ShareToken SHR
About
What Is ShareToken (SHR)?
ShareToken is a digital utility token that is used to make payments for sharing services across industries and geographies on the ShareRing platform — which includes the ShareRing application, ShareRing shop and each user’s ShareRing ID.
ShareRing is an open-source blockchain-based platform that makes use of distributed ledger technology and a dual token mechanism.
According to the developers and founders of the ShareRing platform, the current service sharing economy is incredibly fragmented and multi-faceted, which can be overwhelming for consumers. The use of ShareToken on the ShareRing platform overcomes this issue by offering a single decentralized marketplace and digital currency that lets you securely access services around the world and pay for them.
In 2019, the creators of the platform and its corresponding digital currency turned their focus to the travel industry and created TravelRing — the first B2B consumer-first example of what is possible using the ShareRing platform.
Besides being used to pay for transaction fees on the ShareRing network, SHR tokens can also be staked to earn rewards, known as flowbacks.
Who Are the Founders of ShareToken?
ShareRing (and by extension the ShareToken) was co-founded by six individuals: Tim Bos, Rohan Le Page, Peter David, Neville Christie, Jane Sadler-Kidd and Barry Brewster.
Bos, David, Christie, Sadler-Kid and Brewster were already working on developing a car-sharing and rental technology provision solution long before ShareToken and ShareRing came into existence. They were already experimenting with making shared services more accessible. The creation of this white-label car-sharing solution called Keaz meant that the founders had familiarized themselves with what was needed to help consumers take advantage of specialist software for car-pooling, ride-hailing, and vehicle rentals.
Rohan Le Page, on the other hand, has an extensive history in the automotive industry, and served as ShareRing's chief operating officer until June 2020.
The rest of the ShareRing team hails from a wide range of disciplines and includes a mix of developers, engineers, designers, marketing experts and more.
What Makes ShareToken Unique?
ShareRing was one of the first platforms to implement an innovative dual token mechanism—these tokens are ShareToken (SHR) and SharePay (SHRP).
ShareToken is the utility currency that is used in the ShareRing ecosystem. Meanwhile, SharePay is a stablecoin that is used to make payments for sharing services through the ShareRing platform.
SHRP is used as payment for goods and services between the user and the service provider. The use of SharePay effectively minimizes the cryptocurrency-related complexity on the platform, reducing the number of friction points for inexperienced cryptocurrency users.
Meanwhile, ShareToken is used to power the ShareRing ecosystem and decentralized ledger, since service providers need to use SHP tokens to pay their transaction fees.
Both digital currencies work in concert to allow consumers to make the most of the ShareRing platform. The founders of the platform want ShareRing to be the “amazon of the service industry,” that is, a one-stop solution for accommodation, transport and miscellaneous activity services where there is no middleman and therefore no additional costs.
How Many ShareToken (SHR) Coins Are There in Circulation?
As of January 2021, there are 2.12 billion ShareTokens in circulation. This is out of a maximum possible supply of 4.4 billion SHR.
When the ShareToken first launched in late 2019, it had an initial circulating supply of 1.97 billion tokens. According to the ShareRing website, the initial supply of SHR was segmented as follows:
- Cornerstone investors - 31%
- Private Equity Investors/Institutional Investors - 1%
- ICO - 11%
- Core team - 11%
- Airdrop - 1%
- Operations (frozen tokens) - 45%
All team members have agreed to lock up their tokens, and now require approval from the ShareRing board if they wish to sell more than 10% of their SHR.
How Is the ShareToken Network Secured?
The ShareToken was initially launched as an ERC-20 token on the Ethereum blockchain, but migrated to the BEP2 standard in July 2019, with the launch of ShareToken on Binance Chain.
As a BEP2 token, ShareToken is secured by the underlying Binance Chain, which uses a Tendermint BFT and delegated proof-of-stake (dPOS) consensus mechanisms to protect it against a range of attacks.
Where Can You Buy ShareToken (SHR)?
ShareToken is a moderately liquid token that is available to trade on almost a dozen exchange platforms. Centralized exchange options include Bilaxy, KuCoin, Bithumb Global, whereas decentralized exchange (DEX) options include Uniswap (ERC-20 SHR only) and the Binance DEX.
As of January 2021, ProBit Exchange is the only platform with an SHR to fiat trading pair (SHR/KRW). Read more about buying cryptocurrencies with your credit or debit card here.
AI Analysis
What is the ShareToken (SHR) cryptocurrency good for? What are its main use cases?
ShareToken (SHR) is a cryptocurrency that is primarily designed to facilitate the sharing economy, specifically within the context of digital assets and content. It operates on the blockchain, aiming to provide secure and transparent transactions. Here are the main use cases of ShareToken (SHR):
Digital Asset Sharing: SHR enables users to share digital assets such as music, videos, and other forms of content. This supports creators by allowing them to monetize their work directly without relying on traditional intermediaries.
Incentivizing Content Creators: By using SHR, content creators can be rewarded directly for their contributions. This can help foster a more equitable environment where creators receive fair compensation for their work.
Decentralized Marketplace: ShareToken aims to facilitate a decentralized marketplace for services and assets. This can empower users to transact peer-to-peer without the need for a central authority, allowing for lower fees and greater control over their transactions.
Community Building: SHR can be used to incentivize community engagement within platforms that support sharing economy concepts. Users may earn tokens for participation, which can help sustain and grow user communities.
Access and Utility: Holders of SHR may be granted access to exclusive content, services, or features within platforms that utilize the token. This can drive demand and create a cycle of utility that benefits both users and creators.
Integration with Apps and Services: Various applications in the sharing economy can integrate SHR as a means of payment or reward, enhancing the functionality of those platforms and streamlining transactions.
ShareToken represents an innovative approach to addressing some of the challenges of the traditional sharing economy, particularly around value distribution and user empowerment. However, as with any cryptocurrency, the actual adoption and usability will depend on market dynamics and the development of relevant platforms and ecosystems.
What blockchain does ShareToken use? Is it its own blockchain or built on top of another?
ShareToken (SHR) utilizes the Ethereum blockchain. It is an ERC-20 token, which means it is built on top of the Ethereum network, rather than having its own native blockchain.
Is ShareToken programmable? Does it support smart contracts or decentralized applications?
ShareToken (SHR) is a utility token that is designed to facilitate sharing economy applications, particularly in the context of decentralized networks. However, ShareToken itself is not a programmable platform like Ethereum, which is specifically designed for creating and deploying smart contracts and decentralized applications (dApps).
As of my last knowledge update in October 2023, ShareToken operates primarily on the Ethereum blockchain, utilizing its smart contract capabilities. This means that while ShareToken may not support the development of dApps directly, it can interact with smart contracts on the Ethereum network. Therefore, projects or applications that use ShareToken could be built on top of the Ethereum infrastructure using its smart contracts.
If you are looking to create or interact with dApps using ShareToken, you'd typically do so within the broader ecosystem of Ethereum, where you can leverage the smart contract functionality there. Always consider checking the latest updates from official resources or documentation, as developments in the blockchain space can occur rapidly.
How fast are ShareToken transactions? What is the typical confirmation time and throughput (transactions per second)?
ShareToken (SHR) is a blockchain-based token, and like other blockchain networks, its transaction speed is measured in terms of block time and transactions per second (TPS).
The ShareToken network has a block time of approximately 1 minute. This is the time it takes for a new block to be added to the blockchain, which in turn confirms transactions.
The typical confirmation time for ShareToken transactions is around 1-2 minutes, depending on the network congestion and the fee paid for the transaction. As for the throughput, ShareToken can process around 10-20 transactions per second (TPS). However, this may vary depending on the current network conditions.
To compare, other popular blockchain networks like Bitcoin and Ethereum have different block times and TPS. For example, Bitcoin has a block time of around 10 minutes and can process around 7 TPS, while Ethereum has a block time of around 15 seconds and can process around 15-20 TPS.
Keep in mind that these numbers are subject to change as the network evolves and new technologies are implemented to improve scalability and performance.
How much data can I store on the ShareToken blockchain? Does it support on-chain data storage?
As of my last knowledge update in October 2023, the ShareToken blockchain, like many other blockchains, is primarily designed for transaction processing and asset management. While it may have the capability to store certain types of data on-chain, blockchains generally have limitations on the amount of data that can be effectively stored due to factors like:
Block Size and Transaction Size: Each blockchain has a maximum block size and maximum transaction size, which limits how much data can be included in each individual transaction.
Cost of Storage: Storing data on-chain can be expensive due to transaction fees, making it less practical for large volumes of data.
Performance: Storing large amounts of data on-chain can affect the performance and efficiency of the blockchain network.
For platforms designed for on-chain data storage, it's often recommended to use a combination of on-chain and off-chain solutions where only essential data is stored on-chain (like hashes or references) while the actual data is stored off-chain, such as in a decentralized filesystem (e.g., IPFS) or a traditional database.
To get the most accurate and current information regarding the capabilities of the ShareToken blockchain, including data storage limits and the specifics of on-chain versus off-chain storage, it's best to consult the official documentation or contact the ShareToken development team directly.
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