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🕵️‍ ICO Watch
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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
Cover image via u.today

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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About the author

Eric Eissler is based in Chicago and works in higher-education administration and finance. He is a freelance writer covering blockchain technology, fintech, cryptocurrency, the oil and gas industry, and international politics.

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Top Bitcoin Miner Warns – Bitcoin’s Privacy Features Are ‘Quite Poor’

  • Yuri Molchan
    📰 News

    The head of a major Bitcoin mining pool says that Bitcoin privacy is weak and must be improved to prevent BTC from avoiding governments’ clampdown

Top Bitcoin Miner Warns – Bitcoin’s Privacy Features Are ‘Quite Poor’
Cover image via www.123rf.com

The CEO of one of the largest BTC mining pools, Poolin, has recently stated in an interview that Bitcoin privacy has to be improved. The current privacy features make BTC vulnerable to potential regulatory bolt tightening, says he, as reported by Forbes.

The Poolin mining company was set up by several former employees of BTC.com – a world’s major mining pool, a subsidiary of Bitmain. Among them was the Poolin’s current CEO Kevin Pan.

“Bitcoin’s privacy features are quite poor”

Over the past years, developers have suggested several ways to improve Bitcoin’s privacy. However, those were rejected by the community, since they would hard such major things as security, scalability, etc.

A good example here is Confidential Transactions that were among those suggestions. They disguise the amount of BTC sent in transactions. However, the integration of it was rejected, since it could have had a negative impact on the public verifiability of the present BTC supply.

Kevin Pan says that privacy is much more vital for a crypto asset development than scalability. Pan says:

“There is no other big question if the privacy issue is solved.”

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Governments may start controlling BTC miners

The company CEO believes that in theory, authorities or law-enforcement agencies may start telling miners to block certain address from receiving funds or sending them. However, in that case that would have to be 51 percent of the BTC network.

Pan believes that unless a solution to this problem is found soon, governments will get a chance to prevent transactions to certain addresses from happenning.

“What is more troublesome now is if government or law enforcement departments begin to create a blacklist of transaction addresses, it will make certain transactions unable to be packaged.”

“In fact, these can be done. But if there is privacy, you can't know who the address belongs to, and you can't determine how much the amount is, and there is no way to control the currency system. So for me, Bitcoin is basically no problem if the issue of privacy can be solved.”

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China plans to clamp down on BTC miners

Previously, U.Today reported that Inner Mongolia, an autonomous region of China, plans to ban all the numerous mining pools located there soon.

Since this region is one of the biggest local crypto mining areas, some believe that China is about to ban mining of all cryptocurrencies ahead of the so-called ‘China Coin’ launch.

Do you think that poor Bitcoin’s privacy features could indeed bring down regulatory control over BTC one day? Feel free to share your view in the comments section!

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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