First Nordic Shipping ICO Announced
Copenhagen, March 9, 2018 - The container shipping industry today accounts for around 60 percent of all the world’s seaborne trade, but this hugely valuable industry has been troubled for years by challenges such as overcapacity, low freight rates, security threats, and increasing environmental regulations.
The global shipping industry needs increased efficiency and a fundamental digital transformation to ensure profitability in the future and to comply with environmental regulations.
Blockshipping is creating the GSCP platform, which will be both the first real-time registry of the world’s approximately 27 million shipping containers and a joint platform for all players in the container shipping industry - allowing them to efficiently perform a wide range of transactions related to the handling of containers globally.
The GSCP platform will be based on blockchain and modern sensor technology, and it has the potential to reduce costs for the global shipping industry to the tune of USD 5.7bn annually and reduce the global CO2 emission by more than 4.6 million tons every year.
The Founder and CEO of Blockshipping, Peter Ludvigsen, who has been in the container industry for 39 years as a CIO for Maersk Line and a consultant for other leading shipping companies, explains:
“In 2017, the world’s huge fleet of containers was used for transporting of all kinds of goods of a total value of around USD 12 trillion. But the problem is that we have no central registry of the many millions of containers constantly shifting location, incurring payments, and changing ownership. And this lack of real-time tracking results in a huge number of empty containers being moved around unnecessarily.”
“The GSCP platform is the answer to the problem of the missing global real-time container registry. And in addition, the GSCP will be the preferred global trading platform for all kinds of services related to container handling between a wide range of shipping industry players.”
First Nordic shipping ICO
The GSCP ICO offers contributors a unique set of token features including the benefits of a Revenue Sharing Model as well as a Market Maker Fund that allows ICO contributors to sell their coins back to the platform at a floor price until Blockshipping has met certain fixed milestones in the development of the GSCP platform.
The ICO pre-sale by invitation has started now, and the public token sale opens on April 15, 2018.
The GSCP ICO announced today is the first shipping related ICO conducted in the Nordic region.
“The GSCP platform is already funded by private angels and The Danish Maritime Foundation. But to further accelerate the development and adoption of the platform we are now conducting an ICO,” says Peter Ludvigsen, who continues:
“It is important to emphasise that Blockshipping’s GSCP ICO is based on a real-life business case validated by key stakeholders in the shipping industry and based on real and well-defined savings and benefits for the shipping industry as well as for the environment."
Unique Token Features
After studying numerous ICOs on the market, Blockshipping has created a token model that includes a unique set of features for the benefit of the ICO contributors.
The token model involves the issuance of two different tokens:
● The internal utility token, Container Platform Token - CPT
● The external Revenue Share Token, Container Crypto Coin - CCC
CPT will be used for clearing and settlement of transactions between the users of the platform. These transactions will cover the many different services and fees related to global container handling. A percentage of the revenue from these transactions goes to a Revenue Share Pool and is passed on to the owners of the CCC tokens once a month via a reverse Dutch auction on the Ethereum blockchain.
The GSCP token model also includes a unique ICO Market Maker Fund which allows everyone who acquires CCCs during the ICO to sell their coins back to GSCP at a floor price if they regret their contribution. Selling back CCCs is possible until Blockshipping has met certain fixed milestones in the development of the GSCP platform. Afterwards the money in the Market Maker Fund is released for further development of the GSCP platform.
First ICO based on The ICO 2.0 Framework
Blockshipping’s ICO is not only the first Nordic shipping-related ICO. It is also the first ICO to be based on a new Danish framework called The ICO 2.0 Framework, which will be launched in the next two months.
The purpose of the upcoming ICO 2.0 Framework is to increase the quality standards for ICOs making sure that future Danish ICOs:
a. are 100% compliant with Danish law
b. aim at the highest standards in terms of security and quality of coding
c. promote openness, transparency and honesty
d. follow a strict code of conduct when it comes to communications and relationship management with the ICO stakeholder groups.
The ICO 2.0 Framework is being created by the leading Danish law firm Kammeradvokaten/Poul Schmith in collaboration with the Nordic fintech advisory firm Norfico.
How to participate in the ICO?
The ICO pre-sale by invitation only starts today and the public token sale opens April 15. Potential contributors should register via the website www.blockshipping.io. Here, you can also read the white paper and sign up for Blockshipping’s newsletter. On the website you can also find the detailed white paper explains the project in great detail.