The age of decentralized technology has arrived and they have been taking on their incumbent centralized counterparts. Sharing economy has led to an unforeseen and pronounced rise in popularity of private rental. Airbnb and Uber are perfect examples of platforms that exemplify this economic shift. Private rental industry, a subset of the sharing economy is its fastest growing sector. Private vehicle rental industry alone is poised to reach a worth of $90 Billion by the year 2020. Vehicle rental industry is dominated by a small number of platforms who charge enormous fees, sometimes as high as 25-35%. Adding to this they save transactional data on their database and often it becomes a target for theft.
HireGo offers a solution to P2P vehicle rental that leverages smart contracts to ensure user security and transparency.
What Is HireGo?
HireGo positions itself as the first private car rental application in the emerging decentralized sector. They have a vision to set high technological and usability standards for the car hire industry, providing a professional, secure platform to connect like-minded individuals.
HireGo essentially is a decentralized P2P marketplace that allows its users to lease their vehicles in a trustless and secure environment.
Simplicity and security is the first priority for HireGo. Payment is made in advance and help in an escrow contract on the Ethereum blockchain. Disputes are directed to the HireGo resolutions team. However, the technical complexities are hidden from the user. HireGo app will be released on iOS, Android and web and will allow users with little or no knowledge of blockchain technology to seamlessly access the HireGo rental platform.
HireGo Blockchain Car Rental Sharing Advantages
Blockchain based user identity assures the users of the platform are genuine and trustworthy. All the user’s activities will be stored on the blockchain, creating an indisputable record of a user’s conduct.
HireGo only covers for the direct costs associated with running the application, hence making it a truly decentralized application.
Use of contractual code running on the Ethereum network removes the necessity for a middleman and allows users to conduct trustless rental transactions.
The marketplace will offer various insurance options for users which will be provided by trusted industrial partners. This provides the user with peace of mind by protecting them from financial costs incurred from unexpected collision or damage.
As the cars become IoT ready, future versions of HireGo contract will allow physical access to the vehicles to be governed by ownership of the essential tokens.
HireGo HGO ICO Details
Go Token(HGO) is the in-app currency and any value exchange on the HireGo marketplace will be conducted using these tokens. HGO conforms to the ERC20 standard and a total of 100,000,000 tokens will be created, 60% of which will be available for the ICO. Token will be available for purchase on existing cryptocurrency exchanges and HireGo will also provide a fiat-HGO gateway to facilitate the exchange from national currencies.
The ICO starts on March 4th 2018 with the base value of 1HGO being 0.00025 ETH(1 ETH = 4,000 HGO). Hard Cap of the ICO is 11,836 ETH. The token distribution will take place as follows:
- 60% of the tokens will be allocated for the ICO.
- 7% is reserved for HireGo app early birds.
- 15% is for the founders
- 10% goes out to the team.
- 8% is for legal, advisors and other third-party services.
Mass-adoption of decentralized products have already begun and the blockchain technology has pushed products to take a different path. HireGo has plans to lead this revolution in sharing economy. With plans of the product launch in the third quarter of 2019, HireGo is on its way to trailblaze this path.
Find out more about the platform and participate in their ICO on their website hirego.io/