Place/Date: Singapore - June 19th, 2018 at 7:21 am UTC · 4 min read
Contact: Sheena Sim, Source: GSENetwork
GSENetwork, a transparent and secure network designed for decentralized economies, has secured listing on Gate.io and begins trading on 20 June with a total supply of 100 billion tokens. The listing of GSE marks a key partnership with Gate.io to grow the community and achieve the long-term goal of expanding GSENetwork to other economies, creating a fully functional ecosystem.
At initial launch, GSE would be held on the Ethereum ecosystem as ERC20 tokens. Once the mainchain is developed, the tokens will be migrated to utility and governance tokens within the GSENetwork.
This will provide users with the freedom to engage and establish the future of the network. GSENetwork will eventually be expanded to other economies enabled by highly customizable smart contracts that can be tailored to suit specific business needs.
GSENetwork was created to bridge trust gaps between the real world and the digital world by building a decentralized trust network from the ground up. By attesting the authentic interaction of humans and physical assets, GSENetwork sets out to quantify each user’s digital footprint and behaviour into a Trust Score, one which the user is empowered to influence.
The GSENetwork integrates IoT technology, robust smart contracts, blockchain-enabled incentivization to qualify and quantify trust of each individual. The use of IoT technology enables a high-performance system that records peer-to-peer interaction with real physical assets onto the blockchain.
According to a report by PWC, the sharing economy is estimated to grow to $335 billion by 2025. The sharing economy has been growing rapidly due to digitalization, which has led to key issues such as the lack of trust.
This gave rise to intermediaries that serve to facilitate different platforms in the sharing economy by verifying users’ identity using their social media profiles. Hence, trust has become a valued commodity that facilitates transactions in the sharing economy.
GSENetwork’s core principle mimics the real world, where trust is incredibly hard to earn and maintain, but could be easily lost due to less than ideal behaviour.
In the initial phase, users will be incentivized when they transact with physical assets in the sharing economy and share their digital information with GSENetwork. This form of incentivization is defined as “Green-Mining” – a revolutionary token distribution mechanism that allows users to earn GSE tokens by utilizing assets in the shared economy.
As part of a pilot programme, a strategic partnership was established with ofo, the world’s first and largest bike-sharing platform, in Singapore in end March this year to implement token distribution using the ‘Green-Mining’ mechanism.
The partnership kickstarted with the “Ride & Earn” programme to incentivize ofo users with GSE tokens whenever they complete rides on their ofo mobile app.
Since its launch, over 12.3 million GSE tokens have been issued to over 400,000 ofo users who have collectively biked a total distance of more than 3.8 million kilometres.
GSENetwork is operated by highly-customizable smart contracts and sustained by two-asset tokenomics – GSE and Gsero. GSE is the incentive for green-mining efforts, community participation and is necessary to engage with the GSENetwork which enables the network partners to onboard and build their customized trust network.
Holders of GSE tokens will be compensated with interest paid in Gsero, a stable token that enables the user to bridge transactions between the digital world and real world such as payments for bike-sharing or ridesharing.
Gsero can also be acquired by selling GSE through Gate.io or by mortgaging GSE to a Smart Stabilization Center (SSC). The SSC is a decentralized programmed virtual pattern with automatic adjustments of policy instruments derived from pre-determined rules that regulates the activity of the two-asset token.