What is ShipChain? ShipChain (SHIP) is a project that makes the shipping and logistics industry better through Blockchain technology. cryptocoin.com In this article, we will examine ShipChain. In addition, we will also answer questions such as what ShipChain is, what it offers, what is SHIP coin, what is it for, how to get it, which is the subject of curiosity among investors. Now, let’s examine this platform, which focuses on the logistics sector, together.
What is ShipChain?
ShipChain is a Blockchain project founded in 2017 and serving in the field of logistics. The team behind the project consists of John Monarch, Brian D. Evans, Lee Bailey, Sami Rusani and Aaron Kelly. It carried out its first pilot application with Perdue Farms throughout 2018. After that, the network officially went public in January 2019. Built on Ethereum, the platform works with high scalability. It also serves as an end-to-end logistics and supply chain visibility platform.
For scalability, the project isolates supply chain transactions from the main network. Instead it uses a technology they call “Industry Chains”. This technology enables transactions to be sent back to the Ethereum mainnet and leverages Loom, an Ethereum layer-2 solution. The project provides open standards and open source software for supply chain and logistics. It also has a nonprofit to manage the sidechain. The project also has open source solutions and a non-profit developer team.
What does ShipChain offer?
ShipChain went public in 2019 and started to provide logistics services to corporate companies and customers. Accordingly, the ecosystem uses Blockchain technology to manage supply processes. Information such as product information, location, address are stored and recorded on the Blockchain. This information has an unchangeable structure. However, ShipChain’s ecosystem was shut down in 2020. The ecosystem lost its case with the SEC and was fined large sums of money. In this case, the project SHIP tokens were recognized as a security.
What is SHIP coin? What does it do?
SHIP coin is one of the cryptocurrencies defined by the SEC as a security. Created with the ERC-20 smart contract, this token is not traded on most exchanges today. Basically, the SHIP coin is the native token of the ShipChain sidechain. The asset is required for dApp developers to deploy smart contracts. Accordingly, all gas fees in the network are paid in SHIP coin. However, the token is also used to reward network validators.
What is ShipChain? How to get SHIP coins?
Currently, SHIP coin is not traded on any known cryptocurrency exchange. However, the project’s website has also been shut down. In other words, ShipChain is among the cryptocurrencies that are no longer accessible. Therefore, it is not possible to invest in the token.
