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WONO, a decentralized P2P platform that unites house sharing, car sharing, and online freelance marketplaces, plans to introduce an Ethereum based token that will further drive the growth of the multi-billion-dollar sharing economy.
The WONO platform will distribute income from middlemen to service providers, community members, and asset owners. The platform will also provide a new level of transparency in the sharing economy and improve trust among all market players.
While the sharing economy has already allowed for the more efficient use of physical assets, its growth has been stymied by infrastructure issues that the WONO platform has been designed to address.
These issues include taxation complications, unfair competition, labor exploitation and platform monopolies. The sharing economy also faces trust issues, as nearly 70% of Americans will not use a sharing economy company unless someone they trust recommends it.
Tokens earned on the WONO platform are not taxable until converted to fiat since, in most jurisdictions, tokens qualify as digital assets. This is one of several areas where the WONO platform distinguishes itself from traditional sharing services where asset owners are required to pay taxes.
WONO distinguishes itself from other blockchain based sharing services by not focusing only on a single market segment, where users need to exchange earned tokens for fiat money or other platforms’ tokens.
The platform has been described as uniting the functions of Airbnb; a home rental service, Turo, a car-sharing service; and Upwork, an online freelance marketplace. Its advisors include people who have worked for Airbnb and Turo.
The opportunity to earn and spend tokens within the platform will become the basis for future WONO token growth. Growth in the number of assets placed on the platform and in the number of users will impact the growth of WONO tokens.
Unique Platform Properties
Users can spend tokens inside the platform as long as crowd deal insurance and arbitration support token circulation within the ecosystem.
By using blockchain technology for escrow, WONO ensures transaction transparency and guarantees commitments. The platform also removes global transaction costs and cryptocurrency exchange fees.
Multiple Deal Offerings
The platform features several types of deals.
In a “direct” deal, the customer has a sufficient number of tokens to rent an asset from its owner or a service from a vendor.
In a “trusted” deal, the customer does not have sufficient tokens to rent an asset or order a service, despite the fact the customer has already served as a vendor in a previous deal. The value of the previous deal (not including commission) is equal to or higher than that of the current deal. With conditions satisfied, the customer pays the current security deposit using their own tokens. The platform then covers any additional tokens needed.
If the value of the current deal is less than the prior one, once the previous deal ends and the borrowed tokens are returned, the customer receives the remaining tokens.
In the case of a “back-to-back” deal, users can exchange their assets. The platform creates the deal automatically. Should the deal require an extra charge from one of the parties, the charge is paid at signing.
A “chain of deals” is a sequence of trusted deals in which the parties can act as a customer in one deal and a vendor in another.
Should arbitrage occur in a chain of deals, the platform cancels the deal, while all parties’ subsequent deals have payments returned excluding transportation costs, but without penalties. The platform releases its tokens from all subsequent deals.
The platform includes two types of insurance: for deal cancellation and for asset or third-party liability.
Any user can guarantee any deal, including their own. A guarantor takes a stake in the tokens, then receives the stake back once the deal concludes, in addition to a reward for insuring part of the deal.
The platform’s guarantor function insures against risks of deal cancellation, but not risks of damage to assets, deal parties, third parties or their own property. Professional insurers cover such risks.
While the platform’s asset and user scoring, along with KYC, provide a level of insurance, the WONO API and protocol enable transferring client and asset data to a professional insurer.
The platform also enhances the community’s ability to regulate transactions using crowd deal arbitrage and crowd deal insurance.
User Information Required, But Encrypted
To discourage criminals from using the platform, WONO prohibits anonymous deals. Users cannot limit access to their identifying information. If a user passes a KYC requirement, their information is encrypted after the platform scoring the unit approves it.
Pre-ICO And ICO Scheduled
The WONO pre-ICO begins on Aug. 6 while the ICO is scheduled for Sept. 3.
The maximum token supply is 79,166,667. The hard cap is $20 million while the soft cap is $7 million. The basic token price is $0.5. All unsold tokens will be destroyed.
Reserved tokens will be used as security deposits on exchanges and to support the token price.
3% of the tokens will be available after the ICO. The remaining 17% of the tokens will be blocked by the smart contract and released based on a 3-year vesting plan with a 1-year cliff initiated with the release of the proof of concept.
All funds paid by investors during the public sale will be available to withdraw following the crowdsale, minus Ethereum transport costs.
The funds raised during the ICO will be distributed automatically based on cost items to relevant smart contracts that will activate the financial control mechanism of escrow and limit fund withdrawals based on an annual budget.
Looking forward, WONO plans a referral program to attract asset owners.