THE BLOCKCHAIN PLATFORM FOR THE GLOBAL SHARING ECONOMY - GSE NETWORK
As of April 2017, there were 3.8 billion internet users. However, over 4.087 billion people currently make use of the internet, and the percentage of internet users has increased by at least 7% in 2018 alone. This is a 7.65% increase in people using the internet in less than a year. The number of social media users in 2018 has been up by 13%, thus equating to over 3.297 billion.
This directly translates to more economic activities involving online transactions. The global sharing economy which is also often referred to as the gig, collaborative and platform economy, has been expanding tremendously over the years and is currently metamorphosing the workforce form. This can be attributed to several factors such as employers' interest in contract employment, millennials seeking more flexibility and control, reduction of labour cost, and on-demand high skilled labour etc.
According to research, it has been predicted that the sharing economy will make up for about 43% of the U.S workforce by 2020. Despite the growth of the sharing ecosystem, the current model is still centralized with several challenges such as lack of protection, high intermediary fees, trust gap, huge advertising costs as well as lack of risk mitigation. These challenges have had an adverse effect on the growth of the sharing ecosystem, and also enfeebled the safety of the end-user. In light of the aforementioned challenges, it is pertinent to plan for the long-term by building an ecosystem that will not only address the current challenges but also revolutionize the sharing economy. This can be achieved with the utilization of blockchain technology because it caters to a distributive, permanent ledger that is immutable, secure and transparent.
Having identified the current issues that have further limited the growth of the sharing economy, GSE network aims to leverage on blockchain technology to address these issues. GSE Network aims to utilize blockchain technology to provide a fair, transparent and decentralized trust network for the sharing economy
GSE NETWORK ECOSYSTEM
GSE Network believes that the sharing economy is currently prepared and ripe enough for the next development stage, and at such a decentralized and robust platform is required to cater to the needs of this prospective growth phase. Due to this, GSE Network proposed a three-pillar infrastructure which comprises of the DService, Incentive model and Trust network.
Below is a brief explanation of the make-up of the three-pillar infrastructure.
Decentralized Service Platform
GSE Network aims to provide a decentralized and robust platform for the sharing economy. The platform will provide traditional businesses with the requisite tools and services needed to effectively run their businesses. The Decentralized Service platform will provide a DApp environment for all the stakeholders in the sharing ecosystem
The main components of the Decentralized Service platform are; order dispatch system, anti-fraud system, multi-dimensional user profile rating system, and transparent pricing system. These components will be executed as distributed systems.
One of the major advantages of the GSE Decentralized Service Platform is that developers will be able to build decentralized applications that will enable users to seamlessly carry out various activities such as the purchase of products and services, create their own listings etc.
Incentive Model
This a revolutionary green-mining model to mine tokens through user engagement in the network. Users who partake by transacting, sharing and contributing to the ecosystem will be incentivized by getting rewarded in GSE tokens because of their green mining activities.
This approach will further motivate users to further participate in the ecosystem. In order to make this a reality, GSE Network aims to collaborate with the several stakeholders in the sharing economy. This approach engendered the very first strategic partnership the GSE Network was able to seal with Ofo.
Ofo happens to be the world's largest bike sharing platform, and GSE Network was able to partner with Ofo to drive the 'Ride & Earn' Green-mining campaign in Singapore. This means Ofo users will be rewarded with the GSE tokens.
Trust Network
One of the advantages of blockchain technology is the transparency it creates during transactions. Through the utilization of blockchain, the tokenomics and incentive model created by the GSE Network, there will be an increase in user engagement. Due to this, the GSE network will be able to efficiently create tailored individual profiles based on their activities in the ecosystem, thereby reflecting the true nature of the individuals.
TECHNOLOGICAL FRAMEWORK OF THE GSE NETWORK
Below briefly outlines the technological stack of the GSE Network. The framework is divided into three different layers namely the mainchain layer, DService layer, and application layer. Each of these layers with their respective functions.
Mainchain layer - This is the core layer of the network. It is the blockchain of the GSE network. It is the layer that is responsible for managing the engagement and interaction of all the participating nodes in the network. In addition, it empowers all the participating nodes in the network to autonomously carry out their activities and also provides the smart contract.
In other to further enhance the security rate of records within the ecosystem, GSE Network would accommodate many several nodes willing to participate, because all the nodes in the network would be responsible for processing transactions and agreeing on the uniformity of the processing results. However, it's possible for the number of participating nodes to increase over time which might, in turn, affect the duration of transaction processing, and also considering some applications. Due to this, GSE Network decided to utilize the DPoS consensus algorithm to reach consensus.
DService layer- The DService layer comprises a variety of basic smart contract that is running on the blockchain nodes. It provides several smart contract templates for top-notch applications. This means that developers can easily leverage the already provided smart contract templates without having to worry about starting from scratch.
The DService layer will provide the necessary service and support needed for traditional businesses to thrive.
Application Layer- The application layer is the upper layer within the stack. It consists of a variety of shared economic applications. With the help of the DService layer, users can easily port and expand the shared applications on the application layer.
Examples of the shared economic are the ofo bike-sharing applications, Airbnb, Uber etc.
TOKEN
The GSE Network token (GSE) will function as a multi-utility token that will be used to fuel the GSE Network Ecosystem.
Conclusively, having done a holistic analysis of the GSE Network, it suffices to say that the GSE Network is set to disrupt and revitalize the sharing economy.
Kindly visit https://www.gse.network/ for more information.
Whitepaper: https://www.gse.network/static/media/whitepaper.pdf
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