- ShareRing was founded by Rohan Le Page, Neville Christie, Barry Brewster, Tim Bos, Peter David, and Jane Sadler-Kidd.
- The ShareRing platform includes a marketplace, ShareLedger Enabler, and SharePay.
- There are two tokens within the ShareRing ecosystem – SHR & SHRP.
Many global companies are a part of the sharing economy today. ShareRing is a project that is likely to play a very important role in the global sharing economy. In this article, we go deep into what ShareRing is and what they hope to accomplish.
In the last decade, a long list of sharing economy-based startups have sprung into action around the world. Many of these companies have become synonymous with the startup scene. Uber, Airbnb, Grab, and Ola, are just a small sample of those who have become global brands today.
What if we tell you that the sharing economy is still rapidly growing? In fact, the sharing economy will reach an astounding figure of $335 billion by 2025.
And that figure becomes even more impressive when you realize the sharing economy was worth only $15 billion in 2014. That is an astounding projected growth rate with over 2200% increase in the market size from 2014 to 2025.
ShareRing‘s Goals and Vision
ShareRing believes that the true potential of the sharing economy hasn’t been realized yet. The current sharing economy is both fragmented and disjointed. It is also suffering from the inherent flaws in the technology framework.
The inherent flaws of the current sharing economy are creating issues for the sharing economy like price discrimination, racial bias, privacy and data ownership, monopoly and middleman costs, and security concerns. It is important to free the sharing economy from the shackles of a long list of issues described above.
ShareRing is committed to its cause of freeing the global sharing economy of all the issues. The ShareRing team is leveraging the power of blockchain technology to bring the true potential of the sharing economy out.
To bring drastic improvements in the global sharing economy, ShareRing is offering many services to users worldwide. There are six co-founders of the innovative ShareRing Project. They are Rohan Le Page, Neville Christie, Barry Brewster, Tim Bos, Peter David, and Jane Sadler-Kidd.
ShareRing Product Offerings
The ShareRing platform offers three main functionalities to its users. These are ShareRing Marketplace, ShareLedger Enabler, and SharePay. The ShareRing platform’s marketplace features include booking engine, KYC identity check, software development kit, reputation management, directory listing, and Shareledger-powered smart contracts.
SmartRing’s SmartLedger Enabler functionality allows users to build on top of the custom-built blockchain of ShareLedger. Along with it, SmartLedger Enabler also offers a software development kit for blockchain-savvy companies.
Their SharePay service offers secure payment options along with fiat pegged currency to the ShareRing platform users. A software development kit is also made available by SharePay.
Main Services – The ShareRing App
Currently, ShareRing offers the following services:
#1. Accommodation – Users can opt from 2.6 million accommodations on the ShareRing platform
#2. Tours and Activities – The ShareRing app offers almost 200,000 events, tours, and activities to its users
#3. Insurance – The ShareRing app offers insurance plans from Thailand’s Dhipaya Insurance
#4. Products – ShareRing’s users can purchase products from Australia Luggage Company and DJI Drones
#5. Car Rental – ShareRing’s customer can book a car rental from Yogo Share, Backseatz, and Keaz
#6. Tech and Research – ShareRing has partnerships with RMIT Melbourne, GTI Holdings, Cosmo, and Monash University
#7. Automotive – ShareRing has partnerships with MOBI Alliance and BYD
#8. Crypto – In the crypto space, ShareRing has partnerships with TRON, Cam Investment, Coinstreet Partner, Nano, and Credits
How ShareRing Works?
The entire ShareRing platform works on the ShareLedger blockchain. It is fully built on the Tendermint Core Framework. The blockchain powering ShareRing uses a more secure version of Proof-of-Stake. It is known as the Leased Proof-of-Stake consensus algorithm. It grants more flexibility and scalability to the ShareLedger blockchain.
The main advantage of the LPoS consensus mechanism is that both masternodes and their stakeholders support it. In return, the stakeholders and node operators are paid 50% of the ShareRing revenue.
The Tokens – ShareRing Ecosystem
Two tokens are supporting the ShareRing ecosystem: SHR & SHRP. SHR can be used to cover network usage fees. It is also used to pay for the fees charged by masternodes.
The network usage fees on the ShareRing network are planned to decrease with the increase in demand for SHR tokens. The service providers within the ShareRing network will also pay forms accessing the ShareLedger in SHR tokens.
On the other hand, SHRP is a Stablecoin. The customers on the ShareRing platform will use SHRP tokens to pay the rental. ShareRing allows its customers to purchase SHRP tokens through credit cards and leading crypto tokens.
The SHRP tokens have been designed to solve the problems regarding volatility associated with the crypto market. It will also facilitate the automatic conversion of the traveler’s currency into the local currency of the merchant. The users can also pay for services in fiat currencies and major cryptocurrencies such as ETH, BTC, NANO, and many more.
Future of ShareRing
Today, more and more people are looking towards self-employment. At the same time, consumers are looking for immediate delivery of services and products. Both of these factors are contributing to the growth of the sharing economy worldwide.
On the other hand, many inherent issues are plaguing the current sharing economy. ShareRing is in a unique position to free the global sharing economy from the shackles of many problems.
The ShareRing team is well-armed with valuable partnerships and blockchain technology to come out at the top of the sharing economy. The path ahead won’t be all rosy. However, shareRing is well-positioned to benefit from the rise of the global sharing economy.