Welcome back to my WONO article series. After two already published parts (links at the bottom) the third one follows and I have considered for this article to shed some light on the question "What is WONO and how does the platform work?"
However, as always, I would like to point out that my articles are never and in no way any financial advice. They represent solely my opinion on a project nothing more, and I have studied them extensively for my purpose. As with any decision in life, everyone has to self-responsible to get their own opinion based on research. I leave the advice on financial matters to the professionals.
In my first article, I have already touched on the main aspects of the WONO project and will now devote myself to some practical applications.
The WONO platform will serve as a marketplace where users can trade, buy and sell tangible assets as well as services. First of all, the three most obvious examples are the renting of vehicles, accommodation/houses and the offering of freelance work and services.
In the classic sharing model, for example, a user rents an apartment and pays different fees that amount to around 50-70% of the actual value of the service. That's an incredible sum. Now many will shout: "NO that's not true, the fees are only 20% or less!". This is superficially correct, but if you look at the entire economic cycle so you can quickly get to 50% - 70%. There must also be paid taxes, exchange fees for the different Fiat currencies and of course, there are middlemen who have also earned a part of the cake with their work. WONO will change all these factors with the more direct method of just a single transaction between the two agents.
The second graph below shows that any form of "managing the water head", as we call it in Germany, has been cut off. The fees are thus reduced significantly to a minimum. The only thing left is the commision and the low conversion fees of the WONO tokens. Moreover, since tokens are not considered digital assets and not money, they do not have to be taxed, at least not yet. Thus, the first significant hurdle in the existing sharing market is eliminated, with the help of the WONO platform.
As a second critical point, which the WONO team attacks with their vision, I see the unfair division of the current sharing market. In a peer-to-peer market, there is merely no monopoly possible, and the users of the platform choose from thousands of offers their preferred one, and then they are in direct exchange with another person and not with a company in between. The big issue of "trust" also flows into this point. I want to take me as an example. In my active time abroad I used sharing platforms like "Couchsurfing". Almost always everything went as I wished. Now a few years later I started looking for my next trip, and so recently I dealt with this topic again and, among other companies, stumbled over Airbnb. I have no experience with the company myself so I searched for opinions and what I found there in the crowd were unjustified single account deletions, a zero communication policy and alarming degrading handling of users. I immediately refrained from using their service due to the massive amount of examples presented by former users.
I am looking forward to using the WONO platform for this very reason. Because of the transparent and unchangeable structure of the blockchain, there will not be such a thing, as we see today in almost all existing sharing platforms.
To create a clear and structured system, there will be different positions on the WONO platform itself. The user will be one of them, but also the physical values, such as houses, cars, motorcycles, and other goods will be put into separate categories there. However, that's not all.
Deals are an essential point for two users to reach an agreement at all. In an agreement, all conditions are fixed to which the two parties come together with each other. These are for example the price and the duration of the contract. The easiest way to describe this is to rent a car. Without a time frame and a sum to pay, nobody will want to offer their car or hire it. Besides, every happening must be recorded in the event of damage and in addition to that the necessity of insurance, needs to be fixed too. There are many other agreements which are filed in a deal. Should something not go as planned, there is the position of arbitrage. This will be a user decentralised voting system that helps to resolve a conflict. Each user can fill this position, but not in his own contracts on the platform, and I hope I don't have to explain the WHY here.
So for me, one of the most critical aspects of the WONO Platform is the rating system. It is just impossible to build a platform based on trust when there is no clear way how a user can judge whom he is dealing with and what the quality of the goods or services are. I have high expectations for this point in the WONO system and am very curious about the practical application. An uncensored non-manipulable rating system is one of the main pillars of the success of a P2P platform. This point will decide whether the WONO platform will be accepted or not. I hope that the WONO team with their machine learning solution has an ace up its sleeve and that we will finally have a genuinely fair and fully functioning rating system.
In my upcoming fourth article, I will continue to delve into the depths of the sophisticated WONO system and give you another insight as to why the WONO project will be one of the successful ones of the future.
Upvoting my work on Steemit does not hurt you, but it does mean a lot to me. Thanks a lot for this.
The following links will take you to all important pages and channels of the WONO project. Please form your own and most complete opinion on the companies official channels:
Website: https://wono.io/
Telegram: https://t.me/wonoworld
Facebook: https://fb.me/wonoworld
Twitter: https://twitter.com/wonoworld
Medium: https://medium.com/@wonoworld
Bitcointalk: https://bitcointalk.org/index.php?topic=3398728
Steemit: https://steemit.com/@wonoworld
Linkedin: https://www.linkedin.com/company/wonoworld/
Instagram: https://www.instagram.com/wonoworld/
Reddit: https://www.reddit.com/user/wonoworld
Github: https://github.com/wonorepo
Youtube: https://www.youtube.com/channel/UCiOBgJO_VZm-rDXLMi6IP2A
Whitepaper: https://wono.io/assets/i18n/en/wp.pdf
Check out my first WONO article here: https://steemit.com/deutsch/@desposyni/wono-the-blockchain-p2p-marketplace-for-everyone-part-1-overview
Check out my second WONO article here: https://steemit.com/blockchain/@desposyni/wono---the-blockchain-p2p-marketplace-for-everyone---part-2-the-upcoming-ico
