Review: What Is CommerceBlock? One of the Recommended ICOs
What’s so special about CommerceBlock? First, it is the first ICO (token sale) with BIP175. The new BIP can potentially open up Bitcoin to use cases that is not previously achievable on the public Bitcoin blockchain. What exactly is BIP175 and what is CommerceBlock? Read on to find out.
What Is CommerceBlock?
CommerceBlock is a public blockchain infrastructure company that is building a platform to decentralize finance over public Blockchains. CommerceBlock is offering a platform that provides a set of tools that allows anyone to build and use services to construct contracts, manage trade flows, engage in multiparty dispute management, issue assets, and hedge currency risk.
Their primary goal is to create a system that both developers and end-users will be able to execute all the above-mentioned tasks. One feature that is worth mentioning is that BIP175 is going to be implemented on their system.
For those who don’t know about BIP, the term BIP stands for Bitcoin Improvement Proposal. The Bitcoin Improvement Proposal is a standard to submit potential changes or improvements that will have a positive effect on the bitcoin protocol as a whole.
BIP175 proposal was created on 2017-07-17, of which it utilizes hierarchical deterministic wallets as described in BIP-0032 and the “Purpose Field” in BIP-0043, this document specifies the multiparty pay-to-contract key derivation scheme outlined by Ilja Gerhardt and Timo Hanke.
The protocol is constructed in such a way that contracts are cryptographically associated with the escrowed Bitcoin address. The platform itself will have no visibility into the details of this contract, they are accessible only on the client side by the arbiter, payer, and payee.
The derived address looks like any other P2(W)PKH or P2(W)SH address. Redemption of the funds requires knowledge of the contract and the payee’s private key.
What Makes CommerceBlock Stands Out?
CommerceBlock is bringing bitcoin to the banking world. Due to privacy concerns, banks cannot connect private data with a public blockchain. With the open standard BIP protocol, this allows the connectivity between private data and public blockchain.
That simply means the adoption of the new protocol in commercial applications will allow CommerceBlock to more easily develop interoperable solutions.
CommerceBlock acts as an automatic bridge between cryptocurrencies and the business world today. It enables firms to benefit from the cheaper, faster and ‘frictionless’ movement of funds on blockchains but provides proof of payment for both parties, even though the public information on the blockchain is limited and anonymous.
CommerceBlock reduces third party risk and secures transactions by using a public blockchain in combination with cryptographic technology which privately embeds auditable trade details and business logic into transactions.
CommerceBlock’s solution fits any blockchain or multiple blockchains simultaneously if a transaction uses more than one cryptocurrency. All sensitive trade details and customer funds are managed on the client side. Only the merchant and customer have cryptographic proof of who is being paid and for what.
The open source CommerceBlock smart supply chain has been designed to be highly compatible with base layer public blockchains, side chains and the off-chain Lightning Network. This adaptability ensures the smart contract can perform peer-reviewed functions, which include multiparty escrow, asset issuance, dispute resolution facilitation and currency hedging.
What Do They Offer?
Developers and end users will be able to manage all stages of a business interaction by utilizing their platform as the followings are offered:-
- Cryptocurrency agnostic APIs, SDKs, and web portal that allows users to access CommerceBlock tools for building smart contracts and issuing/distributing assets.
- Trade flow templates – In-house templates that reduce the hassle of starting from scratch.
- Enterprise integrations – Enterprise customers can use both their APIs and SDKs. e.g. a platform for property owners and investors to come together to issue, buy, sell and trade tokenized real estate equity and debt.
- Third-party integrations; and
- Commitment to open standards – All their code will be open-source and available for peer review).
CommerceBlock’s product offerings provide a suite of tools that enables anyone to build and use services that construct contracts, manage trade flows, engage in multiparty dispute management, issue assets, and hedge currency risk.
Who’s Behind CommerceBlock?
Founder & CEO: Nicholas Gregory
An Ex-VP of Technology at both JPMorgan & Merill Lynch on Wall Street. He’s been involved with Bitcoin since 2012 and has strong associations with Bitcoin Core & some of the bigger names in Bitcoin such as Mason Borda (BitGo) & Peter Bergstrom (Bitcoin Foundation & BitBlock Ventures).
CTO: Omar Shibli
Startup Veteran with over 15 years of technology experience (ZocDoc & Cisco Systems). He has been deeply involved with companies developing AI & Machine Learning algorithms.
CommerceBlock’s Real Life Applications
Arbitration Marketplace: CommerceBlock’s multi-signature invoicing and dispute mediation infrastructure is well suited for trade function. CommerceBlock partner the Arbitration Marketplace was seeking to make the dispute resolution process an integral part of transaction processing, rather than a costly and timely endeavor requiring third-party intermediaries.
Real estate: Commerceblock’s platform will serve as an interactive equity and debt exchange for residential and commercial property owners, buyers, and investors. Asset issuance, the equity, and debt assets can be listed on the interactive exchange and traded for other assets, fiat currency or cryptocurrency.
CommerceBlock Token Sale
With plans to unlock more value in its trade ecosystem, CommerceBlock is setting aside 30% of its tokens from its upcoming token sale as incentives for enterprise integration partners. 40% of the one million CBT (ERC-20) will be available for public sale, while the other 30% is allocated to the company. The fundraising target is $25 million.
CommerceBlock is required to carry out AML checks and KYC in order to comply with regulators. Hence, you neeed to sign up their whitelist and it requires a Bitcoin or Ethereum address. It is noted that you shall not provide BTC or ETH address of exchanges such as Coinbase, Kraken, Bitfinex and etc.
- Start Date: November 28th, 2017
- End Date: December 19th, 2017
- Ticker: CBT
- Token type: ERC20
- ICO Token Price: 1 CBT = 0.0625 USD
- Fundraising Goal: 25,000,000 USD
- Total Tokens: 1,000,000,000
- Pre-ICO: 8% of the tokens will be on the market for the pre-ICO.
- Available for Token Sale: 40%
- Whitelist: YES (PERIOD ISN’T SET, JOIN )
- Know Your Customer (KYC): YES
- Accepts: ETH, BTC