WONO is a decentralized P2P platform for exchanging any property and services. WONO ico Review.




Introduction

WONO is a decentralized P2P (peer-to-peer) platform for exchanging any property and services. Ethereum blockchain and the Interplanetary FIle System (IPFS), the platform and community are decentralized, which allows users to interact without a middleman. In a nutshell, WONO combines the functions of online-marketplaces as Airbnb, Turo and Upwork using the blockchain technology.

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What is WONO?

  • Decentralized P2P marketplace for rentals and freelancing;
  • No middlemen or currency exchange loss;
  • Thousands of opportunities to earn and spend.

We are building a scalable platform that achieves the following:

  • Builds a bridge between the virtual world of cryptocurrencies and the real world, letting users to go freelance or hire freelancers, hire or rent out cars and real estate, exchange theater subscriptions or gym memberships, and much more;
  • Creates a horizontally structured market and redistributes income from middlemen directly to service providers, asset owners, and community members;
  • Offers a whole new level of deal transparency and access to information for each transaction, thereby generating trust among market players;
  • Eliminates currency exchange fees and international transaction costs, reducing travel and business trip expenses;
  • Introduces new blockchain deal formats, including deal chains and deals with trusted payments;
  • Strengthens the role of the community in system regulation using crowd deal insurance and crowd deal arbitrage.

WONO PRODUCT

Idea

In creating WONO, we were inspired by the home-exchange (house-swapping) concept. Few people are aware that the “Live Like a Local” slogan, later popularized by Airbnb, originated with house swappers. Airbnb is an icon of the sharing economy and, along with Uber, one of the most criticized companies on the market. The main pressure points, to name a few, are high middleman commissions (3% landlords and up to 20% for tenants) and a lack of trust between owners and renters.
The explosive growth of a shared economy after 2008 led several major companies to financial success, although initially, the income was expected to be distributed another way.

According to research by Latitude Research and Shareable Magazine6, there are four main reasons why sharing economies grow:

  • Technology: Large-scale sharing communities exist only when they are based on Web and mobile technologies since they provide high-speed contacts between members and demand-supply balancing. Shared consumption, P2P rentals, and barters existed long before the Internet, although it’s obvious that twenty-first-century technologies allowed these models to scale globally and made sharing economies a significant part of the global economy;
  • Ecological problems: The sharing economy is part of the sustainable consumption concept. Many people who consume collaboratively believe their choice is more responsible in the context of environmental protection. In other words, sustainable consumption is part of responsible living;
  • Economic threats: Many experts predict a new global recession in the near future. Collaborative consumption leads to saving money, and it’s crucial during periods of crisis or a slowdown in economic growth. The idea of saving money doesn’t conflict with the contribution to society and the environment. Both these approaches are important to people taking part in sustainable consumption;
  • Community: Online interactions and the social media revolution have broken down trust barriers and made people more open to the idea of sharing something with a stranger. The Internet helps build a worldwide community.

PRODUCT REVIEW

Here and elsewhere:

  • All sums on the platform are calculated in tokens do not include mining transportation expenses (Ethereum gas);
  • User: a registered user of the platform. Each User profile is stored as an entity in the WONO User’s Ethereum smart contract;
  • Asset: the physical asset or a service offered by the User and stored in the Ethereum network as a smart contract;
  • Deal: the conditions of an Asset rental and payment management mechanism stored in the Ethereum network as a smart contract;
  • Reputation and Rating: an open field of User, Asset, and Deal entities that describes their qualities;
  • Arbitrage: – a deal cancellation dispute mechanism using decentralized voting, stored in the Ethereum network as a smart contract;
  • Commission: the platform operator’s reward;
  • Customer/Vendor Security Deposit: a sum in tokens, equivalent to a commission, which is locked in a Deal until it is terminated or cancelled;

WONO MEDIA PARTNERS


Market Analysis

Around the world, a new wave of P2P, on-demand-driven businesses is disrupting established markets. Whether renting cars or homes or providing micro-skills in exchange for access or money, consumers are showing a genuine interest in a sharing-based economy.

The sharing economy includes numerous and varied services and business models that have
branched out from the following original core groupings of services:

  • Accomodation;
  • Transportation;
  • Services;
  • Finance;
  • Goods;
  • Software and digital entertainment.

Main Markets

According to Juniper Research, the most promising sectors for a sharing-based economy are rentals (both customer and corporate), transportation and services.

Realty
The sharing of residential properties has become increasingly popular over the past four to five years. Much of it relates to the success of one of the industry’s largest players: Airbnb, which was launched in the United States in 2008. According to PwC, 6% of the US population have participated as consumers in the hospitality sharing economy, and 1.4% have participated as providers.

Transportation
While many traditional taxi services now offer apps for bookings, for the purpose of this research, we will only focus on private vehicles being used to disrupt the transportation industry, with drivers seen as contractors rather than employees.
Online ride sharing platforms have been successful due to their use of a large volume of vehicles driving around with a perceived spare capacity. By pressing the idea that drivers can make additional revenue and that users can help protect the environment (as well as receive an efficient on-demand service), these ride-sharing companies have garnered a significant uptake.

Sharing Services
Market analysts have forecast strong growth in the services sector. They have predicted that by 2027, the majority of the US workforce will be freelancers. About 50% of Millennial workers are already freelancing today.  2017 in the United States, freelancers were responsible for an estimated $1.4 trillion of the economy. If we compare that with 2016, we’ll see an astonishing increase of 30%. Currently, more than 57 million people in the United States work remotely, with the number going up every minute. In 2017, the total number of formally identified remote workers exceeded 57 million.


WONO SOLUTION

  • High commissions
    Platform’ commissions can be up to 30%. WONO offers 1%–5% commission, which is profitable for owners and investors.
  • Currency exchange loss
    Parties that are in different countries lose money converting currency for a deal. At WONO, you always pay and get payments in tokens and don’t sponsor banks.
  • Lack of trust
    On centralized P2P platforms, ratings and reviews are not transparent. WONO offers an open, community controlled system.
  • Risk of fraud or deal cancellation
    Users of traditional services have no guarantees that the deal will be completed and that they will be compensated in case of cancellation. WONO smart contracts guarantee that the conditions of a deal will be met. Crowd insurance and crowd arbitrage systems provide compensation if the deal is cancelled.
What problems does WONO solve?
WONO solves five major problems of sharing economy: high commissions, taxation of vendors, non-transparency of ratings and reviews, currency exchange loss and risk of fraud and deal cancellation.
What needs to be disrupted in sharing economy?
Existing P2P monopolies are booming but have some obvious drawbacks: high commissions and fees for the user, centralization and non-transparency of deals, reviews and ratings, taxation for vendors and necessity the need to exchange currencies while travelling. <br> Consider for a moment that you wish to rent out your flat in the US on Airbnb and then rent a flat in Europe on a trip. You’ll have to pay up to 23% commission two times (it’s landlord plus tenant commissions which are always included in the price after all) and convert US dollars into euros. Moreover, if you rent out your flat more than 14 days in a year, add a tax which can be around 30%. Total loss is astonishing. <br> So here how it’s done on WONO. You rent out your flat signing a smart-contract. This guarantees that your customer will pay for the rental. WONO has a trusted deal mechanism which lets you spend tokens locked in your smart contract, and yet to be paid in future, immediately. So you choose any flat in Europe you like, don’t care about currency exchange (WONO token is the same in every country). What’s more, you as a vendor don’t care about taxes since tokens are non-taxable in the US until they are withdrawn.
What is the difference between WONO and competitors?
Emerging blockchain projects against whom WONO is going to compete mostly focus on narrow segments, e.g. home rentals or freelancing. WONO aims to build a global sharing network, enabling users to earn and spend on the same platform, avoiding hassle, taxation and currency exchange. <br> Therefore, WONO users can earn and spend tokens on one platform which lets them never withdraw tokens and legally avoid any taxation or exchange loss.

How does WONO work?

WONO user can simultaneously act in four roles:

  1. Vendors: rent a property or perform jobs as a freelancer.
  2. Customers: rent your property or post jobs.
  3. Guarantors: make stakes for successful deal termination and earn bonuses. If the deal is cancelled, the stakes are used as compensation for the affected party.
  4. Arbitrators: determine the affected party in disputes.

For blockchain services in single market segments (e.g., home rental or freelance), WONO users don’t have to withdraw tokens from the system and lose money on token/ coin withdrawal and conversion.

WONO is the blockchain service designed for minimization of earning and spending in fiat money.


oken

WONO is a utility token based on the ERC20 standard. It is used for all transactions among the participants of the WONO ecosystem (the WONO platform and DAPPs, based on the WONO API). WONO can be used for the following activities:

  • Paying for Asset rent or services;
  • Paying platform fees;
  • Crowd deal Insurance;
  • Crowd deal arbitration

Token Distribution
Maximum token supply is 79,166,667 which, in case the $20,000,000 Hard Cap will be reached and will be allocated in the proportions presented below:

 

Reserve Fund
Reserve fund tokens will be activated only after the WONO team reaches the KPI: 500,000 active users. The reserve fund will be used as an instrument of the postponed project funding. The arrangements described in sections 5.3, 5.4 and 5.5 exclude token price manipulations and pressure on it by the owners of the project or any related parties impossible.

Unsold Tokens

All unsold tokens will be “burnt”. Depending on the fundraising scenario the allocation scheme changes. Less funds are raised.


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Khadija Akter
Crypto and ICO analyst

Thanks for Reading My Article. i m a Crypto and ICO analyst of Viral News Today Team.

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