In this SHRAMA with CryptoDiffer, Tim Bos & Timothy Kingery discuss ShareRing’s partnership with Tencent Thailand, a transaction forecast, and more!
Q&A with CryptoDiffer
Q1: Can you explain a bit more about the partnership with Tencent Holdings?
Sure.. we’ve been working closely with the Tencent team in Thailand since the start of this year. Initially, it started as just a technology discussion about how we can utilise some of their OCR technology, but as they learnt about what ShareRing are developing, we started collaborating on our and their technology more, with a specific focus on the ShareRing ID product.ShareRing CEO Tim Bos
Since then, we’ve been working together to build our joint technology, as wel as a number of joint sales opportunities, mostly around COVID tracing, Visa on Arrival and some banking opportunties
Q2: What makes ShareRing’s competitive vs other b2b tech solutions?
Good question. It differs, depending on who we are speaking to, but we’ve found that our ‘privacy by design’ methodology, as well as the core technologies of ShareRing ID, ShareRing Pay, etc and flexibility of our platform help us to get in the door and get a lot of the very large partnerships.
We also have a team that have a lot of experience working with large enterprises.ShareRing CEO Tim Bos
Q3: What do you expect in terms of transaction volume over the near quarter? Next year?
That number seems to change every day, depending on the status of the partnerships we have. We’re currently ramping up from a few thousand per day, and expect to hit 500,000+ per day in the next few weeks.
Beyond that, we have a pipeline with millions of tx included. For example, one of our eVOA projects could give us about 5,000,000 new ShareRing ID accounts per year, and each of those would have multiple transactions each.. that’s just 1 project.ShareRing CEO Tim Bos
Q1: Can a small retailer use the ShareRing platform to offer their products? Is it possible to do this worldwide or is it limited to certain countries?
This is the plan as we begin to roll out Shop to more countries. We began in Australia with a soft-launch, and that has been recently acquired by another company who intends to whitelabel the solution and expand it to the rest of the country there.ShareRing Communications Manager Timothy Kingery
It is free for retailers to list their products, free for anyone to use, and we will have a referral/affiliate program for community members to help us expand to new cities beyond Australia and Thailand
Q2) Why do we need an intermediary like ShareRing Pay to make payments? What advantages does ShareRing Pay offer to sellers and buyers?
Is it not enough to send funds from one wallet to another?
ShareRing Pay is a flexible stablecoin that allows for micropayments, receiving payments and paying out in any currency.ShareRing Communications Manager Timothy Kingery
With our own fiat liquidity pools, we’re able to provide very low FX fees.
Q3: How do you plan to increase the demand for the ShareRing token in the future? What incentives have you taken to attract new users?
Much of the demand for SHR will come from the fees required to pay for the transactions on the network.ShareRing Communications Manager Timothy Kingery
As transactions increase, more SHR will be purchased from the open market via ‘flowbacks’ to be distributed as rewards to stakers and node operators.
Q4: You can say a little more about your team I see a group of 5 people on the whitepaper, are there is more in the background?
In order to answer as many questions as possible, we’d invite you to our website at https://sharering.network to learn more about our awesome team 🙂ShareRing Communications Manager Timothy Kingery
Q5: What necessitated the Smart Contract Upgrade of SHR token? Was there any bug found in the old ERC20 contract address? Have you done a series of tests and back-tests on the new contract address?
Can you throw more light on the non-inflationary nature of SHR flowbacks and your holding incentives? How do these features benefit long term holders?
The original ERC20 token we created years ago was not compatible with Uniswap and some of the bigger exchange’s deposit contracts. So the upgrade was necessary in order to enable these.ShareRing Communications Manager Timothy Kingery
I’m not aware of any bugs or incompatibility issues with the new contract.
Non-inflationary means we don’t pay our rewards out by inflating the supply as most proof of stake tokenomics do. We take fees from the customers operating the network to reward our users with, rather than printing tokens and diluting the supply.
Q6: Why does the crypto token SHR still use blockchain Ethereum when it’s slow and high gas volume? Do you have a plan to run mainnet or convert to another blockchain in the future?
We’re on Ethereum mainly for trading and liquidity purposes, our mainnet token will be much more efficient.
Our mainnet is up, you can check out our block explorer as the transactions ramp up.ShareRing Communications Manager Timothy Kingery
Q7: Are there advantages over the emerging big rivals in shopping and delivery spaces, i.e. Google, Facebook, Amazon, etc? Especially related to the US and European markets.
Amazon and those larger brands want to own those businesses and take large cuts as intermediaries.ShareRing Communications Manager Timothy Kingery
We are designed to be whitelabeled and integrated into other businesses or platforms as easily and cheaply as possible
Q8: You told people don’t have to know about blockchain. Do you have any plans to spread SHR usage? Like spending on amazon or any other sites easily?
All of our products are designed with ordinary users in mind. We want to bring the benefits of blockchain to as many people as possible without requiring them to learn anything about bitcoin, private keys, etc.ShareRing Communications Manager Timothy Kingery
Q9: ShareRing uses a multi-token mechanism. What prompted you to choose this approach? What is the utility of SHR and SHRP tokens within your ecosystem?
SHRP is needed to handle the payments and FX side of things, SHR is needed to handle our rewards and maintain our network.ShareRing Communications Manager Timothy Kingery
SHRP is better suited as a payment medium as it is stable, unlike SHR which is dictated by the market supply/demand/transaction vol.
Q10: The governments of some countries consider Blockchain as “the development of a country!” So, since ShareRing is a blockchain of modern technology. Do you think that governments will take the services of ShareRing for the development of their country?
Some of our products are specifically geared toward partnership and collaboration with governments, so yes this is definitely a focus of our sales team.ShareRing Communications Manager Timothy Kingery
Many countries have expressed an interest in upgrading their infrastructure, especially in travel and ID applications. We’ve got our foot in the door with Thailand and have been speaking with others.
Q11: ShareRing services are coming to countries like Spain soon?
Our initial focus is in the ASEAN region, but yes, beyond that we intend to make this widely available to other countries, including Spain.ShareRing Communications Manager Timothy Kingery
Q12: Can we use the SHR wallet to hold BTC or other currency? How strong your privacy? Like, google authenticator, phone verification & fingerprint option all available?
Our wallet will hold a variety of currencies and cryptocurrencies, we have several blockchain partners integrated already and will likely integrate more in the future.ShareRing Communications Manager Timothy Kingery
Our privacy (and security) is top notch, and one of our main USPs, I strongly recommend reading more about our unique ID and data verification methods.
Q13: When will the block explorer be live (as we have mentioned your 500k daily txs tweet and an influencer couldn’t believe the number and said it’s fake. When will the collab with WeChat app be available?
Our (beta) block explorer is up! Check it out! https://explorer.shareri.ng/ShareRing Communications Manager Timothy Kingery
As far as WeChat, I don’t have any answer for you there
Q14: Why did you choose Tendermint Framework for ShareRing blockchain? What features did ShareRing get using Tendermint?
Tendermint was one of the best framework solutions for what we planned to build. However, on it’s own it lacked many of the advanced features we needed, so over 60% of the code is our own for our proprietary ShareLedger blockchain.ShareRing Communications Manager Timothy Kingery
Tim would have to speak more on what all features were missing, but unless you see them in other Tendermint projects, I’d say we likely built it.
Q15: Where can I buy the $SHR token? is already listed in the big marketplace for #ShareRing.
A list of exchanges is in our main channel (https://t.me/ShareRing) pinned message, we are available in all markets globally from some of the biggest exchanges and well-recognized names in crypto.ShareRing Communications Manager Timothy Kingery
Q16: Any update on your discussion with 10 separate governments?
Close to NDA?
I’d like to share more but large companies and especially governments are extremely sensitive about discussing these matters before they are ready to publicly announce.ShareRing Communications Manager Timothy Kingery
Unfortunately we cannot share many details until this happens, even though we’d love to share our excitement.
Q17: How many ShareRing ID accounts are there today? How many do you plan to achieve by the end of 2020?
Today I don’t have an exact number, as most would be the result of our Shop and partner product testing.ShareRing Communications Manager Timothy Kingery
By the end of 2020 we were shooting for around 100,000 ShareRing IDs, and with a little help from our community to get the ball rolling, we may still get there, or sometime shortly after.
We’ll have a promotion to help kickstart things and reward those who help expand our community.
Q18: Do I understand correctly that the user’s data in the ShareRing ID is stored on the user’s device? What happens if the device is lost or damaged?
ShareRing IDs can be restored with backup seed words or a QR, which the user is instructed to save during setupShareRing Communications Manager Timothy Kingery
Q19: The travel industry seems to be a crowded yet fragmented market. I am glad to know that there is ShareRing, a noble project that aims to take the hassle out of travel by streamlining processes and fusing a highly fragment market using blockchain technology.
However, there is a large misconception among a lot of people outside the crypto space about blockchain. For many, blockchain is an intimating concept, one that requires advanced or special knowledge.
How does the team plan to tackle this major challenge towards mass adoption? Also, how do the teams plan to deal with the regulatory requirements which may vary from city to city and country to country?
All of our products are designed for those with zero experience or desire to learn about blockchain.ShareRing Communications Manager Timothy Kingery
We design all our products and services with regulatory compliance in mind.
Several of our products are designed to restore travel and normalcy despite COVID, including our World Open Passport (COVID pass), and Shop.
If there is another lockdown scenario, we are better prepared now to help small businesses stay open and keep shoppers safe.
A huge thank you to everyone who attended, and CryptoDiffer for hosting us!
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Where do I purchase ShareRing tokens?
Interested in purchasing SHR tokens? You can do so from the following exchanges:
Bittrex Global: SHR BTC & SHR USDT
KuCoin: SHR BTC & SHR USDT
Uniswap: SHR ETH
ProBit: SHR BTC & SHR KRW
Bithumb Global: SHR BTC & SHR USDT & SHR ETH
Bitmart: SHR BTC
Binance Dex: SHR BEP2 & SHR BUSD
LBank: SHR BTC & SHR USDT