It's been years of cryptocurrency evolving into massive and sophisticated business, we've seen features like P2P (peer to peer) which are the new wave of businesses which are most likely disrupting the world’s economy as a whole. We've definitely seen the likes of P2P businesses which have been adopted into household names in the past decade not limited to but includes such as Uber, AirBnB and freelancing websites e.g. Freelancer, Upwork and many more.
The sharing economy in 2014 generated a revenue of $15 billion and its probably expected to increase to $335 billion in 2025 which is according to a report by PricewaterCooper in 2015,
Juniper Research had also reported that all the most promising sectors for completely sharing a fully based economy currently are accommodation rentals such as (e.g. AirBnB), transportation (e.g. Uber) and services (e.g. freelancing work). These are therefore the main industries that WONO focuses on.
P2P businesses are obviously and significantly much more affordable than P2B businesses, for example. Staying in a AirBnB is somewhat 65% cheaper than staying in a hotel. This is most likely the main reason why so many people has chose to use with AirBnB but even so that 65% discount is quite ridiculous and can be reduced by way much more. The reason it is quite overpriced is because of the high commission rates that the so called middleman companies like AirBnB and Uber really do charge. These companies charge an average commission of huge 30-40% of the transaction. They can charge so much commission because they really have monopolized the industry and have a little more competition. This forces the service providers or asset owners to charge significantly more fees to cover the ridiculous high commission rates.
WONO has presents itself solely as the solution to this awesome growing centralization. As a Blockchain project, WONO will only charge 1-5% commission and they also aim to reduce the cost to the vendors and users significantly. It would be low charges because seeing it as a blockchain project, all transactions are run by smart contracts, and this way they bypass expensive middlemen companies (e.g. UBER or AirBnB) and allow customers to liaise quite directly with the asset owner.
The other benefit of a blockchain project like 'WONO' is the fact that it runs solely on cryptocurrency and definitely not fiat.
In most of the countries all around the world, cryptocurrency is still quite somewhat considered as a digital asset and not really money, hence it means that all WONO tokens exchanged in the system, is not really taxable until it is converted to fiat and if the token exchanges are done through private wallets, and not centralized exchange, its taxes cannot be monitored, which also means that as long as the WONO tokens are kept within the private wallet, and not converted to fiat. The person earning will probably not be taxed. In some countries like Australia, the tax rates could go up to above 40%, so bypassing the cost is another huge incentive for costs and charges to be the lowest globally on WONO.
WONO platform is really designed for numerous sharing industries, including rentals, transport, and services which are most promising P2P industries as i've mentioned above, but also the miscellaneous assets of anything. Potentially, a user can even rent out his/her car or some sport equipment for a day if that's what they really wanted.
User on the platform could play four different roles in the system.
Customer— this is the person who pays WONO tokens to hire or rent services.
Vendor— this is the asset owner/service provider
Arbitrator—is the the person acting a judge to settle disputes. Most deals on the platform would be fairly straightforward but if there is a dispute in any way, the deal will go to arbitration.
The system is programmed for automated arbitration for simple cases. E.g. The inability to finance a deal after committing to it.
But in cases that are less straightforward, these cases will go to “Open Arbitration”. An Open Arbitration is the process where many other token holders are somewhat allowed to examine cases and could vote for such outcome. Each and every arbitration will have just a 24 hours window period.
Arbitrators will be required to use own tokens to stake in their own right decision. And eventually, the larger number of tokens which has been staked will becomes the Concensus verdict of the community. Arbitrator who voted correctly and adequately, which may be the majority, will definitely receive their staked tokens back and also a reward from the commission.
It may seem quite weird to stake your tokens at first, it is merely just a mechanism to somewhat prevent people from trying to manipulate the system. The whole transaction is always recorded on the Ethereum network, these transactions information will be opened to free access and the verdict would be very clear. These staking is just to prevent intentional malicious like behavior.
4 Guarantor— The guarantor is a unique role of a neutral third party, who will guarantee or assure the vendors and customers that the deal will be completed successfully. Each and every deal will have a guarantor attached who would try to ensure a smooth transaction.
The role of a guarantor is very important because this ensure that whilst the whole system is being run by smart contracts, there will be a human overseeing each and every case. It will be like a shield over each and every transaction. Few of the reasons why some people may be afraid to use P2P business is most likely because they feel they can't trust the promises which has been made by the vendors. However WONO negates the risks by providing features such as guarantors in place.
WONO also have a 'reputation system'.
This is the reputation being built from several other different factors, which is including approvals, ratings from others, absolute reliability, activities on the platform, and also with different weights being attached to each and every different roles being played, etc. This reputation will affect the amount of the deal commission the user will receive.
Again, this is just a clever feature to filter malicious or very poor quality users then also promote some good behavior on the platform and to ensure a good and safe experiences for users.
The entire WONO network is known to use the Ethereum blockchain but except for the information which is crucial to users, all the other information is open and also secure. Assets which are listed on the platform will first have to pass through a 'proof of ownership' procedure.
The WONO app will be very easy to install also to use and will be available on all devices. Also will be compatible with login from most social media platforms like google, twitter, facebook, Instagram etc..
Team behind the project.
Their CEO is Alexander Esaulov, an entrepeuner who is also a marketing expert. He previously founded successful start-ups such as Greeder (products market place), Alex games and Burn to Earn (fitness reality shows) and SPb Fighters (MMa reality show).
Their COO is Andrey Chepelev who is currently also the Editor-in-Chief and project manager at Koelsa.ru. In 4 years, he raised the website’s monthly audience from 0.7 million to 2 million viewers and developed it from a small regional media into the number 5 automotive media site in Russia. He also previously worked with Alexander at Alex Games and Burn to Earn.
You can go through the rest of the team’s resume yourself, it’s a young team, but the roles and experience are well balanced between marketing and tech developers. In fact, they might be the first blockchain project that’s more marketing/ business heavy in leadership that I’ve seen. Which may go well in the currently blockchain space, where marketing is often neglected.
They have 5 advisors, who have a wide range of expertise ranging from blockchain marketing to legal advice to accommodation and travel expert. These are all guys with lots of experience and success in their various fields. Looks like a solid board of advisors.
This is their roadmap. It’s a long roadmap that goes until Q2 of 2020.
Most of 2018 will be developing their technology and services. Q4 when the WONO protocol will start publishing, so that’s what I would consider their MVP (Minimal viable product). An MVP is important to any Blockchain project because it proves to the world that their technology is really viable. An MVP significantly lowers the risk of investing in a project.
However, in a utility project like WONO, because the technical demands are not so high (as opposed to a protocol project for example), it is often assumed they will definitely be able to deliver on the MVP. The more important fundamental is to pay attention is their market penetration, partners etc..
Q1 of 2019 will be the launch of the WONO API, and Q2 2019 is the launch of the WONO trial version. It is only in the Q1 of 2020 that we would see the launch of the partner program, product strategy updates etc…
This is their token mechanics.
The ICO fundraising will be selling 60% of their total tokens. That’s quite a big proportion, usually, it is only 30-40% that could be sold. The significance of such a large percentage in this case actually means a lower market cap when they are launched. For example, the hard cap (so maximum amount to be raised) of the fundraising is $20 million. If the tokens sold was only 30%, then the estimated market cap when they hit the exchanges would be much over $60million. However, because the $20 million hardcap is 60% of their total, even if they reach hard cap, their initial marketcap, when they hit the exchanges, would only be $36 million. That’s very small marketcap for a multi-billion dollar industry. Which means there’s a lot of room to grow. So because it’s already 60% of total supply which is release, there isn’t any plan to release more tokens or further dilute the circulating supply anytime in the near future.
WONO token is set at $0.50 USD, so overall, I feel this is an awesome entry price for an ICO of the low marketcap.
The ICO already took place
Their Twitter has over 12k followers and official Telegram group has over 24k members. Social media numbers are important to note for ICOs, because the bigger the social media community, the more likely they will hit their hardcap and also the more likely the token will see a surge when it first hits the exchanges, as due to regulations and other factors, it is likely there will be a lot of people who are aware of this project but unable to participate in the ICO. With the big numbers in their social media already, I think this project should have no problem hitting their hard cap.
In conclusion, I think WONO is a project with massive levels of potential. I focus more on things not limited to but, include partnerships, their MVP at the end of the year and the 3rd party asset insurance.
The P2P market is a quite fast growing and lucrative industry, and we should see a lot of blockchain projects come up in this space. We’ve already seen some other recent projects like Blue Whale come into the space. Blue Whale is a very good P2P Blockchain project focusing on the freelancing community. WONO goes a step further in scope to include not just freelancing but rental, transport and miscellaneous P2P businesses as well. It is an ambitious project that is taking on giants such as AirBnB and UBER, and the amazing thing is why not? In an industry where people are using those services because they are cheap, WONO offers an even cheaper option by 30-40%. Simply because of the discount, people will pay attention to it. Furthermore, it is non-taxable in many countries and has multiple features to insure or safeguard the quality of transactions. I think WONO is a project worth paying attention to.
Let me know your thoughts
You can kindly read more about WONO through the links below
Website https://wono.io
WONO whitepaper https://wono.io/assets/i18n/en/wp.pdf
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