Simply Explained: ShareToken (SHR)
ShareToken (SHR) is a token used to make payments on the ShareRing platform, which claims to be “the key to the gateway between you and the future digital landscape.”
SHR was first launched as an ERC-20 token (used for creating and issuing smart contracts on the Ethereum blockchain) but migrated to Binance Chain and the BEP2 standard in 2019.
Let’s dive in.
What is ShareRing?
ShareRing is a “digital identity blockchain ecosystem, with features that enable you to create and utilise your digital ID in the real world.”The founders claim the current service-sharing economy is fragmented and overwhelming for users.
ShareToken and ShareRing aim to offer a single decentralised marketplace and digital currency to access and pay for services. It outlines use cases including transport rental, peer-to-peer lending, social dining, travel tours, co-housing, freelancing, and more.
“ShareRing’s vision is to be at the forefront of innovation for digital identities and frictionless access. Our mission is to build a global blockchain ecosystem that embraces trust, privacy, and diversity for people of all backgrounds and communities.”
The ecosystem includes:
- ShareRing ID: a “digital twin representation of your physical identity, verifiable and unique to you.”
- ShareRing app: offers access to the platform's digital ID features on iOS and Android. Users can create their digital identity and securely share personal information.
- ShareRing Vault: a digital storage solution for personal identification information (ID documents, membership credentials, etc.) that is only accessible on your personal device. There’s no cloud storage or centralised database.
- ShareLedger: a Proof of Stake blockchain that allows developers to build social networking applications.
What stage of development is ShareRing in?
ShareRing’s Beta program is now live.What is SHR?
ShareToken, or SHR, is used to pay transaction fees on ShareRing. It can also be staked to earn rewards.Tokenomics
SHR had an initial circulating supply of 3B. It was distributed as follows:- Airdrop: 1%
- Advisors: 10%
- Bounty program: 5%
- ShareRing: 24%
- Token Sale Contributors: 60%
Disclaimer: This is not investment nor investment advice. Only you are responsible for any capital-related decisions you make, and only you are accountable for the results.
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