Over the last few months, team ShareRing has been hard at work to deliver its much-awaited product, the ShareRing Shop. After a 2-week pilot run, the team is ready to launch the ShareRing Shop for 51,000 households in South-East Melbourne on June 8.
But apart from this, there has been something else going on in the ShareRing ecosystem as well. To update the community about this and to answer their questions, Altcoin Buzz hosted an AMA with ShareRing CEO, Tim Bos.
A big launch
In the AMA hosted by Layah Heilpern, Tim shared that coming Monday, June 8 was going to be a big day for the team. That’s because, with the official launch of its Shop, the native token SHR will also start to being used in the app starting this Monday. Currently, the community can buy SHR in exchanges like Bitmart and Binance Dex. However, SHR will be available on more exchanges soon.
Additionally, the ShareLedger blockchain is about to receive some major updates in the upcoming week. As ShareLedger v.1.1 is ready for production, almost 40-50 percent of the overall code will change. Essentially, the updates improve ShareLedger by fixing some existing issues. Moreover, this will ensure the product meets the promises of the ShareRing whitepaper.
Staking is the next big thing
According to Tim, the ShareLedger staking technology is now ready and is the next big thing in the roadmap. Most of the masternode holders have completed their staking process. And the team is working with the remaining few to get their network updated and running by this Monday.
The next phase was going to be pooling, Tim pointed out during the AMA. In this process, other people can pool their holdings in a masternode of their choice using the app. Pooling via an app gives ShareRing staking model a fair advantage over its competitors. This is a really advanced functionality. Moreover, there is a two week unbound time to withdraw the pooled amount plus the earnings from the masternodes.
Speaking from a technical perspective, Tim answered a few questions regarding the implementation of Tendermint/Cosmos in ShareLedger. As per Tim, the team ran into some issues like edge cases and had to rewrite a few staking modules. Apart from that, the team discovered a few security soft spots while using Tendermint and fixed the same. Especially, the ones where the system creates new assets.
SHR token – ERC-20 or BEP-2
Answering a community question about the SHR ERC-20 and BEP-2 swap, Tim revealed that the ShareRing ecosystem would continue using both ERC-20 and BEP-2 tokens. This is because many exchanges support ERC-20. Moreover, this will ease the SHR buying and selling in the future.
ShareRing’s first product was a travel app for sharing economy. However, due to the breakout of COVID-19, the release had to be stalled. As per Tim, the travel app is ready for launch and the team is working to enhance the same with additional functionalities. The travel app launch is completely dependent on ShareRing’s travel partners like TripAdvisor. As soon as these platforms start booking, the ShareRing travel app launch will follow.
As the travel dynamics continue to change due to COVID-19, ShareRing is in discussion with many companies and governments for their identity management product. In light of the popularity of COVID passports, ShareRing has plans to integrate such passports in the ShareRing travel app. The team has also received some requirements from a Thai company and is working on it aggressively to support the travel industry.
Adding insurance products
Although it is in the early stage of development, Tim confirmed that the team was building solutions for insurance companies too. The primary focus of this product would be to support storing insurance policies on blockchain and handling claim processing using blockchain.
In the present COVID-19 scenario, this would prove to be a great product for people as they can buy insurance without going to an insurance shop. With the ShareRing ID in place, users will be able to quickly establish their identity and buy an insurance product using ShareRing’s app.
How is ShareRing handling competition?
ShareRing is competing against giants like Google and Amazon in shopping and delivery space. To cut through the competition, ShareRing has taken a unique approach to the use of its technology. So, instead of asking a user or enterprise to use ShareRing products, they are developing SDKs (software development kits) so that the users can easily integrate these into their existing infrastructure.
Spanning the globe
After setting up the ShareRing Shop infrastructure in Australia, the team is ready to penetrate the Thai and London markets. According to Tim, Thailand ShareShop is scheduled to launch in July and the London launch will follow. For Thailand and London, ShareRing will launch the Shop through partnerships. In these territories, ShareRing will only be the technology partner. The operations, logistics, and retail partners in Thailand and London will run the entire setup.
What the rest of the year has in store
The first two quarters of 2020 have been really busy for ShareRing. According to Tim, Q3 and Q4 will primarily be the roll-out months as the technology is ready. However, he emphasized that they needed to stage the roll-outs so that they did not get overwhelmed with orders and users.
For the remaining 6 months of the year, ShareRing will focus on the expansion program of the ShareRing ID. From a broader perspective ShareRing API, blockchain and the platform are ready for adoption and this is the right time to show what they have built.
Earlier, we reviewed the entire ShareRing ecosystem and discussed at length what impact it could have on the sharing economy