ModulTrade ICO: smart contracts for global B2B trade
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ModulTrade is aiming to use blockchain technology and smart contracts in order to provide secure payment instruments for the international business to business (B2B) trade. Providing products such as letters of credit on the blockchain, without the need for companies to go through a bank, will reduce costs while at the same time increasing accessibility for small and medium sized enterprises (SMEs) around the world. To kick start the development and launch of this platform ModulTrade is running an ICO token sale which is currently ongoing and allows interested investors to purchase MTRc tokens in advance of the launch.
Small and medium sized businesses seeking to expand into international markets currently face a number of barriers including problems with trusting foreign firms who may be an unknown entity and will be operating under a different legal jurisdiction, increased complexity of operations, and high costs of doing business.
ModulTrade will provide a suite of products whose purpose is to tackle these barriers and problems head on. These products include a specialized smart contract platform, a reputation and trade network, business services platform and dedicated marketplaces. You can view the ‘MEET’ marketplace which is already online here: https://product.modultrade.com/meet
For businesses this will offer an end-to-end service with secure payments and self-enforced smart contracts for a total cost of just 1% in fees. That is compared to fees of up to 15% charged by banks for a ‘letter of credit’. A letter of credit is a guarantee issued by a bank that a business will make payment on time and for the correct amount – something which in ModulTrade can be handled by smart contracts.
Additional tools such as a plug-in button for retailers will make using ModulTrade services as quick and easy as possible.
The Token & The ICO
ModulTrade is powered by the MTRc token. These tokens will be used to make transactions and to pay for fees and services within the entire ecosystem.
Because the total supply of tokens is limited, token holders can expect the value per token to fluctuate along with the level of use of ModulTrade products and services as, for example, increasing demand with no corresponding increase in supply would lead to a rising price. Investors can also put their tokens to work by offering to make their tokens available for trade deals in return for a fee.
Businesses using the token will be able to protect themselves against volatility in the price by using a short term escrow service designed for this purpose.
The Initital Coin Offering or ICO will make 20 million tokens available for investors and prospective users to buy. The base price will be 700 tokens for 1 Eth, but bonuses are also available for early participation.
More information about the ModulTrade project and the full details of its ICO can be found on the official website here: https://modultrade.io