The term “sharing economy” emerged as an innovative buzzword about a decade ago. And now experts predict that the sharing economy will grow to $335 billion by 2025. This is because people have shown a robust appetite for most of the services that such an economy facilitates. Especially in travel, hospitality, dining, insurance, car-rentals, automotive and more.
Today we all are familiar with some kind of sharing economy model. Projects like Uber or Airbnb have not only proven this concept but become household names in the process. We might be using some alternative names like gig economy, access economy, collaborative consumption or platform economy. But undoubtedly, over the last 10 years, knowingly or unknowingly, we have become a part of this model. And this is where the revenues are predicted to grow by 2133% from 2013 to 2025. So, it is no surprise that ShareRing is emerging as someone with a prominent role to play in the sharing economy model.
But, before we learn more about ShareRing, we need to know what are the major roadblocks in this space.
The current shared economic model stands fragmented and disjointed. On top of that, there an inherent flaw in the existing technology framework on which they operate leading to issues like:
- Privacy and data ownership
- Price discrimination
- Racial bias
- Security concerns
- Monopoly and middleman costs
ShareRing promises to address these issues. And level the playing field for everyone by running the shared economy in a truly decentralized blockchain-powered ecosystem.
What is the ShareRing ecosystem?
ShareRing is using the power of distributed ledger technology (DLT). And it will bridge the gap between the stakeholders of the sharing economy. To date, ShareRing has announced the addition of the following services in its ecosystem:
- Accommodation – Brings 2.6 million accommodations to the platform.
- Tours and activities – ShareRing app will house 200,000 activities, events and tours.
- Flights – Announcement awaited
- Insurance – Dhipaya Insurance (semi-government owned the largest non-life insurance company in Thailand)
- Products – DJI Drones and Australia Luggage Company
- Car rental – Keaz, Yogo Share Backseatz
- Tech and research – Monash University, Cosmo, RMIT Melbourne, GTI Holdings
- Automotive – BYD, MOBI Alliance
- Charity – Announcement awaited
- Crypto – Nano, TRON, Credits, Cam Investment, Double Peak, Coinstreet Partner
How does ShareRing support such a busy marketplace?
The ShareLedger blockchain underpins the entire ecosystem built on the Tendermint Core framework. This uses an even more secure Proof-of-Stake version – the Leased Proof-of-Stake consensus algorithm (LPoS). With the LPoS at the core, ShareLedger blockchain becomes inherently more flexible and scalable.
Moreover, the LPoS consensus mechanism enjoys support from masternodes and their stakeholders. The node operators and stakeholders receive 50% of the ecosystem revenue to support the network.
Here is the brief explainer video:
Dual token mechanism
SHR token finds use in payment of the network usage fees, including the masternodes which process the transactions and secure the blockchain. Moreover, network usage fees will decrease over time as the demand increases. When a new asset or new booking is added to the ecosystem, it attracts fees and is payable in SHR. Similarly, the ecosystem’s service providers pay for accessing the ShareLedger with SHR token.
SHRP is a stablecoin and is used by the customers on the platform to pay the rental amounts. The customers can buy SHRP using Credit cards and some popular crypto. The design of SHRP can solve the volatility problems associated with crypto. Besides, it aims to convert all traveler’s currencies to the merchant’s local currency automatically and cheaply. And all this with a cash-out fee of only 1%, which is 1/3 that of Visa’s standard fees of 3%, Also, there are no currency conversion charges.
ShareRing will also allow users to pay for any service using fiat currency in addition to accepting cryptocurrencies like BTC, ETH, VET, NANO, MATIC, BNB, etc.
OneID: One App, One Login
OneID is ShareRing’s solution to secure the user’s private data. With the self-sovereign identity protocol, it decentralizes the customer data. Moreover, it removes any central exploitation point from the ecosystem helping it become immune to hack-attacks.
Power of OneID
- Your ID in your control
- Control where your identification data goes
- Control how it stores your identification data
The protocol ensures your ID leaves no footprints in the ecosystem. Your personal identification information is never stored in the ShareRing ecosystem.
OneID is about to revolutionize the travel industry
With its first product about to launch, OneID will be used as a single credential to book or share cars, express check-in to hotels and even get an eVisa.
Quick Rentals
Customers will be able to rent a car within minutes. With OneID signups, there will be a total assurance for the merchants over customer detail validation on the blockchain.
Express check-ins
OneID bookings will also streamline check-ins by cutting short the lengthy process. Moreover, the hotel will no longer have to spend time validating customer details.
eVisa
The platform is providing the first-ever blockchain-powered eVisa on arrival (EVOA) facility. As the OneID eVisa system pre-populates and pre-verifies the application data, the process will be very short now. They have partnered with an eVisa processing giant.
50% of the collected fees will go to masternodes. And the creators of the platform, ShareRing Limited, will receive the other half to meet operational costs and other capital requirements.
ShareRing’s masternodes and staking
Becoming a masternode provides users with access to the potential increases in value from owning SHR. Every masternode will earn a percentage of the service fee for each transaction it processes. This serves as passive income, allowing a masternode owner to increase its holdings of SHR in addition to the current holdings.
For seed, presale, & main sale investors, a minimum of 2,000,000 SHR is required to host a masternode. For the token holders who did not acquire SHR during the seed, pre-sale, or main sale, the minimum amount would be 4,000,000 SHR tokens.
To lower the masternode entry point for SHR holders, an existing masternode can also act as a pool allowing other SHR token holders to stake their token. They can do so in return for a portion of the transaction fees for the hosting service. This will essentially result in their becoming a part-owner of the masternode. Pooling will soon be available via the ShareRing app — simply search for an existing masternode and pool with them.
As there are no contracts to specify lock-down periods for stakeholders, there is no restriction. Therefore, users can easily participate in consensus. According to the estimates, the staking rewards will range from 6% to 12%.
Tokenomics and token distribution
SHR was originally an ERC-20 token. Now it is available as both an ERC-20 token and BEP2 token. There will also be a new 3-way SHR swap API. This leads to an automatic SHR swap between ERC-20, BEP2, and native ShareLedger. This is an easy and instant feature. It’ll be in the core app that will come out soon.
Total Supply of SHR– 4.39 billion
Circulating Supply of SHR – 1.97 billion
The token will be distributed accordingly to the following details:
- 60% to investors
- 24% to ShareRing
- 5% to a bounty program
- 10% to advisors
- 1% for Air Drops
The allocation of raised funds raised to take place as per the following details:
- 30% – Mainnet development
- 10% – Auditors
- 30% – Incubators and bonuses
- 20% – Marketing and promotions
- 10% – Contingency funds
Current exchange listings
SHR is currently listed at BitMart and Binance DEX.
Major Partnerships
Insurance
Headquartered in Thailand, Dhipaya Insurance is the largest non-life insurance company in Thailand. It has a listing on The Stock Exchange of Thailand and the Thai Government is a partial owner. Its insurance services include fire, marine and cargo, automotive, and miscellaneous insurance.
In the first step of blockchain integration, Dhipaya will offer travel products over the ShareRing app. However, in the second stage, it will provide mandatory insurance for every eVOA application that the ShareLedger blockchain supports.
eVisa on arrival
ShareRing has partnered with Gateway Services, a Thai company with the intention to serve eVisa for 5-10 million travelers from 22 countries. Everyday Gateway Services processes 10,000 eVisa applications. Along with the eVisa, it will also serve mandatory insurance for every eVOA.
Tim Bos, ShareRing CEO, explained why they decided to digitalize the whole eVOA process. Previously, the whole process was paper-based and a traveler had to bring multiple documents like hard copies of their airline tickets, accommodation confirmation, and photos. Because of this “paperocracy”, the process would often take an hour or more to complete.
The digitized application process is, on the other hand, much simpler. However, the problem is it is still vulnerable to fraudulent activities. Moreover, mistakes from the eVOA provider itself can also be a challenge. To address that, ShareRing has partnered with Gateway Services to improve security, speed and the quality of this process.
Tim Bos explained that the process that entails the collaboration. It makes use of Gateway Services ShareRing’s self-sovereign identity technology OneID. This, in turn, makes the optical character recognition (OCR) possible and, at the same time, protects data. It does that by encrypting all the information into a single file on the blockchain.
The ShareRing CEO also added that this kind of combining the blockchain tech and OCR effectively decreased the time needed for eVOA partners. While it earlier took hours to manually verify all the information, now the process can happen within a matter of minutes.
Hotels and accommodation
ShareRing has partnered with HomeAway, the online vacation rental and marketplace which hosts 2.6 million international hotels and accommodations spread out across 190 nations.
Here is the car-sharing demo of ShareRing.
Further developments
Flowbacks
ShareRing supports a “flowback” model that is supported by an API. They are automatic and random each week to maintain constant token velocity as well as protection from insider trading. Currently, each transaction over ShareRing attracts a fee of $0.02 – $0.05, depending on the transaction type (transfer or booking). With flowbacks, there will be fee utilization to buy SHR from the open market (exchanges) to reward the masternode holders and stakeholders. This will also ensure that the SHR token grows in value as the transactions grow in the ecosystem.
Masternode
So, initially, plans are to reinvest 50% of the transaction revenue distributed via ShareRing-owned masternodes back into the ecosystem. This will help promote platform growth. In the future, non-ShareRing owned masternodes will receive 100% of the transaction revenue on the ShareLedger network. This setup ensures ShareRing’s masternode hosting and staking model is highly attractive for investors.
Summary
With the appropriate technology and sharing economy model, ShareRing users will require one log-in to book travel, accommodation, insurance, drones, and many more products. As the ecosystem is secured and each user ID is kept private, the customers will find the ecosystem attractive. Moreover, the competitive pricing offered by the marketplace stakeholders will make it a honeycomb for the sharing economy proponents.
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Wow, that’s really impressive