ECOSC is a blockchain-enabled solution for supply chain management designed to satisfy the specific needs of the fossil fuels industry. The startup uses the Ethereum blockchain to develop a platform that affords the opportunity for all actors to efficiently build and monitor the oil & gas supply chain and verify all information needed for the seamless operations within this chain.
To fuel all these processes, ECOSC introduces not one but two tokens compliant with the ERC-20 standard: the utility token named ECOSCU and the security one - ECOSC. The former token is to be distributed among keen investors by the virtue of IEO that will commence in the next several hours.
Like many other blockchain project, ECOSC is registered in the jurisdiction of Malta due to the open-mindedness of the authorities of this island nation towards the innovative tech projects. The official website of ECOSC states that the eponymous company ECOSC PVT Ltd. is registered under the number C90433, with its office located in the town of St. Julians. The company number checks against the data in the Malta Business Registry.
The overarching aim of ECOSC is to bring the human factor in the supply chain management almost to naught through the comprehensive use of the Ethereum smart contracts and digital tokens. This should help to eradicate corruption, excessive handling cost, late deliveries and bring all processes to the almost complete automation. The use of self-executing smart contracts will facilitate the unimpeded financial transactions between all network participants and the unbiased arbitration of disputes.
ECOSC will aid the users in supervising and building the well-performing supply chain across its three major components, the up-stream, which involves the exploration and extraction of oil and gas; the mid-stream that provides for transportation and storage of these products; down-stream that deals with refinement and distribution of oil products.
Thanks to ECOSC, all stakeholders will be able to monitor every single occurrence throughout the supply chain in real-time by means of ECOSC’s mobile and desktop decentralized application, share data (sales contracts, certificates of origin, bills of lading, customs clearances, etc.) in a fully encrypted environment, and pay for the services, as well as trade oil & gas products, using ECOSC tokens.
The token offering of ECOSCU will take place on the Latoken Launchpad and will last until September 29. The project aims for the softcap of $3 million (currently, they have managed to raise 13,3% of that sum) and the hardcap of $22,5 million. The ICO price of 1 ECOSCU is $0.1, including a 25% token bonus for big investors. There is no mention of a minimum investment threshold. ECOSC accepts only Bitcoin and Ethereum. Whitelisting and KYC are mandatory. The United States and China are the only countries on the list of restricted areas.
|Start||August 16, 2019|
|End||September 25, 2019|
|Soft cap||$3 000 000|
|Hard cap||$22 500 000|
|Minimum investment||1 ECOSCU|
|Tokens for sale||800000000|
It appears that this project is approaching the failure line, based on the fact that ECOSC reached only 13% of the softcap with only three weeks of IEO left, unless some whale decides to partake at the last moments of the token sale. That has probably happened because ECOSC failed to realize that being an immensely conservative market, the oil & gas industry would be among the last to surrender to the blockchain technology. It's all about the trials and errors for the blockchain startups right now, so there will be plenty of similar projects emerging on the market.
ECOSC is the project worthy of attention. They’ve presented a well-compiled whitepaper which, however, would benefit from the inclusion of more in-depth technical specifications with regards to the blockchain architecture on their platform. It is of vast importance since ECOSC’s entire solution relies heavily on the use of blockchain. This brings me to the point that the project’s team also needs better blockchain developers.
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