The bitcoin industry is in a period of intense upheaval, as many major exchanges have lost billions in their history and a number of smaller ones have also shut down, including Kraken.
Now, a new cryptocurrency called cargo transport aims to shake up the market and is poised to become a popular alternative to the bitcoin industry as we know it.
The currency is backed by a blockchain, and it is based on a system that is based off the Bitcoin Core codebase, with the aim of making it easier to move goods between countries.
It has been described as a “bitcoin for shipping”.
The project is currently in the pre-alpha phase, and has raised over $15m (£10m) of funding from a number different investors.
Cargo Transport is also backed by Ripple, the world’s first digital asset and payment system, and its creators believe it will one day revolutionise the way that goods are moved between countries, which are often stuck in “stagnant mode” when it comes to trade.
The team behind Cargo Transport say it aims to create a new, frictionless and scalable transportation method, with a simple interface that is easy to use for both users and businesses.
The project has been launched in collaboration with the OpenStreetMap community, which has created a database of over 100 million locations in more than 180 countries, and a website called cargotransport.com, which showcases the Cargo Transport app for free.
“Cargo Transport is a completely new cryptocurrency, based on the Bitcoin protocol, which will enable it to function with a high degree of ease for the general public,” the project’s website reads.
“The app allows people to buy and sell cargo on the blockchain, while avoiding fees.
This allows people who do not want to be bothered with paying a fee for the service to use it.”
Cargo Transport aims to replace Bitcoin by allowing users to move around the world faster and cheaper, without having to spend huge amounts of time or money on bitcoin-specific services.
Instead, users will be able to trade goods from a central warehouse, and the cryptocurrency will then move them on to a third party for a fee.
Cargo transport has raised around $15.8m in total to date, according to its website, and is looking to add another $15 million in the next two weeks.
In the past, Cargo Transport has received some criticism for being a “fiat” currency, which is not backed by any central entity, and thus not backed up by any currency exchange.
However, the developers of Cargo Transport are confident that the cryptocurrency is an attractive option to those looking to buy goods in the future.
“With Cargo Transport, you don’t need to buy any bitcoin, you just use the platform to move the goods between warehouses,” the company said.
“This is similar to the way Bitcoin works, and Cargo Transport will allow people to trade the goods without having a central authority holding them.”
Cargo transport is the latest cryptocurrency to receive a boost from the open-source community.
In January, the Bitfury Blockchain, a bitcoin-based blockchain, launched its own cryptocurrency, XBT, which aims to be a replacement for the bitcoin blockchain.
The Bitcoin Foundation has also launched the Bitshares blockchain, a project aimed at providing a bitcoin alternative to traditional financial institutions, which uses the blockchain to track transactions.