WONO is a decentralized P2P (peer-to-peer) platform for exchanging any property and services. Thanks to Ethereum blockchain and the Interplanetary FIle System (IPFS), the platform and community are decentralized, which allows users to interact without a middleman. In a nutshell, WONO combines the functions of online-marketplaces as Airbnb, Turo and Upwork using the blockchain technology.
WONO solves five major problems of sharing economy: high commissions, taxation of vendors, non-transparency of ratings and reviews, currency exchange loss and risk of fraud and deal cancellation.
It has been estimated that the sharing economy is currently worth around 15 $USD billion. By 2022 this figure is expected to reach approximately 335 $USD billion. The sharing economy has also been referred to as the ‘gig economy,’ the ‘platform economy,’ the ‘access economy’ and ‘collaborative consumption.’ <br> Although the terminology is not yet fully identified by everyone more than 72% of Americans would define this as a shared, on-demand, online service. The idea is to enable users to earn and exchange from underutilised assets.
Existing P2P monopolies are booming but have some obvious drawbacks: high commissions and fees for the user, centralization and non-transparency of deals, reviews and ratings, taxation for vendors and necessity the need to exchange currencies while travelling. <br> Consider for a moment that you wish to rent out your flat in the US on Airbnb and then rent a flat in Europe on a trip. You’ll have to pay up to 23% commission two times (it’s landlord plus tenant commissions which are always included in the price after all) and convert US dollars into euros. Moreover, if you rent out your flat more than 14 days in a year, add a tax which can be around 30%. Total loss is astonishing. <br> So here how it’s done on WONO. You rent out your flat signing a smart-contract. This guarantees that your customer will pay for the rental. WONO has a trusted deal mechanism which lets you spend tokens locked in your smart contract, and yet to be paid in future, immediately. So you choose any flat in Europe you like, don’t care about currency exchange (WONO token is the same in every country). What’s more, you as a vendor don’t care about taxes since tokens are non-taxable in the US until they are withdrawn.
Emerging blockchain projects against whom WONO is going to compete mostly focus on narrow segments, e.g. home rentals or freelancing. WONO aims to build a global sharing network, enabling users to earn and spend on the same platform, avoiding hassle, taxation and currency exchange. <br> Therefore, WONO users can earn and spend tokens on one platform which lets them never withdraw tokens and legally avoid any taxation or exchange loss.
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