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ModulTrade ICO Review

23 december 2017, 15:59

General Idea

ModulTrade has noticed that there is no actual and convenient place or platform, where small or medium-size businesses and enterprises could cooperate, set up deals and agreements, negotiate and get help with trade-related services. The main idea is to provide such service with the focus on trust and security, but also at the lowest costs, as small businesses usually cannot afford to spend much money on additional services.

ModulTrade ICO Review

Their main goals are to create secure payments with smart-contracts, credits in their tokens to buy goods and services, general simplicity of transaction executions and significantly lower costs. The company using the platform can also benefit from the acceptance of cryptocurrency for their services.

Global trade

In order to connect over 400 million small businesses and enterprises to the global trade network, ModulTrade wants to focus on four main components. First of all the whole platform will be based on the blockchain technology with the addition of smart-contracts. This assures safety and transparency of all deals. They also want to provide trade-related services, which could help significantly make first steps for new companies. The services will be connected with marketplaces and everything will be based on the trade and reputation system and rating. This minimizes potential scams or low quality products and services.

New small businesses

The most interesting aspect of the project is that they want to help small businesses cooperate and build their own trade networks via offering global reach. As an example they show that if one small company in one country has a production line of goods that another company in other could make use of, they need to overcome many struggles both when it comes to mutual agreement and trust, but also all of the paper work, taxes and shipments. ModulTrade in that case would be a place where they could set everything up easily.

Blockchain usage

Smart Contracts on the ModulTrade platform, act as a digital version of a Letter of Credit - a trade finance banking instrument and supplement documents that are needed in classic trading, for instance it will be possible to issue equivalents of letters of credit or bank guarantees. ModulTrade has noticed that dealing with traditional trade finance banking instruments can be very lengthy and expensivefor businesses and they propose a cutting-edge solution to the problem.

Moreover, the fact that the deals will happen thanks to the blockchain technology, companies will be able to execute trade in real-time with other companies from all over the world. It all aims to lower the complexity and cost of trade-related operations.

The product

It’s important to highlight that ModulTrade has launched its MVP and it’s up and running for some time now. There’s a trail of successful transactions executed under smart-contract where settlement is done in ETH (Ethereum).

ModulTrade ICO Review

Notably, ModulTrade gradually furnishes the roadmap to create an ecosystem that will enhance the user experience by offering a value added services offered by 3rd party trade-related service providers such as logistics, inspection, customs and tax consulting, etc. Presently, the users enjoy seamless integration of the logistics services from DHL, UPS, SF Express, China Post/EMS, Delovie Linii.

ModulTrade has pioneered the industry by executing a first time ever ‘China - Russia’ trade deal which is executed under smart-contract and settled in ETH.

The Token

The token used within ModulTrade platform is called MTRc and is of an usual ERC-20 standard, which means it can be stored in most of Ethereum Wallets alongside investors other coins and tokens. Despite the platform being focused on the help when it comes to business side, they state other benefits from getting these tokens like the sole support of such idea and ModulTrade ecosystem, but also potential profits that potential popularization of platform may bring to token holders. MTRc can also of course be used in trade transactions to buy goods and services from the marketplace.

ICO

ModulTrade ICO Review

The token sale consists of few phases, some of the early ones already successfully finished. The soft cap has already been reached, therefore there is a huge chance of the project turning out be successful. Currently, the token sale phase 2 takes place from the 13th of December to the 26th of December. It will be generally possible to buy the tokens via BTC, ETH, LAToken and fiat until the 27th of January, 2018. However, the price will change depending on how close to the end it is, therefore it's better to buy the tokens as quickly as possible to get the best price. The exchange rate is set at 1 MTRc=1ETH/700.

The team

ModulTrade ICO Review

After having a single glance at the team section, it's safe to consider them solid and proper people to deliver a working product. The team is relatively big and consists of people responsible for all the important tasks. There are product designers and technical developers with the experience in Blockchain technologies. The marketing and development team has many years of experience in this field and have worked with big corporations. When talking about experience it's worth noting that the team consists of people who have previously worked with such big companies and banks like McKinsey, Gazprom, Cargill, Reuters, SODEXo,  Crédit Agricole, IBM or UNISYS. As the platform wants to become the leading help for small businesses when it comes to trading, there are people that have previously successfully worked in trade and structured finance, financial services, risk management, IT and banking sectors. There are links to the LinkedIn profiles of the team members to assure their validity.

Final Thoughts

The experienced team can guarantee the sole successful development and execution of the platform, therefore there is little to no worry when it comes to the technical and development-related issues. Such platform however, needs a significant amount of user to become successful. Nowadays, there are many startups and young businesses that offer great services, so they could make a great usage of this platform. With their quality products they could bring their own customers, who would later become customers of other companies as well, making the platform alive. The overall design and media presence looks rather good. They get many positive ratings and have already finished successfully some part of the token sale.

 

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