Popular decentralized sharing and rental ecosystem ShareRing has disclosed details of a proposed revamp of its smart contract.
ShareRing (SHR) has plans to improve its services in the near future. However, its current protocol is incapable of supporting these upgrades, hence the need for a revamp. The sharing ecosystem, in an official blog post, disclosed that the upgrade will enable the easy running of its platform in the near future.
This upgrade stands as a major achievement for the sharing ecosystem. ShareRing (SHR) furthermore disclosed that its Smart Contract upgrade will create more use cases for its native token, ShareToken, on Ethereum. Subsequently, providing the platform with much-needed awareness and better support for the sharing platform.
Importance of the Upgrade
The upgrade will bring about several positive changes on the platform. Some of them include:
- Incorporation of decentralized finance (DeFi) support.
- Better support on ShareRing’s recently launched swap feature.
- Improved customer support within the platform’s mobile app.
- Availability of more exchange options, including decentralized exchanges (DEXs) like Uniswap.
- Users will also enjoy more staking options.
- Interestingly, more people are turning to SHR Thor swaps on the recently launched Binance DEX.
The upgrade is expected to take place on Tuesday, November 10, 2020, at exactly 5:00 am (UTC).
ShareRing furthermore confirmed this date on Twitter.
📣 ShareRing Smart Contract Upgrade, Tuesday 10th Nov 2020!
The upgrade to ShareRing’s smart contract marks a significant milestone in ShareRing’s journey and will greatly expand the capabilities of ShareToken on the Ethereum network.
— ShareRing (@ShareRingGlobal) November 8, 2020
To prevent loss of funds during the migration, users are not required to transfer their funds to the new smart contract. It is, however, important to note that, during the contract migration, all pre-existing contract addresses will be locked.
User’s ShareToken (SHR) can be found in Etherscan after their first transfer. Users can also transfer tokens to any ERC-20 address. It is important to note that no transfer should be made to the recently updated smart contract.
Find ShareRing’s (SHR) new contract address here.
Several modifications were made to ShareRing’s code to facilitate the smooth upgrade of the smart contract. However, no changes were made to the platform’s structure of inheritance.
Previous ShareRing updates
The ShareRing (SHR) ecosystem has been in the news for all the right reasons. The platform is a decentralized ecosystem with plans to create a distinct sharing ecosystem. With this in mind, it has created several products directed at facilitating a smoothly operating sharing and rental ecosystem.
Some of ShareRing’s products include ShareRing ID, ShareRing Ledger, ShareRing Shop, Tokenomics, insurance, a travel app, its COVID passport, etc.
The sharing platform has also entered into several strategic partnerships with top industry players. ShareRing has partnered with Samsung Knox, Fireblocks, Alphabit, Plair, LBank, GDA Capital, etc. Interestingly, it also recently partnered with Viator to provide users with a top-notch traveling experience.
At the time of publication, ShareToken (SHR) was up by 11.5%. The token was trading at $0.02338075 with a market cap of $56,917,347 and a 24-hour trading volume of $5,407,005.
Find out more about this fast-rising sharing ecosystem on the Altcoin Buzz YouTube channel.