How the GSENetwork Improves on the Current Sharing Economy

In our present day, our lives are being overruled with the Internet as it makes all our day to day activities become much more simpler than ever. One of the major sectors that was being taken over by the Internet was the coming of the Sharing Economy.

Sharing Economy is an economic model that often defined as the peer-to-peer (P2P) based activity of acquiring, providing, or sharing access to goods and services that are facilitated by a community bases online platform. -Investopedia

Sharing Economy is the exchange of goods or services over the internet between the users and they are being joined together by a common market place. This type of marketing is usually denoted as the peer-to-peer based. This could be in a form where the parties mutualize access to products and services rather than having an individual ownership.
Examples of such are common in our daily lives and a few notable examples include the Uber, AirBnB, DogVacay, Liquid, GetAround and so on.
This has been a very great success as it made life much more easier to us but there are a few number of challenges that hinders the further growth of the sector. This problem needed serious addressing and a few examples of them included the

• High Fees of Transaction - most of the current platforms that offer sharing economy services normally charge fees that could be outrageous to its participants for the utilization of its services
• Trust Issues - this is a very great human factor and it hinders the growth of the Sharing Economy. There is a lot of dissatisfaction with the usage of most of the services, sometimes a user offers what is usually very substandard. Other cases include fraud, criminal activities of consumers that could endanger lives.
• Compartmentalization and the fragmentation of services- This means that most of the sharing services are so myopic that they don't communicate or interact with one another. For example, A fully registered Uber user has no business with the services of Taxify and he has to re-register on Taxify if he is going to utilize it.
• Lack of risk mitigation and settling of disputes- with services that offer such sharing services, there bound to be disputes between the consumer and the merchant, there has to be a committee that tends to solve such cases. But in most of the platforms, these committees are usually either very inefficient or could be swayed by bias or poor judgement.

The major concern is to fix this current issues that plague the Sharing Economy and that where the platform in the name of GSENetwork comes into place.

What is the GSENetwork?

This is a blockchain-based platform that has the sole aim of tackling the transparency, fragmentation as well as the trust issues that plague the Sharing Economy. With the use of the blockchain technology, there will be the elimination of the central party and the utilization of the smart contracts to control and regulate the peer-to-peer transactions. As such, there will be the total elimination of the High Fees of Transaction, as well as the integration and defragmentation of most of the sharing services and eliminate the human factor.

What Makes GSENetwork Unique?

The uniqueness of the GSENetwork that makes it very adaptable and have a very promising future to forever change the face of the Sharing Economy include

• Decentralized Service Platform or DService - this is the blockchain component of the platform and its very adaptable to allow developers to create sharing economy DApps. This was made possible with the use of the Delegated Proof of Stake Consensus Algorithm. There will be distributed systems that focus on strengthening the platform and they include

1. Order Dispatching System
2. Anti-Fraud System
3. Multi-dimensional User Profile Rating System
4. Transparent Pricing System

So this service is meant to allow a DApp ecosystem where companies, users as well as third parties service providers and the mobile apps to interact with one another.

• Incentive Model - this was made in order to distribute incentives in the form of the GSE tokens to the ecosystem contributors in the form of a project called Green Mining. This rewards were made to encourage users to join the sharing economy and they will be given these incentives when they transact and share.

• Trust Network - this will be able to record all users activities and behaviour profiles to be able to create a sort of trust profile for the users and this will now allow users gain more trust in one another as more and more participants flood into the system. So with this users will be able to determine and quantify the services they need or don't need.

Token Details

The main token of the platform is the GSE tokens and this is the native cryptocurrency of the GSENetwork. It's an ERC20 token based on the ethereum blockchain. The token was made specially to be used on the GSENetwork platform only and being a holder of the token has no rights at all and its only serves to be a medium of interaction between a user and the platform. The total supply of the GSE token is about a 100 billion and its ICO has already taken place and its already trading.
The tokens were distributed in the manner below

• 40% for green mining, strategic partnership, ecosystem incentives as well as other activities that boost its ecosystem
• 20% for the foundation to provide support for community operations
• 20% for private investors.
• 15% for the team and,
• 5% for the advisors.

Conclusion

Thus, with the coming of the GSENetwork platform, it will pave way for the further growth of the sharing economy with the increased trust levels as well as the elimination of large transaction fees and other issues being tackled by the system. With the use of smart contracts, there is the elimination of 3rd parties and this will ensure that the user gets the best service ever offered.

For more information, please visit
Website: https://gse.network
Whitepaper: https://www.gse.network/static/media/whitepaper.pdf
Medium: https://medium.com/@gselabofficial
Twitter: https://twitter.com/gselabofficial
Reddit: https://www.reddit.com/r/GSENetwork
Telegram: https://t.me/GSENetworkOfficial

Author - hamzeto
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