Article by:

Jeremy Hague

Bionic Reading

Community

ShareRing AMA with LBank and Tim Bos

July 25, 2020

April 13, 2023

In this ShareRing AMA, Tim Bos discusses ShareRing’s COVID passport, eVOA, DeFi, regional expansion and more with the LBank community.

Host Questions

1. How have you been able to onboard so many businesses and sign so many partnerships in such little time?

We establish partnerships on a regional basis. We have local partners in Thailand that have to led to joint ventures. This allows us to focus on the development while our joint venture partners can focus on the marketing, operational rollout, sales, and the business to business relationships.

The advantage of this is it allows us to scale into many different countries very effectively. Vietnam is next and we already have some great opportunities thanks to our salespeople in Vietnam.

2. LBank seems to be a very strategic exchange listing, can you tell us more about the decision to list there?

With ShareRing Shop launching in Q3 alongside 3 major Asian partners, listing SHR on a major exchange in the Asian and Chinese markets is essential to our efforts to expand in the region and serve the local crypto communities.

3. Can you tell us more about the partnership that is x3000 bigger than Dhipaya, the largest insurance company in Thailand?

Our partners are dictating the terms of the announcement schedule, and we are not at liberty to discuss further details about them at this time. Until then, we respectfully request the community be patient on this matter as we ramp up our release and marketing activities.

4. How will eVOA streamline my travels?

Firstly, the visa process can be done on your mobile through our app. This provides a streamlined immigration process that negates the need for the expensive and time-consuming process when you get off the plane. Additionally, fraud is mitigated with several extra layers of security in the back end including our blockchain (ShareLedger) consensus model that makes all data immutable and all but impossible to hack.

The key benefit of eVOA compared to a regular tourist visa is the streamlined entry into the country. The key cause reason is the ability to instantly purchase your eVOA at home and with online payment, through your mobile app. Additionally, eVOA holders use a dedicated fast lane to avoid waiting in long lines at the border.

5. How safe is my data if I use ShareRing?

ShareRing ID protects the user’s data by handling Know Your Customer (KYC) information through ShareRings self-sovereign identity protocol. With no central point to be exploited, the system is protected against hacking and fraud. Privacy is ensured as all data is encrypted and stored on the user’s device, not a central database.

Combined with technology such as liveness detection, the KYC check is foolproof, this allows for even more trust between merchants and customers within the sharing economy, as well as every industry in our ecosystem (insurance, charities, logistics, automotive, travel, marketplaces, cryptocurrency).

Short term with the pandemic, our transition into insurance and supporting COVID passports allows us to overcome the issue of trust with:

COVID tracking of individuals

Health certification

Proof of staff health

Secure identity for any part of your supply chain

Shops can scan individuals upon entry

6. When will I be able to download the app

For the ShareRing travel app, we are still waiting for our partners to accept bookings again. We expect to release the travel app later this year on the Android store first and then the apple store soon after.

Our ShareRing Shop is expecting to launch in Thailand in Q3 spearheaded by 3 large partners within that region to handle the operations and logistics of the marketplace. We expect the ShareRing Shop to be available globally by the end of next year.

7. Have you been working on a COVID Passport?

We aim to build on top ShareRing’s identity platform (which is already integrated with Thailand’s e-visa on-arrival system) a health/tracing function that can meet tourist and tourism providers needs to promote tourism, local commerce, government compliance, and safety.

ShareRing ID expertly verifies a secure identity AND provides consumer privacy along with government compliance. Some features include: COVID tracking for staff (airline, airport, hotels, shops) and travellers Health certifications stored on blockchain “Proof of Health” tied to QR code and secure identity for any part of your supply chain.

We can also attach services to the COVID passport, such as:

* Insurance

* eVOA application fee

* Hotel bookings

* Flight bookings

* PR/Marketing package for shops and tourist locations

8. What exciting milestones do you have ahead?

With our country-wide rollout in Thailand coming next month, we have many things planned. The majority of which is left to the discretion of our partners and customers due to NDA restrictions so they can prepare their product launches and marketing campaigns on their own terms, which we respect.

9. Can you provide more detail around ShareRing ID? What benefits does it provide to a merchant and a customer?

Signing up to ShareRing ID takes minutes, we also do not need to teach people how to use blockchain. You sign up, take a photo of your ID (say passport) and then do a liveness detection, which is like a selfie but you have to move your head, so we tell you to nod and then shake your head or say a word. Then we do OCR with one of our partners on the passport, we do a face match on their face to the passport.

We then fingerprint those bits of information and store that fingerprint on the blockchain, then we encrypt that information into a single file and that file is stored on your phone.

There’s an option to say, I want to back this up to my Google drive, my iCloud, my Tencent personal drive. So there’s an option for that and then they’re ready to go.

Let’s say there’s a random car sharing company and it says, do you have a ShareRing ID? I say yes and you can say download it from my Google drive and instantly they’ve got their ID that’s available within that app, so it makes it completely portable across different platforms and different apps as well.

10. How many users does ShareRing expect to have?

Many of our products are whitelabel solutions, so it’s difficult to put a figure on this one, as many companies will serve their existing and new customers with our tech, while their customers may not even know anything about ShareRing.

One of our partners alone expects to have about 30 million ShareRing ID accounts and over 45 million transactions a year. Thailand normally processes about 5 to 10 million e-Visas a year.

As we continue to bring our customers online in the SHR ecosystem, the numbers will grow. Our partners are eager to demonstrate the competitive advantages of their new products and services, and as a result the number of users on the network should increase accordingly.

Community Questions for SHR

The second-generation blockchain technology with smart contracts as the core can solve the current problems in the tourism industry. What is the value of SHR in the entire ecosystem?

ShareRing is utilizing smart contracts for a number of areas in the tourism industry, including our self-sovereign identity protocol, which is used for eVisa on Arrival applications, express hotel check-ins, express flight reservations and passport checks, insurance applications and claims, as well as our ShareRing Pay payment system that allows you to pay in any currency, including crypto, with very low fees. We are also working on some Defi products that allow you to stake and use it to pay for travel and shopping products.

2. Insurance claims can save a lot of social costs in smart contracts, and SHR must also be carried out on the track of insurance claims. Can the current technology of SHR achieve smart claims?

Yes, our ShareRing ID solution helps to achieve this through the secure application of different types of insurance, as well as storage of insurance policies and using smart contracts to simplify the claims process.

3. How does SHR convince token holders that the project can be running long-term?

We have good funding, we have a very experienced team of business leaders running the company, and we only spend money on things that will help with the growth and long term sustainability of the company. We also have some very large partners that we are working with to ensure the long term use of our products.

4. What are the consensus mechanisms of SHR? What are the benefits and advantages?

ShareRing uses a modified version of the Tendermint Framework. We use a Delegated Proof of Stake consensus mechanism with the ability to pool with masternode holders.

5. Compared to other projects, how does SHR support users in the secondary market?

We have a system called ‘flowbacks’. Because SHR is a utility token, it’s used by our partners and customers for any transactions that are performed on the network. Most of our partners don’t want to deal with crypto, so we will charge the transaction fee in Fiat and convert 100% of those fee’s into SHR on the exchanges, we will then automatically distribute that to the node holders.

This method ensure that we have a well balanced token velocity, whilst also creating scarcity with the tokens as they are purchased by our partners and transferred to the node holders and then back into the network.

6. How many users does SHR currently have in its community? Is it possible for this cooperation with LBank to increase the application of SHR or will there be further cooperation with LBank in the future?

We have about 15,000 people across our communities. We are definitely working with LBank to cooperate and increase the application of SHR into the future.

7. SHR already has strategic cooperation with Thailand’s electronic visa. Will it also cooperate in the same way in Vietnam?

Our plan is to have cooperation with a number of governments for our eVisa system, as well as our new COVID-19 passport and other tracel and immigration related tools we have developed. We also have cooperation with some very large corporations for our other successful products such as ShareRing Shop, which is launching in Q3 in Thailand.

8. Will the SHR project side have any views on the trendy phenomenon of DEFI， Will SHR make strategic adjustments in DEFI related aspects, and do you have relevant deployments?

ShareRing has had a DeFi product on our roadmap since early last year. We already run some basic DeFi through our currency exchange mechanism, but we will be adding liquidity pools and staking to it in the near future. Watch this space!