When I talk to people who are new to Blockchain and Cryptocurrency, I often hear about Supply Chains and the strong use case for them. Supply Chains range anywhere from raw materials, inventory, order fulfillment, supplier relationship, customer service management, product development, returns management, assembly lines for computer hardware, food tracking, textiles, metal fabrication, chemicals, and the list goes on and on. It’s probably one of the best use cases for Blockchain that I can think of. In this Blog, I am going to take a look at Eximchain, one of the more popular Blockchain Supply Chain projects currently raising funds.
First, let’s take a look at the team behind the project. Hope Liu spearheads Eximchain and her background includes several years working for UBS as an authorized officer for APAC cash equities settlements in Singapore, monitoring 2 offshore Shanghai teams, and also an Analyst in Hong Kong for UBS. She received her BA degree from Peking University in foreign language (Korean) and MBA from MIT in business administration in 2017. She started working on Eximchain from the MIT Media Lab in 2015.
The Co-Founder of Eximchain is Juan Sebastian Huertas. He received his BS from MIT in computer science in 2017. His background includes an internship at Florida International University in Nanotechnology in 2009. He does not appear to have any experience in supply chain management as he just recently graduated from college. However, it would not be fair to discredit his abilities based on on that alone. The team for Eximchain also includes Jian Xu, who worked at IBM for 14 years as an associate partner, delivery project executive, and delivery manager. His resume states that he is currently working for multiple companies based in China: Jieyu Systems and Technology Service, JXmobi EV Company Limited, Colleverage Information Technology. He graduated from Fudan University in 1989 with a degree in management information systems. The business analyst is Jia Zhang, who appears to have a strong background in textiles. She worked at MS Textiles in Hangzhou for 8.7 years, as the Chief Representative, and Vice General Manager of Hangzhou Jiushi Textile Co. Ltd. for 2.10 years. Next up, is Louis Lamia, Director of Engineering and Infrastructure. He is also part of the MIT connection, with a BS and ME in computer science. He worked as an intern at Amazon and also a software development engineer for 2.3 years. Lastly, Douglas Sanchez, who has quite a diverse educational background with degrees in Mathematics from Arizona State University, BE from MIT in 2014 for mechanical engineering & product design. The project has 8 advisors listed: Ramble Lan CEO of Swftcoin, Tiger Zhong CEO of Trade Manager, Catherine Dai Founde of Boaotech, Daniel Wang Dir. Investment at Geely Group, Manmeet Singh Managing partner of Blockseed Venture, William Peckham Managing Partner at Proteus Growth, Can Kisagun Co-Founder of Enigma and Peter Missine Strategy Consultant.
The team behind Eximchain appears to be highly educated and has some partners who make up for a lack of supply chain experience such as Jia Zhang. Let’s take a further look into Eximchain.
Eximchain says it would like to combine privacy, accessibility and security to create enterprise ready applications. They personally state that current Blockchain technology does not meet industry standards because transaction data is public, system configuration requires advanced IT knowledge and network security is uncertain. They explain further that Eximchain will use private smart contracts to protect trade secrets from competitors, be user friendly so that companies can easily navigate through it all, and be highly secure using “Quadratic Voting” to incentivize users to participate in network governance and eliminate bad actors.
According to Eric Posner of Chicago Law School on Quadratic Voting:
“Quadratic voting is the most important idea for law and public policy that has emerged from economics in (at least) the last ten years. “Quadratic voting is the most important idea for law and public policy that has emerged from economics in (at least) the last ten years. Quadratic voting is a procedure that a group of people can use to jointly choose a collective good for themselves. Each person can buy votes for or against a proposal by paying into a fund the square of the number of votes that he or she buys. The money is then returned to voters on a per capita basis. Weyl and Lalley prove that the collective decision rapidly approximates efficiency as the number of voters increases. By contrast, no extant voting procedure is efficient. Majority rule based on one-person-one-vote notoriously results in tyranny of the majority–a large number of people who care only a little about an outcome prevail over a minority that cares passionately, resulting in a reduction of aggregate welfare.”
Token Use Case
According to Eximchain:
“Our native token functions to keep the network incentivized to participate in consensus and governance. Our native token’s primary use is to pay gas, a mechanism used to incentivize Block makers to process your transactions. Further all nodes registered to vote can make ’passive income’ (don’t particularly love the term) by participating in governance system via quadratic voting. 1000 EXC min required to participate in consensus mechanism, as a masternode, but note that this is not exactly PoS: nodes can be voted off the consensus mechanism irrespective of their wealth via quadratic voting governance. Masternodes are required to have 1000 EXC collateral, a dedicated IP address, and be able to run 24 hours a day without a more than a 1 hr connection loss, they claim 100% of the transaction fees in blocks they make.”
Eximchain plans to align with Quorum, JPMorgan’s version of Ethereum. Regardless of plans to decentralize everything on the Blockchain, large firms will continue to develop their very own in-house platforms which will be adopted by their users and clients. Eximchain plans to have a TGE or Token Generation Event (ERC20) in the coming weeks, as well as a planned Mainnet launch in Q2/Q3.