On Thursday 4th June 2020, our CEO Tim Bos was invited for a ShareRing AMA with TV Journalist Layah Heilpern. Read the full transcript below!
Layah: Are additional COVID-19 measures or any other measures being explored to try and service the travel industry? And because it seems a safety right now is a bit of an issue.
Thats a really good question, we have just hired somebody to handle that area of the business, somebody by the name of Pharis. We’ll do an announcement about him soon, he is quite well known.
His job is to work with us on our ShareRing ID product, also one of the areas that we’re talking to a number of companies and governments about is using our identity management of what time products to help travel is effectively having a COVID passport when they travel overseas.
A number of countries have COVID passports already that they’re developing, but we’re looking at actually integrating it within the travel app. So that’s something that we’re actively working on at the moment.
In fact, we have some requirements back from a Thai company that’s working with us on it now. Definitely some exciting things happening there.Tim Bos
Layah: What are our advantages over the major competitors emerging in the shopping and delivery space, i.e. Google, Facebook, Amazon, etc. ? Especially in regards to US and European markets.
Our approach is to use the technology that we’ve developed in our platform to create an SDK, which is a plugin that anybody can put into their own app to have something like a COVID passport.Tim Bos
We’re talking to some of these larger companies about using what we’re developing.
Instead of us saying, hey you have to use our app, what we’re looking at is how do we integrate and have something that is ubiquitous across multiple apps, shopping systems, travel apps and things like that.
Layah: With more and more countries actually opening up for travel again. When do you guys plan to implement the travel?
In terms of when we’re going to launch the travel up again, a lot of it’s really up to our partners and less up to us. For example, when when COVID-19 happened, one of our partners on TripAdvisor (the viator product) had basically stopped all bookings. They are looking at starting bookings again, maybe at the end of June. But it’s sort of like a wait and see approach.
Our hotels partner has also got bookings on hold at the moment. So once we know that all of our partners are allowing bookings on the platform again, then we will actually start looking at launching our app again.
It is ready. It’s been sitting there waiting. We’ve actually been enhancing it and adding more functionality to it. Fortunately this blackout is actually giving us a chance to make it an even better app.Tim Bos
Layah: Are their currently any insurance partners that have implemented solutions provided by ShareRing into their systems?
We’re developing solutions and working with a couple of insurance companies for that. I haven’t finished implementing it at the moment, It’s still reasonably early development. We just finished doing the business analysis part, which was really the design of how the flow would work in terms of sign-ups.
The main areas where we’re working on is actually storing insurance policies, and doing the claim process using our blockchain technology.
Covid, funnily enough, has actually helped us in this area. This is because with our technology, people can apply for insurance and do their identity without having to go into the insurance shop or something similar to apply. It’s giving them a reason to want to try to use our technology as opposed to just sticking with what they’ve got.Tim Bos
When will the native SHR token be available?
You can you can buy it now in a couple of exchanges, Bitmart and then also Binance Dex. It’s available there and will be available on more exchanges soon.
We are talking to a few exchanges at the moment, but in terms of actually through the app and using the tokens we’re expecting that starting Monday. ShareRing Shop is also officially launching on Monday.
Then, we’ve made some major updates to the blockchain itself. It’s a huge update will change probably about 40 or 50 percent of the overall code. That’s that’s launching this week as well. So I think next Monday is a big day because they’re launching a lot of things.Tim Bos
As the SHR swap app is intended to provide a 3way swap between erc20-mainnet-bep2 does this mean sharering has decided to keep the erc20 version alive?
For now, ERC-20 will stay alive and BEP2 will as well. With the the app working really well when we launch, I don’t see there’s any real reason to move away from ERC-20.
If a lot of exchanges that support it, why push them to support our native ShareLedger technology when we can just as easily support ERC-20 for buying and selling SHR.Tim Bos
Layah: Have the team found that there have been more issues than expected to implement Tendermint / Cosmos with Shareledger?
Yeah, there has been. The issues that we’ve found were sort of what we’d call edge cases. There were things that we really didn’t expect to come up, in the way that we do some of the staking, as a result we’ve had to rewrite some of the staking modules.
Also when we started development, we expected Tendermint to be a lot further on in development than it really was. So all kudos to the Tendermint team, they’ve done an amazing job keeping the product updated and moving forward with the technology, as developing blockchain is not easy at all.
We’re very, very happy with what we’re about to release in terms of version 1.1 of the ShareLedger platform. It does use all of the latest Tendermint technology, plus a lot of extra stuff that were developed on top of it.
Interestingly enough, during our testing, depending on how you implement it, in a lot of our security checks we found a few areas that we weren’t quite happy with how it was done.
Particularly around creating new assets in the system, working through what the exchange rate between ShareToken and say, Bitcoin or other coins. We effectively rewrote those whole areas and we’re going to publish those on GitHub and open source soon.Tim Bos
When will there be a full breakdown about how staking will work?
Yes, we’re actually working on the documents now. We just wanted to make sure we got this version of ShareLedger finished. Staking is our next thing on the roadmap.
The first thing is the masternode holders have already staked a lot of their tokens, there’s some that haven’t done it yet and we’re working with them up between now and Monday to get their networks updated and to start their staking.
In terms of other people being able to pool with the Masternode holders, that’s definitely next on the roadmap and it will be built into the app itself.
There’ll be an advanced crypto area of the app where you can choose which Masternode holder you want to pool your tokens with. Then if you want to withdraw your tokens, there’s a two week delay in what is called an unbonding for those tokens. After 2 weeks you get the tokens back plus whatever you’ve earnt out of them.Tim Bos
Layah: With Thailand ShareShop scheduled to launch in July and London soon after, how is the onboarding of businesses going in these destinations
For everywhere except Melbourne, we’re launching ShareRing Shop through partnerships. At the moment, we have two very large partners in Thailand that we’re working with to launch ShareRing Shop there.
We’ve got a technology partner, an operations and logistics partner and then a retail partner. The three of us will effectively launch ShareRing Shop in Thailand first through this partnership.
It’s really through those partnerships that we will grow the ecosystem, ShareRing Shop and our travel product as well.Tim Bos
Layah: Domestic flights seem to be opening up all around the world right now in all countries, will ShareRing take advantage of this or you will be targeting more international flight destinations.
Some of our partners that we work with actually handle domestic flights and it’s something we have spoken to them about. Admittedly, the volume in terms of number of flights, number of transactions it would see and the revenue that we’d get from it isn’t nearly as high as what we’d expect from international flights.
It’s really a different market and the way you approach those markets is also quite different. It’s definitely something we will look at.
We are talking to a company in Thailand, an airline in Thailand who’s predominantly domestic at the moment, so there could be something that comes out of that.Tim Bos
Layah: The second phase (staking, distribution, slashing module and id creation) was planned for the 23rd of May. How did that go?
That was delayed, only because we focused back on fixing some of the issues that we have with ShareLedger. We do have staking from the Masternodes, as I mentioned before, they have staked.
The next phase is pooling. The staking technology is now written into ShareLedger and we’re right on time with that, that’s done. It’s just the client app that allows you to do your own staking.Tim Bos
Layah: What are the team’s expectations for Q3 / Q4 2020? Anything that you are able to share?
For Q3 and Q4, the big things for us really is ShareRing Shop and the launch / rollout of that. We’re expecting a lot of big things around that but I wouldn’t expect it to explode quickly, we don’t want to.
The worst thing that we would have is if we’re overwhelmed with orders or overwhelmed with suppliers or things like that, we need to really stage that properly.
The launch of travel I would expect to happen around late Q3, early Q4. As I said, we need a lot more to open up for the app to work. The other areas is obviously insurance and ShareRing ID.
For the ID system, we’re going to see a lot of new things coming out for that. As I mentioned before, we’ve hired someone really specifically to focus on ShareRing ID as part of our overall expansion programme.
They are really the four big areas that I would start to sort of expect to see things from us. I think the important thing is that we’ve finally finished the platform, we’ve finished the API, we’e finished the blockchain as well.
So now it’s time for us to really start getting out there and pushing the sales and the operations side of things to start showing what you can do with what we’ve developed.Tim Bos
Thanks for reading, we hope you enjoyed this AMA. A special thank you to Altcoinbuzz and Layah Heilpern for hosting us!
Where do I purchase ShareRing tokens?
Interested in purchasing SHR tokens? Then you can do so from the following exchanges:
Bitmart: SHR ERC-20
Binance Dex: SHR BEP2