Majority of the human population has caught the blockchain fever, in that the invention provides monetary services that no organizations have ever provided. According to reports, it is expected to hit 20 trillion USD net worth by 2024 and as a result of this, it was tagged as one of the most promising technology. However, the goodness of this technology cannot be overemphasized such that, almost all industries we have today have adopted this technology to bring answers to their industrial problems. Likewise, GSENetwork has also emerged to utilize the efficiency of blockchain potentials to bring solutions to the problems in the Sharing Economy sector.
GSE Network aims to build a decentralized trust system for the sharing economies incorporated with blockchain technology. It aims to proffer a way out of the Economic sharing problems and it does this with the aid of the powerful digital technology. The advantages this will give the system is security and transparency, and this would fortify the system for its users. By placing more emphasis on the global sharing economy, the platform seeks to create a decentralized trust network to address trust issues that has limited the growth and expansion of the sharing economy. The GSE network will aid the interaction of every user, service or asset at different parts of the world.
Blockchain Powered platform
The platform uses blockchain technology as the enabler which facilitates the seamless exchange of value through a decentralized medium, eliminating the need for a dominant intermediary. The unique benefit of blockchain technology is its ability to power software applications including the smart contracts, in a decentralized and secure peer-to-peer network that is not managed by a dominant party.
With the exponential increase in the rate of adoption of the Internet over the past two decades, it became a platform that facilitated the genesis and rise of the sharing economy. Driven by a shift of emerging trends, the quest for new experiences, economic benefits, increased environmental and social awareness, the sharing economy has seen phenomenal growth.
However, as the sharing economy continues to grow in scale, so have the associated challenges and obstacles. The urgent goal is to fix the key issues that have hindered the growth of the sharing economy.
- High intermediary fees
At its core, the sharing economy encourages the efficient utilization of resources to build social capital. The current structure of the sharing economy business model is made up of centralized platforms which gather and package resources to cater to consumers and providers, charging both parties high intermediary fees for this service.
- Trust Gap
Not even the unicorns of the sharing economy have escaped controversies that threatened trust in their users, the platforms and the products (rides and rentals). Uber has made headlines over drivers’ dissatisfaction and Airbnb has had to deal with a myriad of complaints as well.
- Monopolistic and fragmented landscape
When a company has conquered a significant market share, the lack of industry competition may lead to complacency and a self-beneficial strategy which creates a disconnect between the brand and their consumers.
- Lack of risk mitigation
In the event of disputes between the provider or user, the intermediary should have a mediator role to play. Yet often, the process to get assistance is not straightforward. Other factors such as human bias, discrimination and poor judgement may come into play that could cloud a central arbitration process.
The GSE 3 PILLAR Solution
GSENetwork plans to use a three-pillar model to revolutionize the sharing economy. They include the Decentralized Service (DService) Platform, Incentive Model and Trust Network:
DService Platform offers a robust distributed service infrastructure that supports the sharing economy businesses based on blockchain technology. The implementation of the core components of DService will take place in the following areas; Transparent Pricing System, Anti-Fraud System, Multiple User Profile Rating System, and Order Dispatching System.
Incentive model brings in a modern approach to mine tokens via user engagement on the platform. This his will cause all the transactions done in the system to be reward based.
Trust network enables the users to build their own trust profile and at the same time receive their reward in form of GSE tokens. This will help the platform to give users control, and a chance to add to the quality they provide to the system.
The GSE Token
The token of this platform is referred to as GSE. The system will generate a certain amount of token at a regular interval. The process is influenced by two major activities in the system: first, the participation of users in the Green Mining activities, while the other is the nodes’ involvement in accounting operation. In each specified period, the generated token will be shared among these two categories of users depending on certain proportion. GSE serves as the medium of exchange on the GSENetwork as well as providing the economic benefits which will be utilized to encourage stakeholders to contribute their quota to the growth and development of the platform. By 2019, it is expected that the platform would have undergone several transformations such as the Launch of the Public Chain, Mapping of ERC-20 to GSE Public Chain, Launch of Wallet 4.0 to provide support for DApps and the total migration to GSE Public Chain.
The usefulness of any project can be measured by it’s ability to solve problems. The GSE network project aims to create a decentralized sharing platform that will completely revolutionize the global sharing economy, and help facilitate the creation of an independent network of providers and users; where investors will have a safe haven for their investments and all the users will be satisfied with incentives thereby maximizing profits in a secure investment environment.
I will like to say, at this point, that the ideas presented in this article is just a summary of the enormous possibilities that the GSENetwork project holds and offers to corporate entities and even individual users. I, therefore, strongly recommend everyone to read through the GSENetwork whitepaper for a better grasp of this prodigious venture. Below are some other useful links to help you keep abreast with the GSENetwork project.
Telegram : https://t.me/GSENetworkOfficial