By
Mayowa Adebajo
March 12th, 2024
ShareRing, first blockchain-based system designed for sharing things, aims to become the new Amazon within sharing economy leveraging its own KeazACCESS APIs algorithm.
Big Data, algorithms, and online platforms are the fuel that are accelerating the popularity of the sharing economy. With pioneers like DogVacay, RelayRides, Uber and AirBnb dominating the market, there’s little room left for newcomers. However, savvy new startups are tapping into different markets in the hopes of driving more awareness with their unique business models – “experiences over assets and access over ownership.”
In spite of its potential, the sharing economy lacks consistency. Consumers often jump from one platform to another to secure cars, accommodation, or borrow assets and services. Sign-up processes are complex, and sometimes may be even not understandable for an average consumer. The key to solving the main pain points of the sharing economy could be the decentralized nature of Blockchain technology.
The Story of ShareRing Begins with Keaz
The idea to develop a sharing platform on the Blockchain comes from the team behind global car sharing leader Keaz. Already operating in many countries, ShareRing will leverage the KeazACCESS APIs algorithm to tap into the three most important global markets: IoT, Vehicle & Passenger Mobility, and the Sharing Economy. The end goal is to become a standalone platform where enterprises, organizations, individuals and local communities can share, borrow and exchange everything – from cars and homes, all the way to bikes and clothes.
Although Keaz has already proven its potential, its makers are aiming to take things to the next level with ShareRing. The new Blcokchain-based project is currently developing its own custom Blockchain leveraging the KeazACCESS framework to streamline on-demand asset use and access within the sharing economy. Upon successful completion consumers will be able to book accomodation from AirBnb, get an Uber, and even book a spot on DogVacay for their pets from a single app.
The project’s mission and vision is to become a decentralized Amazon of the sharing economy – a trusted, infinitely flexible sharing ecosystem with seamless access using a single sign-in feature.
The Dual Coin Mechanism & ShareRing App
The ShareLedger Blockchain will be powered by a dual coin system to make sure all transactions between the providers and users of ShareRing are reliable, highly-secure, and transparent. The ShareRing utility token – SharePay – targets consumers searching to rent, borrow, or access services and assets on the platform. Whereas the second token – ShareToken – targets providers looking to market their business on ShareRing, at the same time benefiting from the perks offered by ShareLedger, such as smart contracts.
By introducing the smart contract system, the platform guarantees a trustless, fully-transparent payment structure for sharing assets and services from any place on a global scale. To make things even easier, both consumers and providers will have the ShareRing app at their disposal. Being currently under development, the geolocation integration will permit users to find and access sharing assets and services that are closest to them.
The ShareRing Pre-Sale is live through the month of April. 4 bln tokens will be made available, with an estimated hard cap of $48 mln. 50% of the funds collected will be divided among providers, team members and developers to continue the project’s development and complete the ShareRing app. To participate, a minimum contribution established by ShareRing is required.