Melbourne startup aims to be the “Amazon of the sharing economy”

Posted: 15 March 2018 4:49 pm
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ShareRing wants to be the list of everything shareable, powered with a native cryptocurrency and blockchain.

Melbourne-based cryptocurrency startup ShareRing aims to be the Amazon of the sharing economy. For consumers, this refers to a directory of services all over the world.

"My vision is that you'll be able to rent a lawnmower in Melbourne one week on our platform, and a bike in Beijing the next, and you won't pay any forex fees, and both those providers will have instant verification of who you are," said co-founder Tim Bos to the Australian Financial Review. "We want it to be like shopping on Amazon, where half the time it's not Amazon actually selling you the product but you're unaware of it."

It's already raised $3.8 million in pre-sales and is aiming for tens of millions more in a public offering, to be capped at $62 million.

For service providers on the system, it aims to be a good place to rent your services or goods, securely pick up the resulting payments and use smart contracts to operate some of the more finicky moving parts such as insurance and deposits in escrow. To hold it all together, ShareRing aims to provide blockchain-based identity verification, asset-tracking and payments services.

ShareRing's founders might already have some experience in the area. According to the AFR, they're also behind Keaz, a telematics platform for car-sharing companies. A number of early partnerships have been inked, including one with BYD Auto, China's largest maker of electric vehicles, and others which are still unnamed due to non-disclosure agreements, Bos says.

Bos sees the sharing economy, and the ShareRing economy as the way of the future, saying that progressive manufacturers are orienting themselves towards a multi-user rental market rather than a buyer economy, and car makers, for example, pivoting towards a future as "mobility companies".

Almost all prominent car makers, soon to be known as mobility companies, are already pairing off with blockchain providers or looking at developing in-house capabilities.

In this case, ShareRing might be the blockchain side of the partnership with BYD being the car maker. However, ShareRing might have many other applications far beyond automotive mobility services.

Disclosure: At the time of writing the author holds ETH, IOTA, ICX, VEN, XLM, SALT, BTC, NANO

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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