At the core, the sharing economy and the blockchain enable people to work together without central control. The Autorize protocol will harness the blockchain to simplify, automate, and regulate the sharing of movable goods. This will pave the way for the future of sharing platforms.
Explaining The Autorize Concept
Imagine owning a luxury boat, it is a great way to relax but it is not something you can use in your daily life. In most days, it is just at the docks losing value. However, you could rent it, thereby transforming your liability into an asset.
This is the idea behind the sharing economy. It is a concept that has been utilized by Airbnb with great success. However, an apartment comes with low risk; there is no engine to ruin. However, your luxury boat could be run aground and ruined. For goods such as cars, boats, and others, sharing requires a lot of trust. This makes it almost impossible.
With the Autorize platform, the only trust needed is the assurance that everyone works in his or her best interests. The protocol used on authorize is based on decentralized arbitration. This helps to determine if the movable good is utilized as agreed. When a car is rented, the two parties agree to certain terms, which are secure on an Ethereum smart contract. The community gets to determine whether the terms of a contract have been followed.
In this transaction, there is no need for trust. This is because arbitrators do not make their choices based on the word of anyone. Rather, they validate a smart contract based on facts. The community will examine the date from sensors installed on the moving good. They will also check photos before and after the event. With this data, they can determine if a sharing succeeded or not.
The community is what drives autorize. This arbitration system is quite reliable, especially if there is money at stake. Arbitrators will earn autorize tokens (ATR) each time their decision turns out to be right. However, if they make the wrong choice, they will lose tokens. The outcome is determined by consensus amongst arbiters. Thus, they only trust is that everyone is seeking their own best interest.
Reliability Is Rewarded
When the community determines the share was a success, the renter and owner get a reputation. If the event fails, their reputation also suffers. The reputation is used to determine which service a renter can access and the price. The system also works for arbiters. Members with a high reputation get access to more opportunities and some rewards as well.
ATR tokens will fuel this economy. The renters will pay a security deposit and the rental fee in ATR. The owner of an asset will use the tokens to pay the autorize arbiters.
Autorize ICO Details
- January 29th – May 1, 2018
- May 7 – May 8, 2018, or until presale cap is reached
- A week after presale ends no later than May 14, 2018
- Ends June 14 or when the crowdsale cap is reached
- Soft cap: $5,000,000
- Hard cap: $20,432,492
- Token supply: 450,000,000 ATR