ICO Analysis: ShareRing

ShareRing is offering a token-based platform for the exchange of assets without the need to exchange money.

A key selling point of the platform is its global approach to the sharing economy. A user would be able to pay for a ride to the airport in New York, pay for an apartment rental in London, while also paying for a babysitter back home all with one token – the ShareRing token.

The first thought that comes to mind is “why not just pay them in fiat?” But then as someone that’s traveled fairly extensively, I remembered my grudge for every exchange booth everywhere in the world. I can’t even count the hundreds of thousands of dollars that have been eaten away by expensive exchange fees or international transaction fees.

ShareRing offers a single app that gives the user access to any available asset they want to rent, borrow, or share, and pay and receive compensation for all within one central location.

ShareRing aims to merge all the existing sharing platforms like Uber and AirBnB into a single platform

A few value propositions and use cases include:

  1. B2C: simple and easy way to share everything from tools and office space to cars and meals. There’s also no need to keep sharing your personal information with a bunch of different companies. This also allows providers to earn SharePay by renting out their property (car, home, clothes, etc).
  2. B2B: There could be potential synergies between existing sharing platforms. For example, Uber and AirBnB could combine their client bases and offer bundled services.

The ShareRing platform will use two tokens:

  1. SharePay (SHRP) – base currency to allow users to pay for the use of assets.
  2. ShareToken (SHR) – utility token to drive sharing transactions to be written to the ShareRing ledger managed by the platform.

Roadmap:

The timeline on the site indicates that March – May will be generally reserved for selling and issuing tokens.

The team plans to release the MVP in August 2018.

 

Token

ShareRing plans to issue 4 billion tokens with a USD hard cap of $48,000,000.

The tokens will be issued in a variety of tiers:

  • Pre-TSE – 1 SHR = $0.01 ($25,000,000 @ 50% discount)  2,500,000,000 SHR tokens
  • Main TSE – 1 SHR = $0.02 ($20,000,000 @ no discount) – 1,000,000,000 SHR tokens

ShareRing plans to release 60% of its tokens to token sale contributors. About a fourth of the tokens (24%) will go to the ShareRing platform and team, 10% will go to advisors, 5% to the bounty program, and 1% will be airdropped.

Of the 24% of the total tokens that go to the ShareRing treasury , 30% will go to main-net development, 10% will go to external reviews and technology validation and audits, 30% towards incubators and bonuses for 3rd party integrators into the platform, 20% for global marketing and promotions, 10% for contingency fund.

All of the funds that are held in cryptocurrencies by the ShareRing treasury will be auditable by the public, as the public address of the cryptocurrency wallets will be published on the ShareRing website. An explanation of any major expenditure will also be listed publicly on the ShareRing website.

Team

The CEO is Tim Bos, the founder of Keaz, a platform for sharing cars. He has experience as a blockchain engineer.

The COO is Rohan LePage, who is considered an expert in the blockchain space.

The whitepaper boasts the talented tech team of blockchain engineers. Most recently, the team won 1st place at the December 2018 Blockchain Hackathon in Vietnam. ShareRing plans to expand its team to 15 full-time developers over the next few months.

Verdict

A solid business model and promising team make ShareRing a compelling project for ICO hunters. Below is a rundown of the risks and rewards facing the project.

Risks

  • While I do appreciate the B2C benefits, I can’t really see the Ubers and AirBnB’s of the world looking to take a risk by integrating into a platform like ShareRing. They would essentially be relinquishing control of their own userbase into a platform that could technically turn into an intermediary killer. -2
  • Lack of immediate partnerships: Partnerships are very necessary for the success of this app. By the looks of it, they only have Keaz (the CEO’s company) as  something to potentially line up. -3
  • Uphill marketing battle, small marketing team: This is going to be a huge marketing ordeal, as is with any app trying to connect a gigantic pool of service providers and clients. -2
  • The pre-sale comes with a heft 50% discount, and the main sale comes with none. This is done with the goal of strategically bringing on the right investors (partnering platforms) in the pre-sale in order to add more value for everybody. The min contribution for pre-sale is set at $150,000 to protect against token dumping with a lock-up period of 3 months.
  • But still, if I were an investor in the main sale I’m not a fan of seeing the bulk of the tokens going to another party for 50% off.

Growth Opportunity

  • The massive size of the sharing economy: It’s estimated that 66.3 million people will use the sharing economy this year (2018). There are maybe a dozen optimistic sectors for blockchain startups to tackle, and the sharing economy is one of them. +2
  • The potential growth of the sharing economy: ShareRing presents an interesting value proposition. The Millennial generation has become the biggest driver of both the sharing economy and cryptocurrency industry. It’s very rare for a project to nail down a specific niche user as accurately as ShareRing potentially can. +3
  • Problems with the sharing economy: While the sharing economy has expanded significantly, it is not without its growing pains. Providers are left segmented within small local markets, the multitude of different sharing platforms can get confusing, some of the sharing platforms might not even be active or legally permitted to operate in the city you are traveling to, and the intermediary sharing platform fees are pretty high. +3
  • Partnership potential: This is kind of a long-shot, but let’s put our binoculars on. The primary partners that ShareRing would love to have on the platform are big names like AirBnB and Uber. While as it stands (from the whitepaper at least), there isn’t a significant value prop for these unicorns to hop on board. However, if, and this is a big IF, ShareRing is able to get the partnership and endorsement of something like Uber and AirBnB, it will instantly be throttled into not only the upper-tier of cryptocurrency projects, but will have been one of the first to broach the mainstream startup world. +2
  • 30% of the total 24% of tokens going towards setting up “incubators” for entrepreneurs to build into the ShareRing platform. I love this approach to get more people building with blockchain, and it’s a smart way to get more entrepreneurs familiar with ShareRing. +4

Disposition

We arrive at a +7 for ShareRing. It’s only a matter of time the blockchain startup world comes up with something that can compete in the massive sharing economy sector. Hopefully for ShareRing investors, this will be one of the frontrunners.

Investment Details

The ShareRing main sale will happen in April. To find out more, check out the ShareRing site and whitepaper.

  • Type: Utility
  • Symbol: SHR
  • Platform: Ethereum
    Public Crowdraise: April
  • Hard Cap: $48 million
  • Price: 1 EEE = 0.0002 ETH
  • Total Token Supply: 4 billion
  • Tokens Available for Sale During ICO: 1 billion
  • Jurisdictions Barred from Participating: None specified.

Featured image courtesy of Shutterstock.

Author:
Alex Moskov is a writer and entrepreneur with a passion for building and creating awesome things. Alex has experience in music tech startups, digital marketing, and cryptocurrency investing.