargoCoin project’s full potential. Also the advisory board members are selected professionals linked with the CargoCoin platform’s industries. They are determined to deliver big on the CargoCoin project and strongly believe in its success.