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PwC estimates that by 2025 a sharing economy would generate a total value of $335 billion compared to $15 billion in 2014. This rapidly growing new market can become a launch pad for a promising, but not yet implemented to real life blockchain technology. WONO, a Malta-based startup, aims to combine two global trends of late 2010-s.
Sharing of individual possessions itself is older than the traditional economy. When a medieval farmer borrowed a horse from his neighbour, it actually worked the same way as today peer-to-peer carsharing does. Then newspapers appeared, and if you wanted to share or hire something or someone you didn’t have to know your vendor or customer in person.
The Internet expansion in the 1990s gave birth to simple classifieds such as Craigslist. Since then advertisements became free and more potential customers could see them.
Secure web fiat transactions and KYC technologies helped to develop popular P2P platforms like Airbnb, Turo and Upwork. Deals between vendors and customers from that moment could be signed right on the platforms and became a little safer, but yet non-transparent and much more expensive because of the high commissions.
Now, at the beginning of the blockchain era rules of sharing change once again. WONO promises to eliminate the role of states and monopolies building a global decentralized sharing network. Let’s see how it works and what benefits it has.
First, blockchain significantly reduces transactions cost which lets WONO take a 1-5% commission instead of 10-25%.
Second, tokens which are used as payment on blockchain-based services, in most countries including the US and EU, are determined as digital assets and thus become non-taxable until you exchange them into fiat money. That’s why vendors don’t need to include taxes in their prices.
Third, users don’t have to exchange currencies. WONO token is used worldwide for any kind of sharing: homes, vehicles, any personal items or human resources. Yes, on WONO you can find a remote job, say, in Norway, sitting at home in India, and then spend your earned tokens for a flat rental in the US. Without any additional commissions or hassle.
Fourth, blockchain provides 100% transparency for all transactions. Customers can’t avoid payment and reviews made by them can’t be corrected or deleted as on centralized services sometimes happen. All users pass through a KYC procedure and have their personal rating so that any fraud attempt will lead to a lifetime reputation loss.
WONO users can act as vendors and customers at the same time. Once earned or bought on an exchange, WONO tokens can be used on the platform again and again. There will be no restrictions for withdrawal, but there will be thousands of opportunities to spend tokens. There are also many unique solutions featured on the platform, such as crowd deal insurance and trusted deals which let you spend tokens yet to be earned.
For now, WONO team is focused on the proof of concept which is scheduled to the end of July. The market release of the platform will happen in summer 2019.
Media Contact
Name: Kirill Pyrev
Email: kp@wono.io
TG Group Link: https://t.me/wonoworld
Website: https://wono.io
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