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The sharing economy has revolutionized the way in which we buy goods and services. With the continued growth and adoption of home- and ride-sharing platforms like AirBnB and Uber, studies predict that the sharing economy has the potential to grow up to $335bn by 2025.
However, one of the factors currently hampering the expansion of the sharing economy is fragmentation. The market is dominated by a select few major players across a narrow range of verticals. The local or micro sharing economy has not yet been fully exploited, as there has been no “one stop shop” to give consumers access to a range of shared services at the local and global level.
That is, until now. ShareRing, a new blockchain-based startup, is launching the world’s first token for purchasing sharing services. Their vision? To become “the Amazon of the sharing economy”.
ShareRing is an Australian company, started by Tim Bos and Peter David, founders of the car-sharing company Keaz. Some years back, Bos and David conceived of the idea of a single marketplace to manage a wide range of sharing services.
At that point in time, the technological limitations to develop such an application proved too great to overcome. Instead, they focused their efforts into the car sharing market (i.e. built and developed Keaz), with considerable success.
Since that time, blockchain technology has made significant strides in its fundamental development. Thanks to these technological advancements, Bos and David have finally been equipped with the necessary tools to bring their initial concept to fruition in the form of ShareRing.
The company strives to facilitate a wide range of potential use cases across a multitude of sharing services. In addition to the already well-established transport and home rental markets, ShareRing’s platform could be used in applications as diverse as peer-to-peer lending, travel and tourism, food banks and freelancing of time and labor.
Dual coin in action
ShareRing will operate through a dual-coin system. ShareToken (SHR) will be the utility token of the company’s own blockchain implementation, dubbed the ShareLedger blockchain. ShareToken will be the incentive that drives the proof-of-stake consensus, and act as the tradable token on cryptocurrency exchanges. For all intents and purposes, ShareToken will be a “typical” cryptocurrency, with a fixed supply in circulation and its value linked to demand.
SharePay (SHRP) will be the second currency in the ShareRing ecosystem. SharePay will be used for everyday transactions on the ShareRing platform. SharePay will have unlimited availability, with its value directly linked to fiat, and will be easily purchased via the ShareRing app using a credit card.
Cross-border transactions will be seamlessly carried out with SharePay, enabling users to avoid foreign exchange fees levied by banks and credit card providers. Sellers receiving payment for their services in SharePay can use their payment to buy other shared services on the ShareRing network, or can convert it to either ShareToken or fiat, as regular income.
ShareRing’s dual coin strategy serves multiple purposes. Firstly, it allows SharePay to remain agnostic to the price volatilities of cryptocurrency, meaning that everyday users won’t have to worry about the value of their tokens depreciating overnight. It also lowers the barriers of entry to the ShareRing ecosystem. Users who want to buy sharing services won’t have to invest the time and effort required to set up accounts on cryptocurrency exchanges, as they can exchange their fiat directly for SharePay. This also makes ShareRing substantially more accessible to mainstream audiences than many other blockchain-based services.
The ShareLedger blockchain
ShareRing’s platform will be built upon the company’s proprietary ShareLedger blockchain. Each user – whether a buyer or a seller of sharing services – will have a ShareLedger wallet. These wallets will hold the users’ token balances in both ShareToken and SharePay.
Users who are providing sharing services will have their assets, along with any attributes associated with those assets, registered on the ShareLedger blockchain and visible in their wallets. For example, if someone is renting out their car, then the car itself is the asset. Attributes may include things like the car’s model, make, age or size.
The ShareLedger blockchain will allow for the implementation of customizable smart contracts. These smart contracts can be tailored to specific assets or accounts, and will autonomously govern the exchange of goods, services and currency within the ShareRing network. The use of smart contracts serves to create a layer of trust between users in the ShareRing ecosystem.
In addition to the ShareLedger blockchain, ShareRing is developing a smartphone app that will act as the universal front-end for access to all sharing services available on the network. The app will be equipped with geolocation capabilities, enabling users to quickly view which sharing services are available in their specific location. ShareRing also aims to allow sellers to develop their own “mini apps” within the application.
Timeline for launch
The ShareRing token presale is currently open until May 6th, 2018. The platform and app are scheduled for a pilot in October 2018, with the full system going into production by November 2018. Find out more by visiting the ShareRing website, or check out the recent AMA with ShareRing CEO Tim Bos.