AMA Report: ShareRing – How ShareRing Works and Plans
ShareRing makes sharing and renting services quicker and simpler for everyone by creating an accessible and sustainable global eco-system for the sharing and renting economies.
The team members present on our community’s discussion were Tim Bos (ShareRing’s CEO) and Timothy Kingery (SHR Communications Mgr.).
Here are the essential points of the AMA session:
Please welcome Tim (T), Timothy (TM) and the questions from our Telegram chat members (Q).
About the Platform
Q: DeFi has been a very popular movement in crypto, does ShareRing have any plans to integrate this into its ecosystem?
T: Yes, we’re already working on a few things. We have been testing a DeFi model with liquidity pools for quite some time, and we’re in the process of developing the smart contracts behind it. SHR will be an integral part of it, as well as some other surprises. The DeFi product will be used by ShareRing, as well as other suppliers and partners that use our platform. It’ll be one of the first DeFi projects that have a real-world and highly scalable use case.
Q: In regards to potential adoption of your blockchain what would you say ShareRing’s main use cases are?
T: ShareRing was started for the purpose of developing a platform and ecosystem to support the circular economies, including sharing economy, travel industry and e-commerce. We have introduced our foundation products on our ShareLedger blockchain, which include our identity management system (ShareRing ID), our payment system (ShareRing Pay) and a number of other protocols and products to support it. Our first go-to-market products are ShareRing Travel, ShareRing Shop, Open World COVID Passport, and ShareRing ID as a standalone SDK for many other industries.
Q: What is so special about your plans about travel?
T: Instead of just saying that we’re a blockchain project that does travel and then doing a little more than letting people use crypto to pay for travel, we’re taking a completely different approach. When we started ShareRing, we started from the perspective of the users and looked at what was broken in the fragmented travel industry.
For example: Hotel check-ins are slow, booking flights can be slow and frustrating, trust between customers and experience providers can be a headache, we all hate lining up for 30 minutes at the car rental place to get our car.
These are the problems we are solving with ShareRing. We’re not just providing this as an app for people to book travel. We’re offering it as a platform for other online travel agents, airlines, hotels, experience providers, etc to integrate with and white-label for their own usage.
Q: ShareRing’s value proposition is how it can improve user travel experience through services such as KYC checks, eVisa application, flights and hotel bookings. How does it establish trust between customers and the industry that offers these services in the sharing economy?
TM: We establish and maintain trust with our ShareRing ID module. This allows users of our platform and services to carry out their KYC without the fear of personal data misuse or theft by encrypting their ID documents and proving their accuracy without sending them to third party servers where they may be vulnerable.
Q: Verifying product authenticity could be a herculean task, so how do you ensure that only legitimate products come into ShareRing’s multi-merchant shop? Do you have quality control measures or curators?
T: For the ShareRing shop, we are running the platform, and our partners in each region run the operations, commercial aspects, customers, etc. These partners have curators that will manage the merchant onboarding and product quality. If we did the operations ourselves, there’s no way we would scale quickly. This approach will give us more customers and more transactions on the blockchain.
Q: How did your team deal with the technical challenges of the initial launch of this product? What are some milestones to look forward to that may be the challenges in the future and how do you plan to answer them?
Q: ShareRing utilises a dual-token mechanism, what made you decide to go with this approach?
T: Our main utility token is ShareToken (SHR), this is used for transaction fees, etc on the platform. We also have another token, which is SHRP (SharePay), that is used as our stable-coin/payment token within the network. It’s not tradeable at all, except within the ecosystem. We will have other tokens, with other functions/benefits, that we introduce on ShareLegder too.
Q: ShareRing aims to promote the adoption of blockchain on a global scale so which technology and mechanism are used by ShareRing to achieve your objective.
T: Our blockchain is based on the Tendermint Framework and Cosmos SDK. We chose this as it offers one of the best levels of scalability and flexibility of anything we’ve come across. We also use some traditional development environments for easy integration with our partners.
Q: Is there an ETA on when you want to launch more tokens?
T: No, not yet, it’ll be for some specific projects/partners that we are working with. In all cases, SHR will still be the transaction and governance token on ShareLedger.
Q: Any plans to integrate with airline and hotel chain reward programs such as Emirates Skywards or Royal Orchid Plus? Plans of creating a debit card to use while travelling? Earning points through the app will be great.
T: Plans of creating a debit card to use – no, not at this stage. We’ve considered it, but our approach is to use the app to facilitate payments in the short and medium term. Plans to integrate with reward programs – yes. Interoperability with other reward programs is something we’ll introduce with ShareRing rewards.
Q: Southeast Asia is a very vibrant market and most projects are competing with campaigns here to entice users and grow. Do you plan to develop and expand in Southeast Asia?
T: A lot of our expansion will be via our partners. We can’t expect to compete with Expedia and Booking.com, etc, so we have a great plan that basically leverages either our partners’ existing (huge) networks, or by offering ‘must have’ services to travellers such as eVisa On Arrival, COVID-19 pass, etc and use those as a way to upsell the other travel products.
Q: What is the plan to ensure sufficient liquidity on exchanges to fill market orders, especially as adoption increases and clients begin multiplying year-over-year?
T: There’s a few angles to this. Firstly, we need to make sure we leverage the user-base of those new exchanges to ensure we have additional people trading. Secondly, we also target the exchanges that are operating within the geographies that we want to expand into. Plus the usual market making, etc that’s done to help stimulate the exchange.
Q: Which market are you targeting for 2020? What strategies do you have to attract users and keep them with your platform for the long-term?
TM: We’re initially targeting Southeast Asia, starting with Thailand and followed by Vietnam soon after. We’re also piloting our shop in Australia with plans to expand to the rest of the country. More will follow after this. Many users will be on-boarded into our ecosystem via our partners and other services. Once they register for the ShareRing ID to use any service, they’ll have full access to the rest of our products. So our B2B partners and customers will help enormously with this.