A lot of cryptocurrency and blockchain projects sound rather appealing on paper. Whether or not they will come to fruition and succeed is a different matter altogether. ShareRing aims to become the world’s first trusted token for sharing services. It’s an interesting idea, but how does it work?
The Concept of ShareRing
It is not the first time a project has attempted to develop a currency usable by anyone for everything. Achieving that goal is very difficult, even though things are progressing nicely. ShareRing focuses on the sharing economy and merging it with the concept of cryptocurrencies and tokens. This system lets users share things with others, without worrying about currency exchange fees.
How Does it Work?
ShareRing will mainly revolve around its native token, similar to how traditional cryptocurrency projects work. Users will be able to pay anyone, anywhere, and at any time by having transactions confirmed on the spot. With no exchange fees to take into account, ShareRing certainly has a lot of potential.
By using a distributed recording system based on blockchain technology, ShareRing aims to ensure secure transactions. The system also has trust built in at the base level. Surprisingly, the native ShareRing currency will not be the only supported payment method.
There’s also a native mobile application, which lets anyone use and share the sharing services that are available in their area. This allows partners to create their own ‘mini applications’ to offer specific functionalities. The use of geolocation services should make ShareRing more accessible to anyone, regardless of their existing technical knowledge.
The Native Currency
As one would expect, the native currency of ShareRing will have to convince people of its value. That can only happen if enough locations embrace this business and the associated token. So far, partners listed on ShareRing’s website include DJI, Keaz, Mobi, and a few others. Whether or not these will be direct partnerships or gateways to provide these companies’ products to ShareRings’ users remains to be seen.
What Comes Next?
Building the necessary infrastructure to support the ShareRing concept will not be easy. The team is currently focused mainly on the upcoming initial coin offering, during which the tokens will be sold. On the technical front, the MVP client for ShareRing will not come around until August or potentially later.