Crusher of the Month – Eximchain – June 2018 - Crush Crypto

Crusher of the Month – Eximchain – June 2018

In the Crusher of the Month series, we will write about a coin/token that we have the most conviction in each month. The time frame will be around 1 month, or until we publish the next Crusher of the Month. In June 2018, our Crusher of the Month is Eximchain, ticker EXC.

Founded in 2015 at MIT, Eximchain (short for Export Import on Blockchain) aims to bring visibility to global supply chain finance through smart contracts. The project focuses on helping small and medium-sized enterprises (SMEs) that are struggling to obtain financing due to an inability to prove legitimacy.

The Eximchain ecosystem will enable SMEs to gain access to affordable capital sources by giving financiers visibility into the supply chain cash flow.

Utilizing the immutable nature of the blockchain, the project supports various use cases for SMEs, including supply chain finance, sourcing, and inventory management. The platform combines privacy, accessibility, and security to create enterprise-ready applications.

As a permissioned blockchain, Eximchain has put a lot of thought into their governance model to discourage collusion and to maintain the robustness of their protocol. One of the proposed measures is the use of quadratic voting, which is a way to make collective decisions that avoids the tyranny of the majority.

With a market cap of $50 million, Eximchain is currently ranked around the 200th most valuable cryptocurrency. We believe the project is a solid candidate as a top 100 coin once the mainnet is launched and therefore, has a lot of room to grow.

Why do we like it?

Low Market Awareness

After raising $20 million in early 2018 from top tier investors such as Hashed, FBG, Kenetic, GBIC, among others, Eximchain had an airdrop campaign where they gave out $5 million worth of tokens (at the ICO price, these tokens are now worth over $11 million) and EXC tokens were released on May 21, 2018.

The cryptocurrency market, especially for altcoins, has been soft since the token was listed. In addition, EXC tokens are currently only listed on the decentralized exchange IDEX, which is another reason why they are currently trading at a discount, in our opinion.

All of these factors have caused the token to trade below the valuation that we believe they deserve. With the strong supporters backing the project, we believe EXC tokens should be able to be listed on a number of decent exchanges in the near future, which should support the price.

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Solid Technical and Business Development

The team has been making solid progress on both the technical and business development fronts.

Technical Development

The mainnet is on track to launch in 2018 Q3. The team has already gone through 8 rounds of large-scale stress testing with all of the results published on GitHub.

The testnet currently has 250 nodes (estimated to be around the same size as the mainnet) running the protocol across 14 regions. Eximchain will offer users the ability to manage globally distributed blockchain, API, and key management infrastructures to support their applications.

Business Development

The team is building their first proof-of-concept with their partner, YOOsourcing, which has over 30,000 registered users on its mobile app and is providing white-labeled SaaS solutions for two corporate clients.

The two companies have been co-developing the inspection application on blockchain over the past few months. Using this application, suppliers can better monitor requests for quotations, promote new products, and build up their reputations to garner future businesses leads.

We believe more promising partnerships are incoming. Eximchain’s go-to-market strategy is to first build out a proof-of-concept with its partners, and later on offer software development kits to enable smaller-sized companies and developers to build customized solutions that solve specific sourcing, supply chain finance, and logistics management issues.

Basically, Eximchain is building an app store for the global supply chain. The versatility of the platform is one of the reasons why we believe the project will be a success in the long run.

Other Tidbits
  • 1,000 EXC tokens are required to create a masternode. By owning enough tokens, KYC-approved nodes have an opportunity to participate in the consensus mechanism.
  • The team is hosting a Hackathon global tour over the next 3 months which will continue to generate awareness and attract more developers to build on the Eximchain platform.
  • Can Kisagun, the co-founder of Enigma, started working with Hope Liu, CEO of Eximchain, on the idea at MIT Media Lab back in February 2016.

Disclosure: We have a position in this project.

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