The sharing economy took a nasty hit when the COVID-19 pandemic. While many prominent companies and business involved in the sector has largely do largely grind to a halt, one particular crypto asset has been quietly and busily making serious developments in both its infrastructure and partnerships, ready to enter the sector with full force once pandemic subsides. Although largely remaining under the radar, this crypto has a lot of potential to truly disrupt the foundations of the sharing economy. To investors, this crypto has a certain program that can allow any holder of its token to earn passive income for life!
In this ShareRing price prediction article, we will take a look at ShareRing (known on CoinMarketCap and CoinGecko as the ShareToken), its price, its development, and strategic partnerships, as well as its tokenomics to see what makes it a possible hidden gem.
CoinMarketCap began to track the price of the ShareRing token, SHR, back on November 26, 2019. It had an initial price of $0.003, and it stayed around that mark for most of the first half of 2020. Then around mid-July, I had a medium parabolic run, reaching an all-time high of $0.04956 before decreasing throughout the rest of that summer. It then suddenly spiked up again, reaching around $0.03755 before again falling. The price continued having a ‘lively’ activity throughout the fall and winter months, with minor pump, only to fall back down.
It wasn’t until around mid-February of 2021 when the price began to experience a serious parabolic run. Then on March 30, it reached a new all-time high, $0.09664, almost $1! However, since then, it has been experiencing a steady decline in price, exacerbated by the sudden price crash in Bitcoin in mid-May of this year.
Current Price, Market Cap, & Supply Details
At the time of writing this article, and according to CoinMarketCap, the price of ShareRing has been hovering around $0.02. It has a circulating supply of 2.31 billion, but its maximum supply is 6,434,460,140. Keep note that only around 33% of the total supply is on the market. You will see why this is significantly down below.
It has seen a +0.56% increase in the last 24 hours, with a +6.30% in the last 7 days. Its current market cap of what is currently in circulation is at $52 million, while its fully diluted market cap is $142 million.
A thing to note is that officially the SHR token is an ERC-20 token residing on the Ethereum blockchain. However, it also has a portion of its supply on the Binance Chain (not to be confused with the Binance Smart Chain), making that portion a BEP-2 token.
This section analyzes the price forecast on both a short and long-term basis. That being said, when it comes to analyzing prices from various sources, the conclusion can be confusing. In the case of ShareRing, while most paint a relatively positive price outlook in the long-term, that is not so in the short-term. In fact, Wallet Investor predicts a very bearish outlook.
Tredingbeast.com is somewhere in the middle. While it does boast a price increase in the future, it expects it to stall between the $0.03 – $0.04 range within the next few years.
Why is this case? The most major factor is because ShareRing is a relatively new crypto asset. Its platform, app, staking reward, and other features are still in development and will require time before it can take a slice of the sharing sector.
Short Term Forecast
Long Term Forecast
Based on the chart above, it clear that the price is expected to go up a bit, although not by much. The price seems to be struggling to surpass the $0.03 mark. However, for anyone who bought at around $0.02, they are in profit.
2022 is expected for the price for a fare a bit better. Based on the chart, the average percentage increase is 77.95%, not bad at all price. Although similar to 2021, the price does seem to struggle to surpass the now resistant $0.04 mark
As we get to 2025, the price does seem to be doing better. It is forecasted that the average percentage increase will now be 102.38%. However, it does appear that in some months, the price can fall back to the $0.03 area.
The SHR token is not widely available when compared to other tokens. That being said, it does have the luxury of being listed on some of the most popular exchanges. These are Binance DEX, Bittrex, KuCoin, Bithumb Global, BitMart, Bilaxy, and ProBit Exchange. If you are looking for a decentralized exchange, Uniswap Version 2 provides liquidity for SHR.
The forecast for the price of ShareRing is to say, not bad, but not good either, at least when compared to other crypto assets. So then it begs the question; is ShareRing a good investment? If you are looking to make a hefty profit in the short term, the simple answer is no. Based on the charts, it seems that holding onto some SHR requires investors to be in it for the long haul.
This is just one problem. Considering that the price for SHR has decreased significantly and if the price prediction forecast doesn’t really portray a positive outlook, why then should any investor even consider ShareRing? To answer this question, you will need to look into the SHR’s tokenomics and its flowback program.
Although this article early stated that ShareRing is attempting to enter and disrupt the sharing economy, while this is true, it is also not entirely accurate. The ShareRing app that is in development is not just for the sharing economy. Rather, by focusing on ID verification and certifying your health status, the ShareRing app can be used in other areas, such as the traveling sector and even in online shopping. That is ShareRing’s goal; to develop a sound verification system for all personal information, including official documents such as car licenses, passports, national ID, and even COVID test results.
Unlike other ID verification providers, ShareRing uses blockchain technology to cut out any intermediaries and allow its users to have full control over their personal information. A unique ID tag will be tied to the information and scanned documents that you provide, which will be located on your phone. Neither ShareRing nor the government or any of the businesses will have access to your information.
The way this works is simple. Say you provided all necessary documentation and personal information on the ShareRing app, and you want to book a flight and hotel room. You would use the ShareRing app to book a flight. The government of the country where you want to go on vacation dictates that unless you have a COVID test result that shows negative, you will not be allowed in. No problem. You already did a COVID test that is recognized internationally and had it scanned on the ShareRing app.
By using the app to book flights, the blockchain will recognize your ID and transmit it to both the flight company and government, acknowledging that you have a negatived COVID test result, and hence, you are allowed to book a flight to that country, all without you passing any personal information to either organization. The system does that for you. The same goes with the hotel you booked. The system will acknowledge that you have all the necessary information that the hotel needs in order to book your room. All you need to do is just show up, and using a QR scan, will allow you to check-in, all without the hotel ever receiving any personal information from you.
ShareRing is also developing its own stablecoin for its ecosystem, called SharePay (SHRP). It will be used as a payment for goods and services between the user and the service provider. SharePay will minimize the cryptocurrency-related complexity on the platform as well as its price volatility.
When it comes to partnerships, ShareRing has signed up with several key organizations that give it credibility for this start-up to be taken seriously. The first major partner is Viator, which it signed up with last year. Viator is a major Tripadvisor company, making it easy and secure to find and book incredible tours and activities.
The second major partner ShareRing signed up with is Tencent, major Chinese telecommunication and internet-based conglomerate. This partnership cannot be overstated. Tencent is a $500 billion company (2018). Together, they will be developing ShareRing self-sovereign ID and documentation verification. To legitimize this partnership, Tencent made an announcement of it in its own press release in November 2020.
A third major partnership ShareRing has recently up with is Rakuten, a major Japanese electronic commerce and online retailing company. Rakuten will open its doors to its over 600,000 hotels to all of its ShareRing users while it, in turn, will provide self-sovereign ID verification to anyone booking rooms to any of the company’s hotels. Like with Tencent, this partnership cannot be overstated.
There are other partnerships that ShareRing has established, but these three are the most important ones worth mentioning.
One of the most interesting things about ShareRing that is attracting investors is its Flowback program. This is not an innovative strategy. Other crypto assets have their own flowback/buyback program that provides staking, master nodes, validators, and more. However, ShareRing amplifies it, allowing any token holders to have more of a share of the profits.
ShareRing is trying to make a presence in the sharing economy but is currently focusing on the $9 trillion travel industry. In this industry, ShareRing is attempting to integrate the fractured services that it provides to travelers through the ShareRing app, a one-time place to book your hotel, plane, car rental, and more.
To understand how Flowback works, let us use an example. Suppose a person wants to go on vacation to Paris, France. That person would use the ShareRine app to book a flight, hotel room, and rental vehicle. Each booking requires 3-4 transactions, with each costing $0.06 – $0.08. So for booking a flight, hotel, and rental car, that cost $0.54 – $0.96. This charge will then be used to buy SHR tokens on the market at whatever price it is that that time and then be equally split into two. The first half will go to the SHR team and its founders, while the other half go over to the master nodes as a reward for processing the transactions on the blockchain. In addition, any user who holds SHR tokens and stakes them onto any master node will also receive a portion of those rewards.
This $0.54 – $0.96 is only from one user. Now let’s suppose there are millions of people using the ShareRing app and travelling. This will generate millions of dollars from transactions. As explained, all of that money will then be used to buy back SHR tokens from the market and give it to the team, master nodes, and any staked SHR holder. This will decrease the amount of SHR tokens on the market, and using basic economic theory, the less there is in supply, the more valuable it will become. So for any SHR token holder, buying and staking them on to a master node will not only allow you to earn passive income but also watch as your tokens increase in value!
For more information on Flowbacks, you can watch this video:
ShareRing was founded by Tim Bos, Rohan Le Page, Peter David, Neville Christie, Jane Sadler-Kidd, and Barry Brewster.
Bos, David, Christie, Sadler-Kid, and Brewster were already working on developing Keaz, a car-sharing and rental technology provision solution, in 2014. The creation of this start-up meant that the founders had familiarized themselves with what was needed to help consumers take advantage of specialist software for car-pooling, ride-hailing, and vehicle rentals.
Tim Bos has extensive experience in running start-up companies. His first start-up was back in 2004 that focused on GPS tracking telemetics. He then focused on the sharing economy in 2010 with a peer-to-peer caravan rental business.
Rohan Le Page, on the other hand, has an extensive history in the automotive industry and served as ShareRing's chief operating officer until June 2020.
The rest of the ShareRing team hails from a wide range of disciplines and includes a mix of developers, engineers, designers, marketing experts, and more.
In conclusion, ShareRing is working fast to get its self-sovereign ID module up and running for the eventual ease and opening of borders. It is expected that once people are able to travel, more and more people will be using the ShareRing app and its unique self-sovereign ID. And since it has partnered up with some of the biggest enterprises in both internet-based technology and the travel industry, it gives it further credibility to the legitimacy of what ShareRing is all about and what it is trying to build. However, this is still a working development.
Currently, the team is testing out the app and also the staking program for all token holders, with the former releasing testing sessions before its eventual official announcement. That being said, the only way Flowbacks can succeed is if there is mass adoption of the product and service. Therefore, holding onto SHR tokens should be considered as a long-term investment.