ICO Review: SilkChain – A Decentralized International Trade Platform

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As a dominant form of activities among nations and states, global trade is the largest industry in the world. In 2017, the total amount of global import and export reached $31.8 trillion, which is the equivalent to the combined GDP of China and the United States. However, from 2008 to 2017, the global trade industry has been stagnant. While the transactions tend to be more fragmented and frequent, the existence of trust barriers greatly limits small and medium-sized enterprises, especially those unable to obtain a letter of credits from banks, to get involved in global trade activities.

SilkChain is a project dedicated to the improvement of the international trade industry based on decentralization, openness and win-win principles using blockchain technology. This project will give priority to the construction of a “global merchant credit system” and “supply chain financial system” for the trade industry.

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SlikChain is led by DinoRiver Group (Singapore) and a number of international leaders with years of cooperation and practice in the international trade industry that have jointly established the International Trade Digitalization Commission (ITDC), an organization dedicated to the creation of a decentralized global digitalized free-trade zone.

SilkChain decentralized global free trade zone, source: silkchain.io

Main features

  • The platform can be used by any kind of organization (team-based, individuals or developers) that provides goods and services.
  • As long as a certificate is granted, computational capacity providers (miners) can join to mine on this blockchain. Miners’ remuneration will be the Silk token.
  • The joint members of the project are well-known enterprise groups, trade entities and e-commerce, logistics, warehousing and financial companies from all over the world.

Novelties

  • Introduces a redesigning infrastructure of the smart contract platform (blockchain) called SilkChain 1.0, adding a series of new features upon some existing features of Ethereum and Fabric (HyperLedger) and aims to achieve mass deployment in the global trade industry.
  • Their infrastructure will evolve in a Blockchain as a Service platform (BaaS) called SilkChain 2.0 and will provide a mature blockchain service to meet demand in the form of public, consortium and private for all industries including global trade industry.

Token information

  • Token name = Silk.
  • Acronym = SILK.
  • Technology = Ethereum ERC20
  • Max. Number of tokens = 10,000,000,000.
  • Currencies accepted = ETH, BTC, USDT.

NOTE: When SilkChain Mainnet officially launches, the user who holds ERC20 Silk of Ethereum can exchange for its equivalent SDAR10 Silk in SilkChain Mainnet (Self/New Blockchain), and at the same time, ERC20 Silk will be destroyed.

Token distribution

  • Fundraising = 25%.
  • Ecosystem incentive fund = 25%.
  • Developer team = 20%.
  • Community consortium = 20%.
  • Foundation discretionary = 10%.
SilkChain token distribution, source: silkchain.io

Funds usage

  • Infrastructure development = 25%.
  • Application development = 25%.
  • Safety investment = 10%.
  • Community operation = 10%.
  • Market promotion = 25%.
  • Legal and compliance = 5%.

Pre-ICO

  • Starts = May 01st 2018.
  • Close = May 19th 2018.
  • Token price = 16,000 SILK/ETH.
  • Bonus = 10%.
  • Min. buy = 0.5 ETH.

ICO

  • Starts = May 20th 2018.
  • Close = June 30th 2018.
  • Distributed on ICO = 2,500,000,000.
  • Token price = 16,000 SILK/ETH.
  • Min. buy = 0.5 ETH.
  • Soft cap = 55,000 ETH.
  • Hard cap = 95,000 ETH.

The leading team

Competitors

Social media presence

Additional information

Conclusions

It is expected that in the next three to five years, the global trade will bring about a trillion dollars of incremental annual growth, and promote the transfer of traditional international trade towards a digitalized platform while creating additional annual business opportunities of trillions of dollars. SlikChain will work to build an equitable, mutually beneficial, international trade ecosystem and to share the huge dividends of ecological development.

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