The issued tokens are designed fully act as a smart contracts programmed in solidity and available as open source for everyone this is a great deed with the trade and the traders will also be highly benefited.
It's token built on ethereum's blockchain and its brand name contains the word coin ( cargocoin ) which doesn't match at all, it should have named cacgotoken .
Agree with you, I saw some projects that their token was also built in ethereum's blockchain, but they call it also ...-coin
But the main problem is, this is also not an ICO, this is an ITO