GSE NETWORK; DISRUPTING THE CURRENT SHARING ECONOMY WITH THE HELP OF BLOCKCHAIN TECHNOLOGY

INTRODUCTION

The advent of online peer-to-peer marketplaces and the sharing economy has had a tremendous impact on our world. These developments have disrupted traditional businesses and business models. However, we have witnessed the quick establishment of monopolies and other adverse effects that may seem to be natural consequences of how these marketplaces are formed. Decentralization and blockchain technology will give us an opportunity to rewrite how these markets are structured.

Peer-to-peer (P2P) applications such as Uber, Airbnb and many more are reshaping conventional business models and disrupting the major industries by cutting into their profits. The traditional business model which has thrived for decades had clear distinction between companies and customers where purchases of goods and services were facilitated through firms and middlemen. The biggest change the sharing economy has brought is eliminating the need for such companies merely acting as middlemen or facilitators by directly connecting producers with consumers.

The first issue we should examine is, why these markets tend to be dominated by monopolies or a small handful of large companies. I think the main important factors are the first mover advantage and network effects. The first companies that created great home-sharing or ride-sharing marketplaces had massive advantages over competitors who released products later. The effect of buyers (consumers) and sellers (providers) wanting to meet on the platform with the largest greatest number of participants combined with the first mover advantage which leads to a positive feedback loop that quickly consolidates users and value into a single platform, leaving competing platforms in the disarray.

The sharing economy challenges traditional notions of private ownership and is instead based on the shared production or consumption of goods and services. There is a new trend with people who don’t want ownership of assets and prefer to share assets basis with the convenience of their smartphone or laptop. The value of a product is beginning to be seen in terms of its use, not in its outright ownership, as per traditional consumer models. There is also an increased level of acceptance of used products due to the popularity of online platforms for buying and selling of used goods. Therefore, people are adapting a collaborative lifestyles in which not only goods are shared but people also share their time, space and expertise.

                      GSENETWORK DECENTRALIZING THE ECONOMY

GSENetwork mission is to create a decentralized trust network for the sharing economies based on blockchain technology by focusing on the global sharing economy as its launch pad, its aiming to build a decentralized trust network to solve trust issues that has burdened the growth and proliferation of the sharing economy. We envision that GSE network will seamlessly connect the interactions of every user, asset or service anywhere in the world.

As the sharing economy is entering the next phase of growth, the first generation sharing economy formed many new behaviors and benefits to providers and consumers alike lowering the costs of ownership, greater access to assets and services and opportunities for untapped markets. The next-generation sharing economy that GSENetwork is sculpting can be outlined using the three -pillar Infrastructure which are;

1. Decentralized Service (DService) Platform

We aim to be the key enabler of sharing economy businesses on the blockchain by providing a robust distributed service infrastructure for them to build on.

DService’s core components will be implemented as distributed systems in the following areas:

• Order Dispatching System

• Anti-Fraud System

• Multi-dimensional User Profile Rating System

• Transparent Pricing System

1. Incentive Model

GSENetwork aims to redistribute the externalities created by the ecosystem back to the ecosystem contributors. To build GSENetwork, we intend to forge strategic partnerships with sharing economy players of all sizes, to increase participation through integration of the sharing economy marketplace onto blockchain.

1. Trust Network

The incentive and tokenomics of the GSENetwork are set to increase user interactions, allowing GSENetwork to document more user activities and behaviour in creating a holistic trust profile of each individual user, forming the framework for the interdependency of the network and the users with a clearly structured tokenomics model, GSENetwork would return the locus of control to the user to determine the quality and quantity of data provided to the network and in return, receive the respective incentivization.

                               GSENETWORK TOKEN (GSE) ANALYSIS

The entire volume of GSE shall be 100 billion, with 0.0001GSE as the minimum unit, as follows:

● 40 percent of GSE will be set aside towards ecosystem building such as green-mining, strategic partnerships, ecosystem incentives, etc

● 20 percent of GSE will be allocated to the Foundation in order to provide support for community operations

● 20 percent of GSE will be released to private investors

● 15 percent of GSE will be allocated to the team

● 5 percent of GSE will be allocated to the advisors.

CONCLUSION

In conclusion, GSENetwork will need to accommodate as many participating nodes as possible so as to increase the security level of the data records. GSENetwork intends to adopt public chain technology, any number of nodes can participate in the recording and processing of data. In combination with economic incentives, GSENetwork has the potential to attract thousands of nodes to participate in the maintenance of the blockchain and creating a highly secure data logging mechanism. For more information on this project, the links provided below will really be of help.

Website: https://gse.network

Whitepaper: https://www.gse.network/static/media/whitepaper.pdf

Reddit: https://www.reddit.com/r/GSENetwork

Twitter: https://twitter.com/gselabofficial

Telegram: https://t.me/GSENetworkOfficial

Writer bitcointalk username: lumibaba

Writer bitcointalk address: https://bitcointalk.org/index.php?action=profile;u=2151502

Eth wallet address: 0x83b1556667E1A776Db4Eb9e9373c5Ea1F3308a24