The sharing industry has become a multi-billion dollar market, primarily driven by the success of car-share, vacation rental and bike-share services among others. However, irresponsible clients are leading to increased costs of these sharing services, thus hindering the development of this sector.
Also, reputation management for all these services is individually siloed in each company in a non-transparent and geographically centralized entity like a credit bureau. Layer Protocol seeks to transform that and provide a comprehensive reputation ecosystem that allows all sharing economy companies to work efficiently.
What Is LayerProtocol?
The inability to track irresponsible users and those with poor reviews mean that these bad apples are skipping from share service to the next one, thus slowing down the whole sharing ecosystem. Layer Protocol is designed to solve this issue through its decentralized and transparent reputation system, which will enable all companies to share each user’s reputation history conveniently. Most importantly, Layer Protocol can be adopted by current centralized platforms via the fast-developing Spin platform.
LayerProtocol LRX Token & ICO Details
The Layer Protocol project will use an Ethereum based token that is called the LRX for incentivizing reputation rating calculation, community administrative governance and also as the primary payment method. The total supply of tokens to be created for this ICO is one billion LRX, with 400 million being sold during the initial coin offering. Only 40% will be available for sale with a token price of $0.0375.
LayerProtocol Team Members
At the moment, the core founding team comprises of just three members. Euwyn Poon, a software engineer, entrepreneur, and lawyer, is the leader and he brings extensive experience in blockchain technology. The remaining two members are highly skilled in the ICT field, and they hold the positions of software engineer and product manager respectively. All team members are alumni of some of the world’s renowned universities. Also, the team consults with ten advisors, who are primarily made up of the top level executives from various crypto organizations.
LayerProtocol Reputation Sharing System Conclusion
Even though the Layer Protocol is still in its early stages, it is based on an excellent idea of making sure that clients who participate in the vibrant sharing industry market always act responsibly and honestly. Some of the prospective clients of this protocol are Airbnb and Uber, which makes it very attractive as an ICO. Also, LRX already has an active customer base, Spin, which will further help to improve adoption.