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Will ShipChain Ever Sail: Past-ICO Review

  • Eric Eissler
    🕵️‍ ICO Watch

    David is trying to disrupt the Goliath’s $4 trln-dollar shipping industry, with a tech upgrade. But the platform has not launched yet


Will ShipChain Ever Sail: Past-ICO Review
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ShipChain is a Blockchain-based technology that wants to disrupt the trillion-dollar shipping industry, a time-honored and revered industry going all the way back to the seafaring empires of late.

Despite the great reverence that abounds in the shipping industry, the logistics the ties the shipments together is still old world, with paper contracts, bills of lading, and general stacks of paperwork.

ShipChain wants to bring the shipping industry up to date with IT-based technologies, smart contracts and the SHIP utility token to drive the system.


Financials

ShipChain (SHIP) ran a utility token sale on Jan. 6, 2018, where it was able to raise some $30 mln in funding with token prices at $0.34 per token during the sale.

Token entry into open markets took place on March 10th 2018, with an initial price of $0.27 per token. SHIP immediately plummeted to $0.10 per token by March 23rd before edging up again to a high of $0.23 by April 23rd before falling again back down to the current price, at time of writing, of $0.02 per token.

CoinMarketCap ranks ShipChain at 506 with a total market cap at only $5.5 mln, the drastic fall in token price is to blame for such a low market valuation. Daily trade volumes are just below $1,500.

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Captain and crew

John Monarch- CEO & Cofounder

Monarch is the founder and CEO of Direct Outbound, one of the fastest growing fulfillment/3PL companies in the country, and one of the largest in Southeast US.

He is intimately familiar with the logistics industry in all aspects, from postal logistics and parcel private carriers to air, sea, and intermodal land freight.

Sam Rusani- Chief Revenue Officer

As a serial entrepreneur, Blockchain advocate/investor, and talent manager, Rusani has worked with some of the biggest brands in the world, such as Sony, Fender, Virgin, Universal Music, Ogilvy, Heineken, VISA and Mercedes.

He has also advised international companies and negotiated trade deals on their behalf.

Magnus Dufwa- Lead Developer

Dufwa is a senior C#, SQL, and Solidity developer, with over 18 years of experience developing enterprise projects.

He has built and managed financial processing systems that handle more than four mln transactions per year and developed smart contracts for ad auction projects and ICOs.

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Technology

ShipChain uses ERC20 to base its Blockchain and smart contracts and there are two Blockchains, one is the main chain which stores shipment delivery and confirmation as well as, completed contracts.

On the secondary or sidechain, information about loads, geo waypoints and other shipping information is recorded and publicly validated on the sidechain.

In an interview published on the company blog, Monarch state that “ Our goal is to launch the ShipChain portal/platform either late Q4 or early Q1 next year.” He continued, “Right now our team is focused on our enterprise partners and pilot programs.

Our Director of Product Management is heavily involved in every pilot program we are running.

The C-Suite is in close communication with partners to ensure that everything is up to expectations, and to help guide the entire process to fit the ShipChain vision.”

Time will tell

Again, it may be too early to tell how this company will fare as the mainnet and the main platform is not operational yet.

While the solutions that ShipChain offers are unique and challenges the behemoth shipping industry, there is no solid evidence that the company will be successful with its endeavors at this juncture, taking token price alone into account and it does not look good with a flatlining token.

ShipCoin was not available to comment on the company’s current financial situation.

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Cover image via u.today
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The Top Rate ICO Industries in 2018

  • Stavros Georgiadis
    📊‍ Infographics

    Investing in ICOs requires due diligence and analysis of potential risks and returns.


The Top Rate ICO Industries in 2018
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Investing in ICOs requires due diligence and analysis of potential risks and returns. CoinDesk is its article named “The Seven Pillars of ICO Investing” has listed the most important pillars to consider before deciding to invest or not on any specific ICO project.

These 7 Pillars are the following:

  1. Team
  2. Idea
  3. Execution
  4. Legal/Regulatory Framework
  5. Tokenization
  6. ICO Structure
  7. Price Divers

What is interesting and should not be surprising though in the ICO investing is the fact that business models and marketing, promotional channels differ significantly in the amount of fundraising, as some business categories have in general twice the median funding compared to the smaller ones. The following statistic may be useful to investors as it represents the ICO categories with highest median funding. A higher amount of funding may be justified by future business prospects about what investors believe are the most promising trends that could be deliver desired returns on investments given the risks taken.


Categories with highest median funding in 2018:

  1. Blockchain Infrastructure
  2. Internet & Telecommunications
  3. Computing & Data Storage
  4. Data Analytics
  5. Asset Management
  6. Legal Services
  7. Social Media & Communication
  8. Supply & Logistics
  9. IT
  10. Identity & Reputation

These business categories are referenced not in random order, but from highest to lowest order of median funds raised. The Blockchain Infrastructure category has the highest median funds raised at $ 7,012,289, while the Identity & Reputation category has the lowest median funds raised in 2018 at $ 3,750,000. The first and last business categories have a significant difference between them in terms of median funds raised as the Blockchain Infrastructure category is 87% larger than the Identity & Reputation category.

Another key interesting statistic in ICO investing is the geographical distribution of projects fundraising in the third quarter of 2018. The following infographic shows that there are again very large differences within continents. Europe and specifically Russia with $ 182.9 Million was the largest market, Israel with $19.6 Million was the smallest market, while South Korea witnessed a significant drop in fundraising as according to ICORating, in Q3 2018, 17 projects with South Korean origins raised USD 68 million, compared with 16 projects and USD 301 million in Q2 2018.

Geographical distribution of projects based on origin of the project team, Q3 2018

Geographical distribution of projects based on origin of the project team, Q3 2018

Country of origin means a country in which more than 50% of team members were living at the time of an ICO.

Another point worth mentioning is that in Q3 2018 USA had the largest number of projects compared to all mentioned countries in the above infographic, still Russia with a smaller number of projects, 63 was as mentioned the largest market.

Cover image via u.today
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