ShareToken, also known as SHR, is a digital utility token used for making payments for sharing services across industries and geographies on the ShareRing platform. This platform includes the ShareRing application, ShareRing shop, and each user’s ShareRing ID. ShareRing is a blockchain-based platform that uses distributed ledger technology and a dual token mechanism to create a single decentralized marketplace for sharing services.
ShareToken was co-founded by six individuals: Tim Bos, Rohan Le Page, Peter David, Neville Christie, Jane Sadler-Kidd, and Barry Brewster. These founders had previously worked on developing a car-sharing and rental technology provision solution, making shared services more accessible. Rohan Le Page, with an extensive history in the automotive industry, served as ShareRing's chief operating officer until June 2020. The team also includes a mix of developers, engineers, designers, marketing experts, and more.
As of January 2021, there are 2.12 billion ShareTokens in circulation. This is out of a maximum possible supply of 4.4 billion SHR. When ShareToken first launched in late 2019, it had an initial circulating supply of 1.97 billion tokens.
ShareToken is available to trade on almost a dozen exchange platforms. Centralized exchange options include Bilaxy, KuCoin, Bithumb Global, whereas decentralized exchange (DEX) options include Uniswap (ERC-20 SHR only) and the Binance DEX. As of January 2021, ProBit Exchange is the only platform with an SHR to fiat trading pair (SHR/KRW).
ShareToken is used to pay for transaction fees on the ShareRing network. It can also be staked to earn rewards, known as flowbacks. The ShareRing platform aims to be a one-stop solution for accommodation, transport, and miscellaneous activity services where there is no middleman and therefore no additional costs.
In 2019, the creators of ShareToken turned their focus to the travel industry and created TravelRing — the first B2B consumer-first example of what is possible using the ShareRing platform. The ShareToken was initially launched as an ERC-20 token on the Ethereum blockchain but migrated to the BEP2 standard in July 2019, with the launch of ShareToken on Binance Chain. As a BEP2 token, ShareToken is secured by the underlying Binance Chain, which uses a Tendermint BFT and delegated proof-of-stake (dPOS) consensus mechanisms to protect it against a range of attacks.
Share has been making significant strides in the blockchain space, with a focus on digital identity and data security. The company has partnered with Chinese conglomerate Tencent to develop a digital identification system aimed at simplifying international travel. This system will leverage Tencent's optical character recognition and facial recognition technologies.
Share has also introduced the Vault Query Language (VQL), a web-based platform that allows users to request specific information from their Share Vault. This ensures that user data is completely secure and accessible only by the user. In addition, Share has integrated Near Field Communication (NFC) technology into its mobile application, providing users with enhanced functionalities and secure access to its services.
Share has teamed up with Unconnected.org, a UK-based social enterprise, to help bring the next billion users online. By leveraging Share's digital identity systems, this partnership aims to provide a frictionless digital experience for new internet users. Share has also announced support for Trident Cards, the national ID of Barbados, allowing users to create reusable digital identities through the Share Vault app.
Looking ahead, Share's CEO, Tim Bos, has indicated that the company will be focusing its efforts on the travel and tourism industry. The goal is to become a one-stop-shop for tourism and travel-related activities. With its recent technological advancements and strategic partnerships, Share is well-positioned to make a significant impact in the blockchain and digital identity space.