WONO Review

COMMON

What is WONO?

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.

What problems does WONO solve?

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.

Why did you found a sharing economy startup?

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.’
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.

What needs to be disrupted in sharing economy?

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.
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.
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 What’s more, you as a vendor don’t care about taxes since tokens are non-taxable in the US until they are withdrawn.

What is the difference between WONO and competitors?

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.
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.

PRODUCT

How do you deal with proof of ownership?

Any asset within WONO must have a clear connection with the user. Thus, an asset must pass the proof of ownership procedure. Information that is crucial to the user is encrypted after the platform scoring unit approves it and is non-readable and used only for compliance testing until its next update.

How does Crowd deal Arbitration work?

The Arbitrator takes part in a Deal’s Arbitrage using security voting. The Arbitrator’s mission is to determine which party to the Deal should be fined and which one gets a compensation at the expense of the Deal’s guarantee deposits. The Arbitrator stakes his or her own tokens only when voting during a Deal’s Arbitrage. After evaluating the larger number of tokens staked by the Arbitrator to prove one of the parties in the Deal to be right, the Arbitrator gets his or her deposit and an Arbitrage bonus from the insurance part of the Commission.

What is a Crowd deal Insurance and who is a Guarantor?

Deal insurance is one of our killing features. It lets any WONO user become a guarantor of any deal, including his or her own one. What is a guarantor? It’s a user who makes a stake in tokens for the successful termination of the deal. If this happens, guarantor gets the stake back, plus a reward from insurance part of the platform fee. If not, he or she loses the stake - it transforms into compensation for the affected party. Which is determined during the arbitrage by other platform users. This process is described in details in our whitepaper.

What protocol do you use?

We use the Ethereum blockchain and the Interplanetary FIle System (IPFS). WONO token based on the ERC20 standard. So, any Ethereum wallet can be used to store WONO keys.

What is WONO token used for?

WONO is a utility token based on the ERC20 standard. It is used for all transactions among the participants of the WONO ecosystem (the WONO platform and DAPPs, based on the WONO API). WONO can be used for the following activities: Paying for Asset rent or services; Paying platform fees; Crowd deal Insurance; Crowd deal arbitration.

Why do you think that price of your token will go up?

On the one hand, we’ll drive demand. The first and the most obvious way to do it is to attract new active users. More active users mean more assets and services offered at the platform and more tokens bought. On the other hand, WONO platform is designed to incentivise users to withdraw fewer tokens or not to withdraw them at all. Vendors at WONO will offer thousands of ways to spend your earnings: homes, cars, new experiences, professional help and more, all around the world.

What can we expect from WONO in the near future?

We are planning the product launch in summer 2019 (3Q). The target number of realty listings ready for launch period: 500 (across at least 5 locations: Los Angeles, San Francisco, Venice, Santa Monica, Vista. Priority cities for the second stage are New York, Boston, Orlando, Miami and Chicago. By the end of Q4 2019, we are planning to start the global expansion. Priority cities for this stage are London, Paris, Rome, Barcelona, Berlin.

TEAM & COMPANY

Who are the advisors?

Our general advisor is Ian Scarffe, a serial entrepreneur, investor and consultant with business experience from around the world. He is famous as Brand Ambassador, Blockchain Advisor and Consultant, Founder at Crypto Consulting and Investments LTD. Ian is a member of TOP 5 experts at ICO Bench.

Where is WONO incorporated?

WONO company is incorporated in Malta. Company registration number is C 86993

Who is your legal team?

Our legal partner is IPS (ips.consulting). 10 years of experience in international law, legal & corporate strategy, IP due diligence, IPO IP structuring, tech transfer, patent protection and enforcement, Internet regulation, ICO and blockchain.

CROWDSALE

Is WONO token a security?

Definitely not. WONO token is a utility token used to clear transactions within WONO ecosystem. Token holders don’t receive company shares any kind of dividends/interest, there is no buyback and we do not influence the price of the token in any way. The result of Howey Test is available here: https://wono.io/ht.pdf

How many tokens are available for sale?

Maximal token supply is 79,166,667 and 47,500,000 or 60% of tokens are available for sale.

What is an ICO?

ICO (Initial Coin Offering) is a model of crowdfunding that allows us to issue digital tokens in exchange for investments.

Will the US residents be able to buy tokens as well?

Once we complete the KYC procedure which is compliant with the SEC requirements, we’ll accept payments from the US residents. We will announce it.

What wallet can I use to contribute?

Create and contribute from your own, private, ERC-20 compatible, Ethereum wallet. We recommend to use desktop wallets Parity, Mist; hardware wallets like Trezor, Ledger; or MetaMask for usage in browsers. Make sure that you keep the private keys in safe. Do not send Ethereum from any Online Exchanges.

Why do you make a token sale?

To make such an ambitious product successful, investments are not enough. The community is also very important. Combining fundraising and community building is priceless, and that’s where the token sale can help. We both build up a budget to execute the business plans and power up the ecosystem by engaging all the token sale participants into it even before the launch.

When will I get the tokens?

WONO tokens will be distributed at the end of ICO.

What will happen to the tokens not distributed during ICO?

All tokens that will not be distributed during the ICO will be burned.

How can you guarantee the stability of tokens` price in case of the speculators attack?

The key factors for the growth of token rates are the increase in the number of assets that are placed on the WONO platform and growth in the number of users. There is the opportunity to spend tokens inside the platform, as long as engagement in the crowd deal insurance and crowd deal arbitration supports the closed cycle of token circulation inside the ecosystem.

You specified the Reserve in your Tokenization Model. What does it exactly means?

WONO will be able to release the Reserve tokens only after reaching KPI (at least 500,000 active users). Reserve tokens will be used to smoothing demand and stabilize the token rate.