ShareRing have developed a number of protocols on top of the ShareLedger blockchain (which utilises the Tendermint framework), including a self sovereign ID system, token based rewards, blockchain based booking system, blockchain based escrow system, asset management system, etc.
These protocols can be built on by 3rd parties in isolation, or together with the rest of the modules. In addition, ShareRing were one of the first to introduce a dual token mechanism when the project was first announced in 2018.
ShareRing’s eVOA fee and application example
James books a holiday to Thailand; he is presented with an option to automatically apply for an eVOA. James agrees to this and quickly pays using his desired payment method. Then using the details in James’ OneID, ShareRing creates an application; this is recorded on the ShareLedger along with an ID fingerprint of James’ KYC. In total James' eVOA application takes less than 2 minutes to complete and generates 4 transactions (4 SHR) on the ShareLedger.
The first product to launch in the ShareRing ecosystem (launching in Q1 2020) is a platform that's initially focused on the travel industry. Customers will be able to book and pay for over 600K hotels, activities, and flights in over 200 countries using fiat or crypto (including the BNB token!).
Unique blockchain powered features of the ShareRing platform include 'express check-in' with the OneID self-sovereign identity, fiat backed stable coin, local 'cash out' with no FX fee's, lower risk of both credit card and identity fraud, and low transaction fees. These will also be offered as a B2B platform and a set of API's for other online travel agencies (OTA's) to integrate with and take advantageof.
SHR is used to pay for transactions on the network, such as 'new booking', 'add asset', etc. More information can be found in the Leased Proof of Stake paper here.
When a transaction fee is incurred on ShareLedger, it will be distributed to masternode holders who provide a service to the platform. Masternodes will receive a reward from each transaction block processed. Transaction fees are charged to sharing providers in SHR. The distribution of transaction fees will be as follows: 50% will be distributed amongst the active masternode holders who host an active node on the blockchain at that point in time (these holders provide a service to the platform).
The distribution will be based on a calculation of the Total Amount Staked and the total continuous uptime of the node. 50% - will be provided to ShareRing Ltd (view ShareRing owned masternodes) for various purposes that contribute to working capital and platform growth.
No. SHR is a utility token.
Tokens staked for masternode holders are bonded to that node and are therefore locked up (approximately 300,000,000 tokens will be staked by masternode holders).
All board members have agreed to lock up tokens and require BOARD approval before the sale of more than 10% of their SHR can be conducted.
Seed, Presale & ICO - Early 2018.
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