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Fr8 Network (Fr8 token) ICO Review – ICO Token News

Overview

In 2011, McKinsey surveyed global supply chain executives and found nearly 70% of them predicted supply chain risks would escalate in the coming years. Respondents identified five primary risks:

  • Delivering the right product in the correct quantity on time and on budget
  • Escalating pricing pressures due to rising freight costs, higher demands and evolving regulations
  • Keeping pace with new technologies and global demands
  • Increasing competition
  • Replenishing an aging workforce

Seven years later, these same challenges persist, underscoring that technology has failed to improve the situation in recent years. Addressing these challenges requires an entirely new approach — a global blockchain protocol. The Fr8 Network enables industry professionals to leverage the latest technology, improving delivery, transparency and accountability.

A Better Way: The Fr8 Protocol

The Protocol defines standards for smart contracts that provide greater visibility into shipments, an immutable record of the regulatory requirements, and expedient settlement for all parties. Additionally, the Fr8 Protocol will instill trust into the network with transparent, immutable, and expedient smart contracts. This differentiates it from many of leading logistics and freight software providers now doing business. The Fr8 Protocol will address the needs of shippers, carriers, and brokers, enabling them to compete more fairly and maintain margins, ultimately improving the customer experience.

Solution

The Fr8 Network is helping solve the final mile. Using lean startup methods like robust hypothesis testing and establishing clear KPIs, Fr8 Network is testing the protocol using the Ethereum platform for final mile shipments. The Fr8 Network team began by analyzing common final mile data and discovering common requirements for arrival windows, acceptance of delivery requirements, transfer of legal ownership of goods, and payment requirements, etc. The team also tracked regulatory requirements when shipping items such as medicine and perishable goods. This ensured the highest cybersecurity was built into transaction processors. The analysis leads to the first instance of the Fr8 Protocol, specifically defined to service the challenges of the final mile. Once the standards were documented, the Fr8 Coordination Platform was built. The first version of the Fr8 Coordination Platform will consist of the Fr8 Board, the Fr8 Cockpit, the Fr8 Browser Extension, the Fr8 Carrier App, and ancillary services. The applications serve as critical tools to complete a reference use case of helping the final mile trucking delivery challenges.

FR8 Marketplace Benefits

Fr8 Ratings

Fr8’s proprietary user-rating system combines public data, historical performance data, and peer reviews to deliver unparallelled transparency and incentivize best behavior. After every delivery, users are encouraged to submit ratings on each shipment, much like rating an eBay experience. The reviews are visible to everyone in the Marketplace. Shippers are subject to a rating just as carriers are. Drivers who deliver on time and communicate effectively will be identified by their peers. Shippers who work effectively with drivers are recognized. The Fr8 Rating offers a quantifiable reputation score for participants in the network and plays a key role in establishing the necessary trust within the market. Fr8 Board’s decentralized blockchain architecture ensures permanently logged data, increasing accountability and trust across the network.

Fr8 Price Discovery

Fr8 Network also enables easy price discovery. Historical information about the price of a lane will be available for all to review. This utility gives shippers a point of reference when booking with a carrier. Typically maintained in the brokerage databases, lane pricing data is quickly becoming a more public utility. Software companies such as Truckstop and DAT already provide historical pricing data to their users, but the cost of those services can be a burden for smaller shippers.

Fr8 Price Discovery

Fr8 Network also enables easy price discovery. Historical information about the price of a lane will be available for all to review. This utility gives shippers a point of reference when booking with a carrier. Typically maintained in the brokerage databases, lane pricing data is quickly becoming a more public utility. Software companies such as Truckstop and DAT already provide historical pricing data to their users, but the cost of those services can be a burden for smaller shippers.

Fr8 Settlement Services

Fr8 Settlement Services pulls from the payments standards defined by the Fr8 Protocol. The settlement services offer tools for constructing payment terms that gives contract participants the ability to settle financial obligations in the currency and credit terms of their choice. Now, grab more information about ICO planning and strategies by reading ICO planning guide.

Fr8 Token Ecosystem

Fr8 token powers trust by aligning healthy incentives within the shipping ecosystem. Fr8 ICO tokens are consumed, staked and used for remittance across the Fr8 Protocol. Fr8 tokens are used to interact with the persistent data housed within the Fr8 blockchain. Actors can confidently build their businesses on the Fr8 network, as the protocol defines the rules of engagement for how work gets done and money changes hands amongst network stakeholders. Fr8 protocol compliant applications will continually be added to the Fr8 Network. Any organization can deploy their application on the Fr8 Network and access its data and workflows. Fr8 Network has the notion of ‘privacy’ within its blockchain to ensure commercial data stays private for competitive reasons, while enjoying the benefits of being able to instantly assess the quality, availability and specialties of the entire ecosystem. Do you want to track the performances of trending ICO projects running in the market? If yes then check ICO stats.

Team

  • Jon Fox
    Jon Fox
    Jon Fox
    Co-Founder & Chairman
  • Sloane Brakeville
    Sloane Brakeville
    Sloane Brakeville
    Co-founder & CEO
  • James Regenor
    James Regenor
    James Regenor
    CIO
  • Ling Meng
    Ling Meng
    Ling Meng
    CTO
  • Vishal Sapra
    Vishal Sapra
    Vishal Sapra
    CMO
  • Shankhri Balaji
    Shankhri Balaji
    Shankhri Balaji
    Community Manager
  • Emily Bush
    Emily Bush
    Emily Bush
    Investor Relations
  • Barry Glasco
    Barry Glasco
    Barry Glasco
    Director of Engineering
  • Yevgeniy Spektor
    Yevgeniy Spektor
    Yevgeniy Spektor
    Lead Engineer
  • Michael Zargham
    Michael Zargham
    Michael Zargham
    Token Economist
  • Matt Barlin
    Matt Barlin
    Matt Barlin
    Research Engineer
  • Will Kamensky
    Will Kamensky
    Will Kamensky
    Community Management

Milestones

  • 1
    May, 2017
    Project initiated.
  • 2
    July, 2017
    Proof of Initial Thesis - Direct carrier negotiation netted an 18% discount overnight, proving we didn’t need brokerages to drive deep savings.
  • 3
    August, 2017
    1st Carrier Customers Onboarded - (Fr8 National Carrier Network). 8 regional carriers (complete lower 48 coverage). 500 independent carriers.
  • 4
    September, 2017
    1st Shipper Customers Onboarded - (Fr8 National Shipper Network). Lewisco Holdings commits to ship $5m through Fr8 Market.
  • 5
    Q1, 2018
    Blockdaemon Partnership announced. Fr8 Fair Trade Consortium Launch. MVP Launch.
  • 6
    Q2, 2018
    Development Begins on Added Value Products & Services. Fr8 Market Expansion (USA only).

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