WONO describes itself as a decentralized peer-to-peer(P2P) platform that enables exchange of assets and services without taxation and currency exchange costs. Users are not permitted to act as middlemen as the platform and the community are fully decentralized, credit to Ethereum blockchain and Interplanetary File System (IPFS).

P2P businesses are the new wave of businesses that are lighting up the sharing economy globally. Examples of this technology that have risen in the past decade include household names such as Uber, Airbnb, TaskRabbit, Upwork and Freelancer.

Successful examples of sharing economy platforms

The sharing P2P economy is a huge market with growing potential. The market’s value is already rising and a report by major audit firm PWC done in 2014 valued the market at $15 billion with the value set to rise up to $335 in 2025. Juniper research also reported that the fast growing sectors of the P2P sharing economy are accommodation rentals (Airbnb), transportation (uber services) and the freelancing work.

WONO focuses on the combined services of these companies based on the P2P sharing economy and intends to solve the recurring limitations hindering their growth such as lack of transparency in reviews and ratings, high taxation by the vendors, high commissions generated by the middleman, deal cancellation and fears of currency exchange fraud and loss.

Can the sharing economy be made better?

The existing model of sharing economy platforms have a number of weaknesses

P2P businesses are cheaper than P2B (peer-to-business) as they connect vendor to customers directly bypassing the middleman. This leads to more profits for the vendor and lesser expenses for the customer for example staying at Airbnb which is a P2P business is by average 60% cheaper as compared to staying in a hotel and is this is a major motivation as to why people are adopting the P2P businesses. Facts point that even the 60% discount is still an overcharge and can be reduced much more. The 60% discount is arrived at because of the high commissions charged by the middleman in this businesses such as Airbnb and Uber. These companies charge up to 30–40% of every transaction which is much but they get away with it because they have monopolized these markets with little competition. This forces the vendors or asset owners to charge little bit more in order to realize profits.

WONO offers a solution to this problem. As a blockchain project it will only charge 1–5% commission on this transactions enabling the vendor to realize more profits and customers to incur less costs. WONO charge such low commissions due to its inclusion of smart contracts that by-pass expensive middlemen such as Uber and Airbnb allowing customers to deal directly with the asset owner.

WONO runs on cryptocurrency, WONO tokens. Around the world, cryptocurrency is still considered digital asset and therefore WONO tokens are non-taxable. The users pay and earn tokens on the WONO platform that never allows for withdrawal to avoid any taxations. To make sure that WONO tokens are never withdrawn from the platform, WONO tokens have a varied range of use from the rentals, transportation, services and miscellaneous assets that could be basically anything trading on the platform. Countries like Australia charges taxes of up to 40% on currency exchange which makes by-passing of the tax on WONO platform by not withdrawing a cheap alternative worth exploiting.

The WONO ecosystem

WONO allows users on its platform to play four roles that are the customer, vendors, arbitrators and guarantors.

The customers pay WONO tokens to rent or hire services. The vendor is the asset owner, the service provider or the freelancer. The arbitrator plays the role of the judge to the system that solve disputed deals. Most deals on the platform go smoothly as per the smart contracts agreed between the customers and the vendors.

• Abitration:
  However, in case of violation of the smart contracts the deals go to arbitration. The WONO system provides for automated arbitration on straight-forward cases where the affected parties in the disputes can easily be identified such as the cases of cancelled deals. In less straight disputes, the deal goes to open arbitration where other token holders are allowed to examine the dispute and vote justice or rather the right outcome. Arbitration is always open for only 24 hours and arbitrators have to stake their tokens after which they vote for the right decision. The winners are rewarded back their stake plus a small additional commission and the staking is done to avoid malicious characters that may want to manipulate the system.

• Guarantors:
  The guarantors are a mutual third party that guarantees and assures both the customer and the vendor that the deal will go through as planned and fairly. They place stakes for fortunate deal termination and earn bonuses. If the deal is off, the stakes are used as compensation for the affected party. Each deal on the platform sees a guarantor attached to it because on its termination the guarantor receives a cut of the commission. The guarantors in WONO platform offers a human oversight role that makes the customers feel safe and trust the system that their deals are successfully terminated unlike Arbnb and uber where the customers might feel exposed in case of deal cancellation because of little trust in their systems.

Reinforcing Trust in transactions

The WONO system also upholds reputation of its users. This is based on elements such as transparency, reliability, guarantee, arbitrage, activity, approval and cancellation. These elements are the basis of rewarding reviews and ratings of different user roles and improve on good behavior on the platform in bit to try and improve on its services.

WONO network is based on the Ethereum blockchain and all information is open and secure except for information that is crucial to the users such as their personal information. This makes every transaction on the blockchain to be open and secure. All assets listed on the platform goes through ownership approval procedures. This brings in the insurance claim for assets on this platform as WONO have partnered with external insurers to maintain their assets in case of damage.

Take Away

I noticed an intuitive feature built within the WONO platform. This feature offers data collection and depersonalized reports. Users who agree to the report generating program are rewarded with WONO token and their data is used in a decentralized way once they are pooled. The pooled data allows for artificial intelligence to analyze and learn from it to make recommendations to businesses including market forecast and preferences of users. This WONO feature combines blockchain technology to artificial intelligence.

Important Links

You can join the WONO online community to learn more. Here are the important links;

Website
Whitepaper
Bitcointalk
Telegram
Twitter
Facebook

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