The Australian integrated shopping token is just two days away from the public ICO. The token has already generated $3M in the token pre-sale and hopes at the conclusion of the ICO to be the biggest Australian token-generation event, surpassing the highly considered Power Ledger (Powr).
In a nutshell Shping will allow users to obtain and contribute information about brands at the point of the sale. Similar to how the IoT’s works, consumers would be able to find out where the product supply chain as originated, but also be able to contribute their thoughts on the product after purchase. This means that via barcodes consumers would be able to get a review of a product as they are considering the product on the shelf.
This note is from the white paper primer; “for businesses, Shping offers a new way to market to shoppers at the critical point of purchase while enabling brands to gather analytics to help inform their strategic decisions.”
Consumers will also be incentivised to interact with the network by receiving Shping tokens when they contribute or interact with the shopping ecosystem.
The data on the network will not be limited to brands and consumers, as government certification bodies, and product recall portals will also be part of the network. As it stands the database has over 30million products, and is on its way to becoming the largest distributed ledger in the world.
The ‘track and trace’ platform is making use of the Everledger blockchain, which was designed in partnership with IBM, to avoid fraud in the global diamond market. The ledger already has over 1Million diamonds verified onto its ledger.
The Shping platform is powered by Ethereum smart contracts and manages product traceability to GS1 EPCIS standards. These standards are the global requirements for creating and sharing visible data.
The total supply will be 10,000,000,000 but only half of these will be available to purchase. 42% of the remaining tokens will be used to incentivise companies and brands to contribute information and resources to ecosystem. The remaining 8% will be held by the company members themselves or dispersed at the company’s discretion.
For updates and latest news visit tokensale.shping.com
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