In the general understanding, the sharing economy can be defined by three characteristics. That is, it involves temporary access to physical goods through peer to peer interactions. The sharing economy enables users to monetize the underutilized resource capacity by renting it out. On the demand side, buyers benefit from convenient access to resources without the cumbersome need of actually owning the resource. Owing to the benefits that accrue from the sharing economy model, there has been substantive growth in the sector, with a report from PwC projecting that the sharing economy will hit $335 Billion by 2025 . The key players in the sector that you are likely to be familiar with are Uber and Airbnb. The growth of the sharing economy will be driven by new adopters who offer a better market solutions to incentivise user adoption in order to survive the cutthroat competition from established early adopters. As such, sharing economy will permeate new sectors beyond the transport and hospitality industries.

The problem with the centralized model of the sharing economy

Ideally, the peer to peer model should ensure that the users of the sharing economy share its ecologically benefits mutually and fairly. However, this is not the case as latest user reports show. Currently the successful sharing economy Companies have grown into profiteering behemoths by playing the intermediary role between buyers and sellers through their online platforms, a service they offer at exorbitant costs. These platform costs are eventually passed down to the users. Apart from profiteering, intermediaries in the platform are plagued with arbitration problems which leave customers dissatisfied with the platform.

Customers are increasingly getting dissatisfied by the long and inefficient mediation process that follow trade disputes. One may ask, In the first place, why aren’t there sufficient measures to curb fraudulent activities?

Introducing WONO

In a bold move, the WONO founders conceptualized an ideal platform, that would facilitate the peer to peer transfer of value , devoid of the problems that plague the existing ecosystem such as high intermediary fees, inefficient cross border payments and unwarranted taxes.

Users in the wono ecosystem are classified into four classes.

• Vendors: rent a property or perform jobs as a freelancer.
• Customers: rent your property or post jobs on the platform.
• Guarantors: create stakes for fortunate deal termination and earn bonuses. If the deal is off, the stakes are used as
  compensation for the affected party Arbitrators: confirm the affected party in disputes.

These four parties create a healthy balanced ecosystem, which is self sustaining. Most importantly, the system prioritizes service delivery over profiteering, a fact that is bound to attract the global freelance user base.

Leveraging blockchain technology to solve the pain points of the existing sharing economy model

Project Information

Token :WONO
Price 1 WONO = 0.5 USD
Bonus Available
Platform Ethereum
Accepting ETH
Soft cap 7,000,000 USD
Hard cap 20,000,000 USD
Country Malta
Whitelist/KYC KYC & Whitelist

In brief, the WONO platform offers to solve the following pain points of the existing sharing economy.

• High commissions,
• Tax collection of merchants,
• Lack of transparency of appraisals and surveys,
• Currency exchange loss
• Extortion and deal termination.

The WONO platform will use blockchain based smart contracts which facilitate direct deals between the customers and asset owners. The WONO platform charges 1-5 % of commission for every transaction, which is substantially lower than the existing industry standard.

The WONO platform will run on its own cryptocurrency, the WONO tokens, which are classified as digital assets. WONO tokens represent a wide range of real world assets from transportation services, rentals and miscellaneous services. By using the tokens within the platform without making withdrawals, users are able to gain in two ways.

• Avoiding the costs of currency exchange or the inconvenience s of cross border payments

• Legally Avoid taxes; By limiting withdrawals of WONO tokens from the platform, users can legally evade taxes by retaining their tokens on the platform

Conclusion

For the traditional freelancer, WONO presents the best solution to avoid exorbitant platform fees and the unnecessary operational costs associated with cross border transactions. Additionally, the freelancer will benefit from a universal user base available on the WONO platform.

For the customer who seeks convenience and pocket friendly services, WONO is the solution. Most customers are worried by trust issues of dealing with strangers. WONO's rating and arbitration system will sufficiently handle any disputes that arise from unsatisfactory services or the risks of fraud and deal cancellation.

In this article I try to present in brief the solution WONO brings into the sharing economy. If you want to learn more, join their online community. I have included the relevant links below.

Website: https://wono.io
Whitepaper: https://wono.io/assets/i18n/en/wp.pdf
Telegram: https://t.me/wonoworld

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