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According to eMarketer, 66.3 mln people will most likely leverage the potential of the sharing economy this year. In spite of its notable expansion, the sharing economy does have pain points. Many providers deal with segmentation in small local markets, not to mention that numerous platforms are either confusing or feature really high fees.
Apart from Uber and AirBnb, many notable platforms that operate in the sharing economy are left in the shadow. Even though they do exist, and the services they provide are broad, access is fragmented by providers operating in small local markets. The sign up process differs from one platform to another and accessing “assets” may often seem complex and difficult. There’s also an issue of trust. Consumers don’t have the guarantee that a certain provider sharing a car, house, or any other physical goods, can truly be trusted.
As far as sharing assets is concerned, trust is of the utmost importance when dealing with third parties. SharingRing is a new Blockchain-based platform that aims to disrupt the sharing economy with its ShareLedger Blockchain. By enabling universal access to each and every asset within the ShareRing smart system, trust is established from the ground up.
The ShareRing journey started from the making of Keaz
At the core of ShareRing lies the team behind Keaz, international leader in car sharing solutions operating in countries like New Zealand, Australia, Hong Kong, the United States, and Vietnam. The technology ShareRing uses is KeazACCESS, which was released in 2015 and is currently providing daily access to 8,000+ people sharing their vehicle assets on a global scale.
KeazAccess is a cloud-powered ecosystem encompassing three global markets: sharing economy, IoT, and vehicle & passenger mobility integration. Its end goal is to enable organizations, enterprises, individuals, and communities to share and access assets digitally. Although Keaz has proven its potential, its makers are taking things to the next level with ShareRing.
The ShareLedger Blockchain & dual coin system
By leveraging the ShareLedger Blockchain, the development team at ShareRing will use the registered intellectual property and experience from its existing KeazACCESS framework. It will relocate the most relevant components onto a new blockchain with a dual coin system to ensure reliable, secure and transparent payments on the platform.
SharePay (SHRP) is the ShareRing utility token, in other words the base currency meant for paying for asset use from third parties. The second is a digital utility token, ShareToken (SHR), which permits all transactions to be written on the decentralized ledger of the platform.
With the introduction of the smart contract system, ShareRing’s trustless payment structure paves the way to a safer sharing economy, removing the need to sign up for multiple accounts. The dual coin system is meant keep token price fluctuations under control, as well as prevent users from going through an exchange to buy tokens for use on the platform.
The journey to become the Amazon of the sharing economy
The sharing economy is in dire need of a central marketplace that can bring different sharing platforms in a single place. By leveraging Blockchain technology to streamline the process, ShareRing could potentially enable people to secure accommodation from AirBnb, get an Uber car from the airport, shop on eBay, and even order food from Foodpanda, all from a single app.
The popularity of ShareRing skyrocketed in 2017, when the developers behind the project won 1st place at the Blockchain Hackathon in Vietnam. Following the event, more global partners have joined the projects, with notable names being added progressively onto the ShareRing website.
The ShareRing Token Pre-Sale Event is live. 4 bln. tokens have been issued, with a hard cap of $48 mln. SHR tokens (1 SHR = $0.01) are available on Ethereum and will leverage the ERC20 token standard. A minimum contribution of $150,000 is required to participate in the pre-sale.