CEO Tim Bos and Marketing Director Elvin discuss ShareRing’s achievements over the last 3 months, ShareRing’s roadmap for 2021, and much more!
I’m Tim Bos, the CEO and co-founder of ShareRing. I’ve got Elvin with me, our marketing director. We’ve got heaps to go through today, a few exciting things to talk about, and a bit of an announcement.ShareRing CEO Tim Bos
We’ll talk about the achievements we’ve made over the last few months, discuss any of the delays we’ve had in the app.
We’re going to talk about some of our refocus around ShareRing ID, talk about and display our roadmap, do a bit of a shout-out, I’ve got a couple of videos to play with you for you, and then talk about a couple of new things that we’re introducing.
ShareRing’s Achievements Over the Last 3 Months
In terms of achievements over the last three months, it’s been an incredible few months. The things that we’ve done as a team has blown me away, even last year, we started the start of the year with about 15, 16 staff on board and a few advisors, and we ended the year last year with a total of 34 staff and some advisors.
The team has grown heaps, most of the team has grown around our technology team. We’ve opened new offices in China, in a place called Shenyang, which is the north-western part of China, we’ve also opened a new office in Thailand, we’ve added more people into our Vietnam office.
The growth has been spectacular. We’ve got someone working for us in Canada now as well, United Arab Emirates, so really the growth has been around our development team and our sales team.ShareRing CEO Tim Bos
ShareRing’s Achievements in Development
In terms of what we’ve achieved in the development. There’s a lot that we’ve done, we’ve added a lot of new functionality around our ShareRing ID product. We’ve added something called verified that source. We realized that as a company, we couldn’t be a bottleneck in terms of verifying identities and all of that. I’ll talk more about what that means shortly.
We’ve added functionality and started work on developing our One World Passport, we’ve done a huge number of updates to ShareRing Shop based on the initial tests that we did, we’ve also done a huge number of blockchain updates in the background.
There’s been a lot of feedback and questions around the app delays that we’ve had. We don’t do things unless it’s for a good reason. I do apologize that we haven’t communicated with you a lot more effectively around why we’ve had delays and things like that.
We looked at the app where it was in around October last year, and we could have released something than to allow you to log in to ShareRing ID and maybe make some bookings and things like that.
One of the issues that we found though, is a lot of the feedback that we got from our clients and our partners that we’re working with was that the way that we were doing ShareRing ID at the time, actually made ShareRing a bottleneck.
It meant that our customer service would have been overloaded, what we were doing was we were verifying every single ID, it was happening automatically but there were a few outliers that meant we need to manually do that.
We designed something called verified that source. What that actually meant was that partners could verify an ID and put that verification on the blockchain, and that means it removes ShareRing from the equation of being a bottleneck.
We spent a lot of time over the last few months actually developing that technology so that we can release it to you and put it in the product. That was the cause of one of the delays, other ones were in terms of some things that we needed to update on the Blockchain.
We didn’t want to release the app, let you do ShareRing ID, and then have to get you to do it again when we release the final version of the app. We chose to basically do a soft rollout, we’ve got the app going out to a lot of people at the moment that is helping us test.
It went out to staff first of all, next step it’s going out to our masternode holders and community members, It’s then going out to the wider community members and then we’ll open it up when we launch our referral program.
This process is going to take a number of weeks to basically get out and we’re launching really a cut-down version of the app, which just includes ShareRing ID first so that we can get a lot of testers running ShareRing ID, which is really the core part of the product and then we can add the features and functionality on after that.ShareRing CEO Tim Bos
What I’m going to do is I’m going to jump in and talk a little bit about ShareRing ID and a lot of our refocus around that as our foundation product.
We presented this to all of our staff last Friday and got a lot of really good feedback, have updated it a little bit and it’s time to basically take the wraps off it.ShareRing CEO Tim Bos
All right, one of our taglines around ShareRing is that we’ve developed the world’s most secure and flexible identity verification system. So hopefully I’ll be able to explain a little bit more what I mean by that.
Effectively, when we looked at our products over the last two years, what we found is there’s a single thread that basically goes through all of those products, and that single thread is ShareRing ID, without ShareRing ID, none of our products work. So that’s the single most important thing as part of ShareRing ID, that basically becomes our foundational product.ShareRing CEO Tim Bos
As a business, who are we and what do we do? We talk a lot about the sharing economy, we talk about travel, and a lot of people have wrongly said that ShareRing is a travel company.
That’s not true at all, what we’ve done is developing is an ecosystem that facilitates travel, that facilitates a number of other things as well. And the main thing that underpins that is ShareRing ID.
As a company, what we do is we provide ShareRing ID, which is effectively a lockbox that enables users to access products and services through our ecosystem.
I’ve got a lot more examples of the types of products, but things like transmission of documents and certificates, it could be university graduation or something like that. ShareRing Shop, which is the distributed commerce platform, travel, health, rentals, and a huge number of other things.ShareRing CEO Tim Bos
What does ShareRing ID do? What is it? Is it just an identity verification system?ShareRing CEO Tim Bos
Well, it’s not. It’s a lot more than that. What ShareRing ID does is it basically provides our users and members with secure, direct, and global access to a number of online and offline services.
Anyone that adopts ShareRing ID, which can be done in as little as two lines of code to start accepting ShareRing ID, can become part of our ecosystem and then can provide services within our ecosystem.
What the ShareRing ID product does is it provides a self-sovereign identity. What that means is that members have complete control over their own ID and they can choose what and who can see any of that ID information.
We don’t have a central database when you sign up with us, we don’t store your identity, passport, or anything like that in our central database.
The only thing we have is your name and email address, and we use that name and email address to basically connect back to your blockchain ID and all of that when we need to send you documents and things.
Your ShareRing ID is stored on your phone. So it’s actually in your phone and you can easily transfer the ShareRing ID, which is effectively a lockbox when you replace your phone. So there’s a number of things, I uninstalled and reinstall the app this morning on the phone, and one of the things it did is it searched my phone and found a copy of my ShareRing ID.
Which means I didn’t have to do my identity and all that stuff again. I could also save it to say a Google Drive or something like that. Then when I change phones, I could just pull that ID back in, so you can choose to back it up.
We talk about lockbox, and the reason why we talk about lockbox is, as I mentioned before, the ShareRing ID isn’t just about storing a passport and a driver’s license and things like that. I can store any type of document that helps basically extend upon or verify parts of my identity.
That could be something like a negative COVID test, so that would be stored in my lockbox, it could be a graduation certificate, it could be any type of document where it’s important that it doesn’t change or it’s also important that it’s verified or that the source of that document can be verified and it’s guaranteed that it hasn’t changed in transit.ShareRing CEO Tim Bos
Why would you need a ShareRing ID? One of the things to sign up for the services that require your identity or other personal information, so we talk about an Open World Passport, which I accidentally called One World Passport a while ago.
Our Open World Passport, which basically contains things like your COVID19 test results, might be your travel visa and things like that. We can also use it and we’ve tested it around logging in to websites without using a password so we can effectively kill the password using ShareRing ID.
That can be done literally with a couple of lines of code from the website provider, so I could open the ShareRing App, click on my QR reader, scan the QR code on the website, it would send my identity information that’s required by that website. That would log me on and then I’ve got access to the services on that website, no passwords.ShareRing CEO Tim Bos
The type of documents, as I mentioned, it can be things like passports, driver’s license, so they’re ones that are verified by ShareRing. But then we’ve also got documents that are verified by third-party providers, so university degrees, COVID test results.
We’re already talking to a huge number of companies across like universities, city councils, countries, COVID test centers, trailer rental companies, you name it, we’re already actually in discussions with to bring them into ShareRing ID and start getting them to be part of that ecosystem.
There’s also no limit to the types of documents that could be stored within the user’s ShareRing ID. So if somebody comes up with a great idea of the type of thing to do with it, you’re welcome to develop it on the platform and actually incorporate it into ShareRing ID.ShareRing CEO Tim Bos
A few examples of things that you can use ShareRing ID for, access to an office building, so let’s say you get a new job and you need to access an office building, you could go there and just scan the QR code at the entrance and maybe there are rules around that.
Maybe it needs to send your ID to the provider, maybe you can only get into that office building if you’ve had a negative COVID test, or maybe you can only get in there if you’re an employee of XYZ company, so you can basically do that.
Proof of vaccinations, previous prescriptions, you could use it to reserve a table at a restaurant, set up a bank account. We’re already talking about that to a number of companies, sign up for insurance, travel visas.
We’ve got some huge stuff happening around our travel visa program that we will announce in the next couple of weeks, I’m really excited about that one. Book a flight, ferries, buy groceries, order takeaway, hire a gig work, and so on. Really your imagination is limit to what we can do with that.ShareRing CEO Tim Bos
We’ve really got three integration levels, number 1 is full integration with the ShareRing App. What that would basically mean is if anyone is familiar with WeChat, how it’s got mini-apps, so you could effectively have a full app within our app that has the full workflow and functionality.
Let’s say it’s a trailer rental business and they might have full integration, so you tap on that and you would actually choose the trailer, the location, you’d pay for it using ShareRing Pay, and then you’d basically be able to rent the trailer, you’d be able to do ratings as well as reviews, messaging to the provider, and so on.
We also have full integration with things like our accommodation, our activities, our COVID test, and our Shop, so all of those are ShareRing developed integrations that we have aggregators on our backend that we work with.ShareRing CEO Tim Bos
We also got partial integration. What that basically means is that it might be part of the App that only uses ShareRing ID, it doesn’t use a payment system or anything like that.
So the user will scan a partner’s QR code and the documents would be sent to that partner within the App.ShareRing CEO Tim Bos
Then you’ve got a white label, what that basically means is we’ve developed an SDK, and that SDK can be incorporated into someone else’s app, so you don’t have to use the ShareRing App, you could actually incorporate it into their own app.
It might be a banking app that requires you to sign up for banking. And what that would do is the SDK would look on your phone to say, have you got a ShareRing ID? And it would pull in the right information for that ShareRing ID from your phone.ShareRing CEO Tim Bos
In terms of pricing, we basically got three quite easy pricing levels. We’ve got something called a skinny ID, so most people when they first sign up will create a skinny ID, and that basically is just your email address and full name, there’s no verification required, It’s just a basic sign up.
The verified ID, which includes your email address, your phone number, address, which is not verified, passport number as well as a passport photo. For users that are completely free, whenever someone signs up for this, we don’t charge our end users to sign up for that stuff.
What it is, it’s actually the consumers of that information, so the companies that receive that verified information and they’ll pay around a dollar for that.
If you look at industry rates, the market right for that type of information is between $2.50 & $5 and we’re looking at charging around a dollar for that information.
The verified plus and what that basically means is it’s got things like third party verification, it might have addresses, it might have integration with our partner Onfido, it might be utility bills that you upload for address verification, that will depend on that type of document that’s required and how much is charged to those end users.
In terms of the cost when we talk about a dollar, that’s split between going to our providers, which might be Tencent for some cloud verification stuff, it might also be a company like Onfido or other companies that we work with.
The rest of it basically goes towards the blockchain fees. So it’ll really push more SHR token through the Blockchain and create a huge number of volume there.ShareRing CEO Tim Bos
Where our initial partners in our launch areas are now, you’ll find Thailand, China, Vietnam, a lot of people know that already, we’ve got Australia, we’ve got a little bit happening in the United Arab Emirates.
We’ve also got a huge amount now happening in Canada, the Caribbean, and Latin America. That region there we’ve found through our research and now our salespeople that are working over there is a huge growth area for us. You’re going to see a lot of stuff coming out of there really soon.ShareRing CEO Tim Bos
The second growth area for us is really sort of around the UK, Europe and India, Middle East, Africa, and India as well, then push further into sort of Hong Kong, China region too.ShareRing CEO Tim Bos
I promised I’d share a bit of a roadmap with you. We’re going to sort of present to put this on our new Website shortly with some more specific dates.
Where we’re at now is Q1 2021. So we’ve got a referral program launching, we’ve got a hackathon that we’re launching, which I’ll speak about very briefly at the end, which is going to be a really large hackathon.
We’ve got our App soft launch, which we’re rolling out now, and that includes a passport verification and some other third-party add-ons, we’ve got a new website coming February, March, or later this month, we’ve got Open World Passport coming within the app this month, which is around March.
We’ve got the ShareLedger minor update, so the minor update that we’re doing with ShareLedger is to basically update it for some of the things that we’re doing with ShareRing ID. So the verified at source and the way that we hash the documents.
Then also a lot of people have been asking about the Blockchain explorer.
The reason why it’s lagging, we’ve found out that actually the service provider that it’s hosted on, we use a cloud provider, we found that the link between that service provider and database is actually lagging.
What we’re doing is we’re just putting all of that on our other cloud service over the next week, so you should see that improving.
Q2 2021, from April onwards we’re going to see a more broad scale rollout of the apps and anyone really downloading it and using it. So we’re looking at that happening around sort of March, April timeframe.
The completion of the hackathon will be in April. The ShareLedger major update, the major update is really bringing it up to the latest version of Cosmos, which will support things like State Syncing, which will have a huge benefit for us on the amount of disk space that’s been used.
We’ll have a travel platform launched along with ShareRing Pay, which is our tactical version of ShareRing Pay. Then Q3 will be a more sort of broad version of ShareRing Pay. We’ll have the booking engine updated within the app, the new merchant dashboard updated, and then a lot more identity types.
In terms of identity types, we’re hiring some new developers that are focused just on adding more ID types and things like that into the API and then adding more of our aggregators in as well.
I’m sure that’s a huge amount to consume, that’s probably about half of what we’ve got to do during this livestream. There are also things like the blog update, the blog format updates that are happening. The website’s going to be updated to focus more on the ecosystem side of things.
For our sales team, it’s been a real sort of challenge for our sales team when they point to prospective customers to our website and see travel, travel, travel. You’ll see big changes around that as well.
I’m just going to hand it over to our marketing director, Elvin.ShareRing CEO Tim Bos
I just want to give you a quick update just to add to what Tim mentioned the app has been rolled out to some of our partners to be tested as well, so we are working with partners to bring in a lot of sign-ups to start off with, and right now this is our core focus.Marketing Director Elvin Cheung
Of course, we don’t want to miss out on our community, we want to make sure that you guys know what’s being done behind the scenes and we want to share some of the updates, some of the screens that we’ve been trying to achieve with the overall launch to you all as well.Marketing Director Elvin Cheung
We have refined the whole sign-up process, just to make sure that when you’re done with that, you can actually see the video that shows you what can actually do with ShareRing ID, before you sign up.Marketing Director Elvin Cheung
It’s something that you can tell your friends and family, as in you can use ShareRing ID to pay for eVisa, rent a car, pay your COVID pass et cetera, et cetera. This is the overall mission that marketing is trying to achieve to make sure that it’s easy to understand and it is easy to convince people to use the technology.
That’s one of the videos that is going to show in one minute or less what ShareRing is going to try to achieve.Marketing Director Elvin Cheung
Upon the App launch, we are also going to be doing the referral program. So it’s something that you can actually get incentivized when you refer people.Marketing Director Elvin Cheung
Everything has already been put in place, as of now, we are really just focusing on testing with the B2B, making sure everything is working, working with partners who can actually bring in a lot to sign-ups right off the bat before we rollout this whole thing.
Please be patient and we will make sure that we roll out a very sexy, nice product to you guys very, very soon.Marketing Director Elvin Cheung
Just a quick shout out to the community, a special thanks to Emile for bringing in a lot of new followers and investors to the group.Marketing Director Elvin Cheung
We have a big Spanish group with over 4000 members, so if you haven’t joined it, feel free to join, and again a big shoutout to Emile and also Ron from TechTipsTogo.
We have also had some PR mentions and we also going to have more PR coming out regarding the whole app. We have a lot of PR lined up for the launch as well. Stay tuned and if you guys have any questions let me know.
Meanwhile, I will also be putting out the invitation list, probably end of this week or early next week so you guys can sign up and I will personally send you the app for you to test out as well, just to make sure that everything is working. We are just waiting for a set day to launch the whole thing.Marketing Director Elvin Cheung
The final thing before we jump into a few questions is really around a hackathon, so what we’re going to do is over the next few weeks, we’re going to launch a really big hackathon. What we want to do is get more ideas and products developed on the ShareRing ecosystem.
What we’re going to be offering is a very large cash prize and an investment into a startup that you may create as part of this hackathon. The structure is basically going to be we’ll have any number of people basically put together their products or their pitches for what they want to develop.
We’re going to involve the community to vote for the top 10, so across our different communities will vote for the top 10 and then that top 10 will get a little bit of money to refine their pitch. And then they’ll basically pitch it to a panel.
That panel will include a couple of people from ShareRing and also some of our masternode holders, and we’ll basically decide a final winner from that there. That final winner will win a cash prize, they’ll also win a masternode license and then we’ll work with them in actually creating that into a business and integrating that with the ShareRing platform and rolling it out.
It’s open globally and we’re extremely excited about basically rolling that out because that will be the first example of startups that can basically come into our ecosystem and develop products on it.
We’ll also look at doing an investment into that company and make sure that we provide mentoring and everything like that through the process. If you look at ShareRing as a company, what we do is we’re trying to look at the ecosystem to foster small businesses. Then we also work with large businesses on bringing and expanding that ecosystem.ShareRing CEO Tim Bos
What’s ShareRing’s Relationship with Partners?
One of the other things that I haven’t really spoken about before is, is in terms of our partners. There’s a lot of questions around like, okay so you’ve got these great partnerships, what do you actually do with those?
I’ll give you a couple of examples of where we do use those partnerships and where we do work with them. Some of the partners are things like Tencent, Rakuten, Viator, government contracts, and a number of other ones.
One of the things that we’re now talking to some of these partners about is when travel opens up again, how do we create these campaigns to get travelers moving, and things like that.
One would be working with Rakuten, working with Tencent for the WeChat app, and then working with, say, one of the tourism boards and one of the visa processes that we’re working with now and create a bit of a campaign that says, OK, if you pre-purchase travel, we’ll give you 30% off and we’ll work through that.
These campaigns are now starting to become a really important part of what we’re doing in terms of our sales process and also bringing on more partners into the ecosystem. You’ll see a lot of those start coming out soon.
In terms of partners, so a lot of questions around Tencent, is the partnership just for the cloud services or things like that. Just to really detail what we’re doing with them without giving too much away.
Number one, we do use their cloud services as part of what we basically do with them. We also work with them on some of the AI and the OCR projects. What we do is, for example, before we started working with them, Thai ID cards weren’t supported as a method of doing OCR and verification.
So we worked with them to make sure that we could actually start supporting Thai ID cards, and basically, we’re the only ones with access to that service within Tencent, to be able to scan and do full OCR on a number of Thai ID cards and then bring them in as a verified ID in our system.
They’ll also be hosting a couple of Masternodes soon. We also work very closely with their sales team, so when they see opportunities where ShareRing or they can be used, they bring us into those opportunities, and then we’ll do joint sales calls.
We speak to them almost on a weekly basis with their sales team. We do a similar thing with say Rakuten Travel Exchange. So I talk to our account manager there a lot about how we can start working on joint campaigns to start rolling things out there.
Then all of our other partners are very, very similar. If you look at Tencent, Tencent is a foundational partner, so they are basically involved with the foundation products that we have and how to roll those out.
Then a lot of the other partners that we’ve got are specifically either product partners, aggregators, or the integration partners where we’re doing some direct integration with them.
We haven’t announced many of the direct integration ones yet just because most of those want to actually have the product rolled out or have people using them before they announce us as their partner.ShareRing CEO Tim Bos
Is BSN a Foundation Partner?
Yeah absolutely, I’ll call them more of an infrastructure partner. One of the benefits of BSN is that it gives us is it gives us access to companies, developers, partners that we wouldn’t have otherwise targeted or had access to.
So part of the integration we’re doing with BSN is to really be part of their infrastructure to make it easier for people to onboard and utilize things like ShareRing ID. When we finish the integration with BSN, the first thing that we’ll be offering through that is the digital identity management of ShareRing ID.
What that means is somebody could effectively come in there, they might use one of the other chains to do certain services, and then they’ll use ShareRing ID as part of the ShareRing ecosystem.
They can basically pick and choose the services that are used, and it’s done in a way to make it super easy to do, they don’t have to buy separate SHR token, that’s just fed through the network as part of BSN as well.ShareRing CEO Tim Bos
Swaps and Staking
Swaps and staking will be coming with the first version of the app. We’ve got swaps working in the app now, that’s running. We’ve got staking working, we’re just doing the user interface for that.
I spoke to the designers yesterday about basically doing the UI. The process within the app will be you can do swaps directly to the app and then within the app, you’ll be able to view all of the masternodes that are on.
You’ll be able to view the commissions that they’ve set and then you’ll be able to choose which ones to stake with, and then you’ll be able to unbonding with them, which is basically removing the stake and then transferring it back to ERC20 or BNB. That’s absolutely in there, I will add it to the roadmap for a specific date, but it is coming Q1 and it’s fully functional, works well and you’ll see it in the first release of the app.
The people that are invited from the community and things like that to run the app, they’ll have access to staking and swaps initially, we could open staking up beyond that through a web interface or something like that, so we’ll have a look into that too.ShareRing CEO Tim Bos
PLAIR as a Payment Option
Yes, that’s still happening. We’re going to be integrating multiple tokens as well, that’s part of the marketing drive that we are trying to implement.
We have another crypto partnership launching sometime next week. So we’re going to be slowly adding more tokens just to make sure that people can spend tokens and use them on our applications.Marketing Director Elvin Cheung
Does ShareRing Use Contractors?
There was a question about the Chinese employees, are they contractors or are they actually employees? They work full time as employees for ShareRing, in terms of our development, we have no contractors that work with us.
We actually employ 100% of our staff internally, we don’t use contracting companies or freelance companies or anything like that.ShareRing CEO Tim Bos
Where do you See ShareRing in 5 Years?
Where do you see ShareRing in five years? In terms of our stretch roadmap, where we’re going with the company, ShareRing ID is just going to grow, grow, and grow. We’ve looked at a lot of other digital ID products and things like that and found that they’re very good.
They’re very focused on ID, what we are doing is you’ll see something coming soon around standards organizations that we’ve joined in terms of our digital ID and basically being involved in helping to create and work on those standards. There’s something that we’ll be announcing very, very soon around that.
What we’re basically going to do is we’re got to see ShareRing ID being accepted really in more and more locations, both online and also offline when you go shopping or going to rent something.
Let me show you the app, along the top here, we’ve got some of the services that we provide, things like COVID test results, accommodation, so if I tap on accommodation, or ask me where I want to visit, activities are the same, I can go straight into the shop.
The other thing is what we can do is let’s say I want to rent a trailer, we’ve got some trailer examples, I can go in there and actually type I want to rent a trailer, maybe I want to book a flight and hotel.
We’re going to include some local services there. For example, maybe I want to hire a gig worker locally, or maybe I want to book a car rental locally, or maybe I want to book a hotel globally.
That’s basically the way that the services are going to work. It’s kind of like services are available near you and then along the top, we got the services that are available globally.
There’s a heap of stuff in the app as well, these are the services available, we’ve got the wallet, we’ve got things like my user account. You can see if I go to say my account here, we do have things like top-ups, transfers. If I do transfers, I can do transfer to ERC20 and BEP2.
As I said, it’s all in there, the app currently has all of that functionality. At the moment, I can receive from ERC20 and BEP2 as well, I can do top-ups in there, I can do credit card top-ups as well to top up my payment balance.
There are heaps in the app at the moment and we’ll show a lot more as we start rolling it out to people as well, but we’re really excited. We’ve got the QR code reader in there as well.ShareRing CEO Tim Bos
Any previous sort of bookings and stuff that I might have made for hotel bookings or activities or things like that which show up in here and so on.
ShareRing Shop Launch
In terms of when will ShareRing Shop launch, we do have ShareRing Shop running, as I mentioned in my last update, it’s running with one of our partners in Australia, we haven’t actually announced who that is yet. That will be announced when we launch them as part of the app as well.ShareRing CEO Tim Bos
ShareRing’s Blockexplorer and Updates on the 500,000 Transactions Claim
A version of the BlockExplorer is live, there is an issue with it in terms of lagging on the data that’s coming through. One of our developers, Chris, is actually fixing that now.
That just means we need to move it over to a new host because we found that the host that it’s on is causing issues at the moment.
The 500,000 transactions, we do have transactions basically going through now. They’re going to start increasing over the next, I would say, two to three weeks.
I’m not sure how many we’ve seen per day at the moment, but there is a lot going through and there’s a lot of real ShareRing ID transactions going through.
The two types of transactions you’ll see in there at the moment, are ShareRing ID ones, which are real external transactions, and then you’re seeing a lot of transfers between a couple of wallets. The reason why we’re doing those transfers is each one of those transfers creates a transaction fee.
That’s basically our method for providing or distributing the funds to masternode holders from all of the transactions and things like that that we had on our testnet before.
We had a number of partner transactions on the testnet, and with those partner transactions, we use those to do the flowbacks, which were purchased in SHR token on the markets and then getting those flowbacks through the system.
So now that we’ve got a huge backlog of 24.6M SHR, that basically is going out to the masternode holders, and the way that we’re distributing that is to do sort of small transactions on the network to force that through so that we’ve got equity in the distribution of those.
You’ll see more and more and more of those come through as well, and they might drop off for one or two days and then come again. That’s just because we might see the drop off in the real ID transactions that have been coming through as well.
There will also be asset creation transactions that you’ll start seeing in there as well, so just keep an eye out on that.ShareRing CEO Tim Bos
Where Are ShareRing’s Transactions Coming From?
Where are the transactions of flowback coming from? As I explained, we had a number of transactions from our partners last year, and those transactions were treated as real because we charge for those and we’ve been using that charge to basically do flowbacks, and then we’re now transmitting them across the production network.
We’ve got almost 12 months’ worth of transaction history that we’re basically replaying on the main network, so you’ll see a lot more coming through over the next few weeks.ShareRing CEO Tim Bos
Who is Making IDs on the Mainnet?
In terms of who’s making the IDs on the mainnet? I can’t tell you that at the moment, but there’s a broad range of IDs that are basically coming through.ShareRing CEO Tim Bos
How Does Tencent Create Transactions on ShareLedger?
Tencent is an infrastructure partner, so right now they’re not creating their own transactions on it. If we bring them on as a verify at source partner, where they verify documents and feed them through our network, then they will be creating those transactions on the network. All right, so.ShareRing CEO Tim Bos
Upcoming Full ShareRing AMA
The intention of this wasn’t to turn into a complete AMA. There are a huge amount of questions, but we will run another proper sort of full AMA in the next couple of weeks. So please hold on to those questions. The idea was really just to push out as much information as possible now.
Elvin, is there anything you want to add before we wrap up?ShareRing CEO Tim Bos
ShareRing App Email List
We will be sending out an email list for you to punch in your email so we can give you guys to access to the app.Marketing Director Elvin Cheung
We will start off with the masternode holders and then it will go out to the community as well. So the app will be available for testing very, very soon.
ShareRing Shop Thailand
Thailand Shop is absolutely coming and our partner over there delayed it beyond Christmas because they didn’t want to release it in the middle of the rush period.
They’ve also brought on a second partner, which is actually a really, really large partner, and they want to roll it out more broadly over there instead of sort of starting with one small area. So we’re working with them on the specifics of that rollout.
They’ve asked for some more updates in terms of the app and the flow there, so we’re making those updates for them. The other thing that we’re basically working out of putting into the app is how to handle things like their taxes.
They also want to do the option for cash on delivery, so instead of paying through the app, they want to look at cash on delivery, so we’re adding that functionality for them as well. That is absolutely ongoing, and you’ll definitely see something happening today there.
Unfortunately, we’re sort of going to their schedule, not our schedule. I’m hoping we’ll start seeing probably ShareRing Shop Thailand in late February, maybe March is probably more realistically when we’ll start seeing the broad rollout of that there, but it’ll be a lot bigger than what we originally anticipated that it would be.
That’s it for now and thanks to everyone for joining, we had a great number of people, I think 651 playbacks, excellent!ShareRing CEO Tim Bos
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