The main idea of the project?
CargoX – https://coinmarketcap.com/currencies/cargox/
The basic idea is to modernize the logistics sector, especially container transport, which is carried out by ship, truck, etc. Each delivery must have the same characteristics as the other. A Bill of Lading (B/L) that documents what the contents of the container are, the owner and where it is travelling to. (https://en.wikipedia.org/wiki/Bill_of_lading) And that's just a nice usecase to use blockchain in something that still uses paper and a stamp (BL), which usually travels outside the normal path of the container using courier services that increase the cost of shipping.
Today's project expansion – finance and letter of credits
From 20 October 2021. China Systems, the global provider of trade and supply chain finance solutions, has partnered with CargoX to seamlessly integrate the blockchain processing of electronic Bills of Lading and other trade documents into their Trade and SCF platform. The integrated solution bridges physical and financial supply chain processes based on a digital handshake between buyer and supplier, triggering receivables financing.
What is the main benefit?
· The value will be determined by market demand, but mainly driven by B2B trade. Thus, a new FIAT from companies is flowing into the cryptocurrency circulation.
· The team is actively communicating with the community and understands that it is only through ICO backers that they have been able to build a functioning multinational company with an overlap of the original intention, which was to build an eBL.
Main differences from other tokens:
· In terms of market capitalization, it is the smallest project that works with governments on digitization. Specifically, on October 1, a project was launched in Egypt for eBL.
· The team is working regardless of the Bearish/Bull market – constant, hard work. Numerous conferences, awards and certifications are proof.
· Team members understand the value of CXO tokens.
Why is the price currently stagnating?
Since CargoX operates in the real business, the expectations of crypto-speculators and the real state of affairs often do not meet. Let's recap:
· September 1 – A significant drop occurred when the tokenomics changed. Instead of burning from the team wallet – there was the introduction of buybacks from the market. Although the resulting impact on price is direct and setting a fixed price of 60 cents per document is preferable to the original system, it was not immediately well received. Although there were legislative reasons for this change.
· 1st October – Launch of ACI – Nafeza Egypt. We were expected to have 5-6 thousand documents per day. The best estimates were around 10 thousand. Unfortunately, on October 1 (Friday) there was a continuous increase and there were 1384. Disappointing = price drop. Never mind that the ship sails for 6 weeks and the introduction applies to those ships that sail and arrive after Oct 1 = the peak should have been about mid-November. And indeed. Today we also have 11000 thousand documents a day. However, no reaction to the price.
· Why no response. Simple. The team promised to do buybacks quarterly and yet none has occurred. Never mind that it has been confirmed several times by the team that nothing is changing and indeed, it applies to all types of documents. They are even working on another token utilization – relayer, which will perform authentication. Later this year.
What can we expect?
Currently, over 188,000 documents have been confirmed in the month of operation (including September – when the pilot was running). Which means the buyback from the market is $113k. At the current price of 20 cents, we have a buyback of 565,000 CXOs. That means that the buyback alone will, at least temporarily, mean a 50% increase in price. However, if the first buyback is made, we can expect the current hodlers (approx. 4k) to have their doubts dispelled and in turn buy back their previous positions. This means that we can expect a FOMO rise and I would be surprised if we close 2021 below the price of $1. However, we will discuss the exact calculation in the next article.
submitted by /u/CryptoOutsider