ShareRing Launches The Multichain Bridge Between Ethereum And The BNB Chain
In the age of rapid digitization and globalization, it is evident that user privacy is of utmost importance. It is especially the case considering how big tech companies are moving in, constantly refining their data harvesters’ capabilities to mine and decrypt the identities of their global users.
ShareRing is creating a user-centric blockchain-based platform for issuing, storing, verifying, and sharing personal information and crucial documents. It is open-source and accessible for all users regardless of geographical location. The platform aims to be a distinct marketplace, similar to Amazon, for the sharing economy.
The ShareRing ecosystem comprises the ShareRing ID, an encrypted vault adhering to the best security standards, and the ShareRing application. ShareRing ID allows users to safely tuck away their key documents such as national identities, passports, bank documents, and more. Through this platform, they are free to decide how their data will be accessed and who gains approval at any given time. Meanwhile, the ShareRing application is the portal that connects ShareRing ID with services that may need data. It launched in March 2022 following the hard fork of the ShareLedger blockchain.
Notably, ShareRing uses a dual-token mechanism, launching the native SHR token on Ethereum, Binance Chain, ShareLedger, and the BNB Chain. The SHR token is for paying transaction fees within the ShareRing ecosystem. All SHR-enabled transactions are tracked on the ShareLedger blockchain that uses the Leased Proof-of-Stake protocol and is actively developed and maintained by ShareRing developers. Besides, there is the SHRP stablecoin used as payment for third-party services using the ShareRing platform.
To further enhance user experience, ShareRing is launching the Multichain Bridge to link Ethereum and the BNB Chain. Holders of the SHR BEP-20 token are now free to swap for SHR ERC-20 tokens. There is also an allowance for users to swap their SHR in Ethereum to ShareLedger’s SHR tokens through the ShareRing app.
ShareRing has also revealed that SHR holders in the Binance Chain, a parallel layer to the BNB Chain without smart contracts, can swap BEP2 SHR to BEP-20 SHR tokens through the Binance wallet, which was activated in April 2022. SHR token holders can also opt to stake and earn rewards through the ShareRing application. Users can swap their cryptocurrencies for SHR after setting up and verifying their ShareRing account.
As of mid-May 2022, there were over 5.3k SHR token holders in Ethereum. The number of token holders in Ethereum is despite ShareRing raising swapping fees from ShareLedger to Ethereum on May 13.
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