The sharing economy is becoming a bigger and bigger challenge for the established market leaders in traditional industries like accomodation, transportation and hiring services thanks to its lower prices, flexibility and advanced and easy to use mobile platforms. According to the latest reports, in the coming years startup companies like Airbnb and Uber will continue to „steal” users and market share from its competitors.
Today the blockchain technology will let us step into the next stage and fill the gaps seen in some of the most popular sharing platforms: high commissions, taxation of vendors, non-transparency of ratings and reviews, currency exchange loss and risk of fraud and deal cancellation and monopoly.
Let me introduce Wono – new generation of P2P blockchain marketplace for hiring, renting and exchanging assets and services. The team behind the project is building scalable ecosystem – a bridge between real and virtual worlds that will allow users to interact without the need of a middleman. Wono is a decentralized and transparent platform based on collective decision-making by members of the community and mutual trust between them.
Wono is offering a multi-market blockhain platform that will facilitate asset and service exchange in the following categories:
- Space sharing: Combination of P2P rentals and the home-swapping concept
- Transportation sharing: Turo/Getaround model where a person can hire or rent out a vehicle for any desired duration
- Miscellaneous assets sharing: Hire and rent out any assets in possession (e.g., gym memberships, gadgets, instruments);
- Services sharing: Combination of Freelancer/Upwork model for remote jobs and TaskRabbit for micro jobs.
Unlike other sharing platforms where commissions and fees often vary and lack transparency, in Wono we have a single commission of between 1% to 5% for a single deal depending on deal type and user rating.
The WONO environment
The three main pillars of the WONO environment are:
- The WONO protocol: decentralized apps implementing the WONO business model
Here we have platform users, which can execute the following roles:
Customer and vendor are well known roles in the sharing economies.
The Guarantor, as the name suggests, provides guarantee for a deal by staking his or her own tokens only and ensures that the affected party will get a compensation in the case of Arbitrage. He does not insure the asset but rather the risk of a deal cancellation. The risks of damage to assets, deal parties or third parties and their property is handled by insurance companies. The blockchain ledger, however, will allow WONO to transfer asset and client data to the corporate CRM of an insurance partner and assist with the insurance process. Insurance price for WONO users will be approximately 20-25% lower than the average.
When a deal is canceled by one of the two parties an arbitrage process is initiated. In case of an Arbitrage, the Arbitrator is to determine which party should be fined and which one gets a compensation at the expense of the deal’s guarantee deposits.
The user, however, cannot be Arbitrator of his own deals.
Part of the WONO Protocol are also the Proof of identity ad Reputation entities which are of great importance for the ecosystem and reduce the risk of fraud, criminal activity and unethical practices.
We have of course different types of assets and a system of asset ratings calculated as an average value of seven scales from 0 to 100. Ratings influences the size of the Deal Commission.
Once an asset is determined and both parties agree on the terms, a deal can be made. There are few types of deals on the platform:
Direct deal – the Customer has enough tokens to rent an Asset from an Owner or order a service from a Vendor.
Trusted deal – In short, the platform pays the tokens lacking for a Deal, using its own funds in case certain conditions are met and user has a previous deal (not yet closed) where she/he acts as a vendor. Something like borrowing your own money from the platform prior to close an old deal and receive the payment for it.
Back-to-Back deal where users exchange their assets.
Chain of deals – sequence of multiple deals
- WONO API: accelerator of the WONO Protocol
The API is a form of caching service that speeds up reading and working with the Protocol.
- WONO CLIENT: official client Web application used to work with the WONO API and WONO Protocol.
The Wono token will be used for all internal payments and transactions on the platform and also for crowd insurance and crowd arbitrage.
Maximal token supply is 79,166,667 with basic token price of $0.5 and $20 000 000 hardcap.
60% (47,500,000) of the tokens will be distributed during pre-sale (two rounds in July) and ICO (3 rounds in August) and 20% will remain with the team. The rest of the WONOs will be used for bounty (3%), advisors (5%) and reserve fund (12%) which will be used as an instrument of the postponed project funding.
On August 11th Wono started another round of pre-sale with 30% bonus. The token pre-sale will last until 2nd of September. To participate, users can also chat with official Telegram bot t.me/wono_bot. Once $3 million are collected, the bonus will be cut to 25% and at $7 million pre-sale will be closed.
Detailed project implementation cost calculations and different financial scenarios based on the ICO are available in the whitepaper. I won’t go into details here, but the owners plan to use between 40% and 55% of the funds for product development depending on the sale results.
Long-term roadmap is available on the website. It shows clearly the main direction Wono team will be taking for the next 2 years. In the short-term, they will be focusing on the services release for the market and user migration from test to ETH network.
Wono project is run by group of Russian entrepreneurs and tech gurus with experience in startup business development and blockchain engineering. International advisors are responsible for promoting the project in the different regions.
CEO is Alexander Esaulov. He founded, managed and successfully sold few fitness and martial arts related startups before coming up with the idea for a new sharing platform.
The WONO project is using all advantages of the blockchain technology to infiltrate an already disrupted market. If it can fix all the current problems of the sharing economy platforms as suggested, then it will surely attract most of the user and steal a market share. I like the “one-marketplace-for-sharing-everything” idea and I’m sure people will prefer to use a single service provider instead of maintain multiple accounts with companies that are less secure.
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