ShareRing led its biggest event and livestream of the year, #SHRBUIDL, on October 21, 2022. This event was hosted by CEO Tim Bos, who led viewers through a tour of ShareRing’s newest office in Vietnam, discussed the ShareRing Narrative direction (including what happened to ShareRing Accommodation), revealed the company’s MVPs (minimum viable products) and pre-alpha developments followed by other important announcements.
ShareRing’s newest office is located in Ho Chi Minh, Vietnam, where crypto and blockchain technology have been rapidly accepted and adopted. The office contains the main working area where members of the ShareRing team are organized by scrum or function (front end, UX/UI, BA, QA, and so on), plus a hot desking area, a kitchen with dining tables, an open meeting room that also functions as a video game space after hours, and two private conference rooms.
Over the last 4 years, ShareRing has completed a number of developments such as ShareLedger (ShareRing’s native blockchain), eKYC, NFT Events, Access: Events, NFT Space, client dashboards, activities, Covid vaccines and QR technology, travel and accommodation. However, not all of these functions have been widely adopted and these products have not always supported the same mission or goal, resulting in confusion in the ShareRing community.
To deter any further uncertainty on the company’s primary mission and goal, Tim states that, “[at] our core, ShareRing is a blockchain-based platform enabling the creation and use of self-sovereign verifiable credentials that can be used … acrossWeb2 and Web3. This helps to reduce friction when purchasing or accessing goods and services whilst maintaining the highest form of trust and security between you and the company you are dealing with.” This is the core of the company’s narrative.
ShareRing’s goal, as a company, is to start aligning with the ShareRing community, stakeholders, and current and future partners, in maximizing transactions on ShareLedger. To accomplish this, the functions within ShareRing will be divided into two distinct areas: ShareLedger and B2B Partnerships.
To maximize transactions on ShareLedger, the company is building and adding MVPs (minimum viable products) to demonstrate the capability of ShareLedger and what ShareRing is able to do with verifiable credentials. ShareRing is planning to host a hackathon (coming up in 2023!) to bring in grassroot developers to work with our team in order to develop products and build smart contracts with ShareRing’s latest integration with CosmWasm, a smart contract building platform. Other methods of maximizing transactions on ShareLedger include cross-chain communication with the Cosmos community, leveraging technology developed on ShareLedger with IBC, project incubation, VC partnerships and pitch-fests.
In its B2B Partnerships arm, ShareRing aims to partner with industry leaders in Financial Services (think crypto exchanges, credit unions, banks) and in Events as well in order to provide event ticketing. Both areas of partnerships will utilize verifiable credentials, soulbound tokens, and smart contracts in order to enable frictionless access to goods and services. Additional methods of maximizing transactions on ShareLedger include: staking, swapping, governance, transactions, MVPs, and hackathons.
ShareRing is also looking to evolve its transaction fees model into a dual-fee system so as to incentivize developers to build on ShareLedger (refer to diagram in the image above, right side). Developers usually receive financial incentives only if they create their own utility token, but ShareRing looks to give them more rewards directly through the utilization of their smart contracts.
Of the total gas fees, 50% would be distributed to Masternode Holders, 12.5% shared between Master Builders, 12.5% direct to smart contract ‘owner’ address (the developers) and 25% for the ShareRing Development Fund (which would then fund prizes for future hackathons, building innovations, and so on).
Many voices in the ShareRing community have asked for an update on ShareRing Accommodation. This feature, although complete and usable, has been indefinitely shelved because of the following reasons:
Check out the livestream for Tim’s demo of the now-shelved feature.
MVPs/Pre-alpha Stage Developments
Three new MVPs and pre-alpha stage developments were shown in the #SHRBUIDL Livestream: IQL, SBT, and Web Login. But what are they?
Identity Query Language is a web-based platform that allows institutions or businesses to set up and request data within a user’s ShareRing vault via a QR code and using zero knowledge proof style queries, which means each query can only be answered with a straightforward yes or no based on the user’s verifiable credentials; Soulbound Tokens allow people to verify who they are, essentially resulting in identity management which is wallet linked; and Web Login is a browser plug-in that enables quick site logins with the scan of a QR code. In ShareRing’s mission to provide frictionless access to goods and services in Web2 and Web3 while protecting one’s rights to data and privacy, these MVPs and pre-alpha developments leverage self-sovereign identity concepts and the use of NFTs, SBTs and Verifiable Credentials.
For part 2 please click here