Developing the world’s first trusted token for sharing services
Applicant name: ShareRing
Innovation Name: ShareRing
Innovation Type: Program
Mission: Developing the world’s first trusted token for sharing services.
Innovation Description: ShareRing is an on-demand, two-sided marketplace that brings together sharing services across all industries and geographies with avid, share economy users who can securely access, connect and pay for these services anywhere in the world. For companies, ShareRing provides a seamless on-boarding process into the sharing economy and offers a more secure way to rent and share assets, allowing companies to scale, build trust in their brand and gaining exposure to a larger customer database. For users, the ShareRing system gives a seamless, one-stop shop of sharing services while removing currency exchange rates and international transaction fees, regardless of where you are and what you are renting, etc.
ShareToken (SHR) will function as the digital utility token that drives sharing transactions to be written to the ShareRing ledger while SharePay (SHRP) will act as the currency in the ShareLedger blockchain. By going with a two-token strategy, no knowledge of blockchain/crypto is necessary to utilize the ShareRing ecosystem.
Status of Innovation: Concept
Innovation Active Since: 11/16/2018
Applicant Type: Private Company
Headquarter City: Melbourne
Headquarter Country: Australia
Year Founded: 2017
Main Category Choice: Remittances For Social Impact
Why do you think you should win this category?:
ShareRing is an on-demand platform that centralizes the highly fragmented sharing economy by bringing together sharing services across all industries and geographies. Using our decentralized marketplace, users can securely access, connect, and pay for services anywhere in the world. We’re developing an ecosystem that is essentially the Amazon for the sharing economy. As part of the sharing economy, we are reducing our global footprints and offering greater social sustainability.
ShareRing also is planning on introducing our platform and the concept behind it, to further help developing countries. The main idea is for these countries to use the ShareRing platform as a barter system in which they can use it to lend, borrow, sell or buy goods that they need. One feature in specific allows outsiders within the ShareRing platform, to donate the ‘token’ into accounts that are in the negative, thus helping those who are in need by letting them continue getting back on their feet.
Secondary Category Choice: Technology Innovation
Why do you think you should win this category?
ShareRing will enable you to use a single app that gives you access to any available asset you wish to rent, borrow or share anywhere in the world at any time. A custom-designed distributed blockchain (ShareLedger), will be a dual token ledger.The reason why we have chosen token-duality as a model for our system is that of ensuring a stable ongoing service, with the price for the use of such service for an indefinite period of time. ShareLedger will be harvesting one of the most recent developments in blockchain technology, i.e. a dual token mechanism. ShareToken (SHR) will be used as the utility token of the platform, while the second token, SharePay (SHRP), will be used as the currency for sharing services. We are using Leased Proof of Stake protocol, that eliminates security flaws such as the double spend problem. We are also reducing the number of nodes eligible to be added to the next block on the blockchain, reducing transaction times. The platform as a whole is extremely user friendly, not needing prior technological knowledge.
Full Name: Timothy Bos
Full Name: Rohan Le Page
Full Name: Neville Christie
Role: Investment Director