ITS related FAQs

What is China's stance on ICOs, and what is the implication for 300cubits?

First, 300cubits’ ICO is conducted in HK, which is ruled under a set of laws different from that of China’s. So legally the ICO ban in China has no bearing to what we do in HK.

Second, China’s ban is on the ICO process itself – i.e. fund-raising from the public through the sale of a crypto currency. However, the usage of and dealings in crypto currencies are still allowed in China. So there is no impact on eventual use of TEU tokens in the container shipping industry.

Third, the subsequent clarifications from officials in China suggest that the ban should be more correctly viewed as a pause before the authorities come up with a regulatory regime for ICOs. The official also agreed with the value of the ICO for the start-ups to raise funds (source: CCTV interview). So we expect the on-shore ICO will come back but in a more organised way than it has been.

Fourth, generally, we welcome involvement of government and regulators. Without regulations, the ICO market risks becoming a lemon market. Good companies and legitimate projects conducting ICOs suffer because potential token buyers find it hard to differentiate the good ones from the bad ones. We expect more regulations for the crypto currency market in general, which we see as a development in the right direction for a healthy ICO market.

What is the rationale behind the distribution method chosen?

A lot of Initial Coin Offerings (“ICO”) are based on a limit time window for participation. The TEU ITS is based on free market valuation methodology which is equitable, transparent and low burden to the Ethereum Network.

What cryptocurrency will be accepted?

Only Ether (“ETH”) will be accepted.

What is the minimum purchase for TEU Tokens?

The minimum contribution accepted during any period of the TEU ITS is 0.1 ETH. Smaller contribution amounts will be rejected (with warning on submission failure but gas will not be not wasted).

How can I check how much ETH has been contributed during a specific period of the ITS?

The amount of ETH received during each period will be shown on the 300cubits website or enquired directly on the ITS smart contract. The history of ETH contributed in any periods can be viewed on the Ethereum network.

Can PRC citizens, residents or entities allowed to participate in TEU ITS?

No, citizens, residents and entities of  the People’s Republic of China are not allowed to participate in the ITS.

Are TEU Tokens transferable?

TEU tokens are ERC20 compliant tokens which is freely transferrable under Ethereum network upon collection of token.

What happens if I can’t contribute ETH or don’t receive my TEU Tokens?

TEU token (ERC20 compliant) and ITS smart contract are run on robust Ethereum network but ETH Smart Contract Tech Ltd cannot warrant the availability of smart contracts. These contracts are therefore being provided on an “as is” and “as available” basis without representations, warranties, promises or guarantees whatsoever of any kind made by ETH Smart Contract Tech Ltd.

How can I contribute in the TEU ITS?

It is simply sending ETH to TEUsale.eth (or the 40 hex characters address starting with 0x published in our website or social media) from your Ethereum wallet. Do not send ETH directly from cryptocurrency exchanges. For detailed guide on how to contribute ETH, click here.

What are TEU tokens?

TEU tokens are ERC-20 compliant tokens distributed on the Ethereum network.

The TEU Tokens are not securities, commodities, swaps on either securities or commodities, or similar financial instruments or collective investment. The TEU Tokens are not designed for investment or speculative purposes and should not be considered as a type of investment.

What ETH compatible wallets are recommended?

We recommend using either Ethereum Wallet (aka Mist) or MyEtherWallet (web based)*. Do not use any exchange proprietary wallets to participate in the TEU ITS. We will not be able to trace your contribution if any exchange wallet is used.
* We recommend user to directly type in url https://www.myetherwallet.com in browser to avoid potential phishing site.

Can I fix the conversion rate of TEU Token?

No, the Conversion Rate is based on the total ETH contributed during a period which is not possible to fix the Conversion Rate.

When do I receive TEU Tokens after contribution?

At the end of each period, you may collect any TEU Tokens allotted to you as an ERC-20 compliant token on the Ethereum network. For more details on how to collect your TEU Tokens, please read the how-to or on medium.com.

Is there any gas consumption (network fee) when transferring TEU Tokens?

Transfers is subject to ETH gas fees like all other transactions on the Ethereum network.

300cubits Related

What is 300cubits?

300cubits is a blockchain initiative, looking to fundamentally change the container shipping industry through the creation of a de facto industry focused cryptocurrency called TEU and TEU Ecosystem. For more information, please read the 300cubits White Paper.

Will the 300cubits platform be released under open source software license?

Yes, at the end of its development stage, ETH Smart Contract Tech Ltd will release the TEU Ecosystem it has developed under an open source software (MIT) license.

What is the usage of TEU Token?

At the beginning, the TEU tokens will be promoted as booking deposits for the container shipping industry. Through the application of the TEU tokens as shipment booking deposit, 300cubits hope to reconstruct the integrity of the booking agreement. Long term, 300cubits believe the TEU tokens will become the de facto cryptocurrency of container shipping. More details on this point are available in the White Paper.

How could 300cubits be sure that the industry players will use the TEU tokens as booking deposit instead of cashing them out immediately?

First, the industry players once in possession of the TEU tokens will have to consider these points when deciding whether to cash out on the TEU tokens immediately: (1) the price of the tokens will appreciate; and (2) they will have a need for these TEU tokens in their daily operation if 300cubits’ plan of implementing the TEU tokens as de factor cryptocurrency of container shipping industry. The container shipping liners alone have an annual turnover of $150bn. There may even be risk of not having sufficient TEU tokens in the industry for use in booking deposits.

Second, 300cubits may sign off-chain contracts to restrict by 2-3 years the conversions these TEU tokens being given out for free.

Who is behind 300cubits?

ETH Smart Contract Tech Ltd, a company incorporated and headquartered in Hong Kong.

What does TEU stand for?

Yes, at the end of its development stage, ETH Smart Contract Tech Ltd will release the TEU Ecosystem it has developed under an open source software (MIT) license.

What are the incentive for the players in container shipping industry to use the TEU tokens?

First, the TEU token may provide a solution to deal with a daily pain point for the container shipping industry, which has been in distress that need helps. For example, the “no-show” or “rolling” situations for the booking process is a pain point that may be solved by implementation of booking deposits. The immutable nature of Ethereum may be the right platform to implement the booking deposit idea.

Second, the industry players will have invested interests in the TEU tokens. The industry players would know the TEU tokens given to them by 300cubits already have value (i.e. could be cash out in the exchanges) and the value will only appreciate if the utilization of these TEU tokens increase.