Idea & Token
Layer Protocol is a project stepping into the sharing economy industry, a huge multibillion market driven by vehicle share and vacation rental services such as Uber or Airbnb. One of the major problems is the reputational system which is individual for each service and not shared between the market players. This creates a possibility for irresponsible users to move from one service to another which increases the costs of the services and slows down the entire sharing economy. Layer Protocol is aiming to resolve this problem by creating a decentralized reputation system that will allow companies to share reputation history for each user. The system can be easily adopted by existing centralized platforms through the growing Spin ecosystem (North America’s leading personal mobility company) and strategic partnerships.
Their ERC-20 token called LRX will be used to incentivize computation of reputation ratings, for the community governance, as well as for rewards and payments on the platform. A total supply is 1 billion tokens, 400 million will be sold during ICO.
The core team consists of only 3 people. The team leader is Euwyn Poon, an entrepreneur, lawyer and software engineer who has been involved in the blockchain industry for five years. Two other members have experience in
IT sphere on positions of product manager and software engineer. All of them graduated from very strong universities. The team is consulted by 10 advisors, mostly top managers from different crypto companies.
A simple idea to make customers of the sharing economy market act honestly and responsibly that will be implemented on the blockchain basement may turn out to become very attractive for the services of the industry. Just to remind, among potential clients of the platform you can find Uber and Airbnb. Mass adoption and product implementation become traditional challenges for ICO projects. Layer Protocol is not an exception. A very good sign for the project is the partnership with Spin. So they have an excellent start. Let’s see what will be next.
We like projects developing a simple straightforward idea, because it’s much easier for them to stay focused and implement a quality product. Layer Protocol is one of suchlike projects.