What is SHPING?
Shping is a blockchain-based decentralized platform that connects brands and retailers to everyday consumers. It is a platform that enables a simple and practical communication channel between consumers and brands, assisting them to make better and more informed purchasing decisions.
Shping has a global product database, which is supported by several reputable and validated data sources. These data sources include GS1, product recall portals, and EverLedger. GS1 is the organization that manages global barcode standards while EverLedger tracks the value of assets (such as diamonds, gold, and silver) in a transparent manner. Product recall portals enable the Shping global product database to keep track of products that have been recalled from stores. The information provided by these organizations is collected and distributed to consumers within the Shping ecosystem, to help them make better shopping choices and decisions.
The Shping crypto project also has a mobile application called the Shping app. This application is a mobile product search engine that allows users to discover new products or to scan product barcodes in order to learn more about information about them.
Besides that, Shping is also used by brands to reward customer loyalty. These brands reward customers who scan and interact with their products on the Shping app. This helps build customer relationships and loyalty and maintains an open line of communication between the customers and the brands. In the future, Shping is planning to enable retailers to use the Shping application to meet new customers and encourage them to visit their stores.
The Shping platform is powered by Ethereum's smart contracts and has a native token that goes by the same name – SHPING. You can see the live SHPING price featured on the Shping price chart above.
Who Founded Shping?
The Shping crypto project was founded by Gennady Volchek in 2012. Gennady was born in the USSR before moving with his parents to Australia. At age 18, he became a newspaper publisher. Volchek is a successful entrepreneur who has built and sold several businesses in Australia. Before Shping, he founded a telecom and internet services company called MyTelecom.
Shping started out as AuthenticateIt. It was a project that aimed to employ barcodes to enable consumers and brands to confirm the legitimacy of items and provide more information about them in all phases of the supply chain. However, it entered the crypto and blockchain world only in 2018 with the launch of the SHPING token.
Use Cases of SHPING Tokens
SHPING is the native utility token based on the ERC-20 token standard and stored on the Ethereum network. Primarily, SHPING crypto tokens are used to reward users that contribute to the platform. This includes reviewing products, viewing product information, completing missing product descriptions, and adding new products to the Shping global database. In addition to that, other activities like scanning or entering barcodes on the Shping app, interacting with brands and retailers, and subscribing to brands’ social media accounts can also result in SHPING rewards.
Besides, SHPING is also used as means of payment within the platform. All transactions between users and businesses on the app are made using SHPING coins.
As the Shping crypto project grows in popularity, it is expected that more use cases will be added to SHPING coins. This might also increase the demand for SHPING coins, which would reflect positively on the SHPING price.
SHPING Tokenomics
The initial total supply of SHPING coins is 10 billion. 50% of this amount was dedicated to purchasers of the SHPING token while 42% was set aside as incentives for users of the Shping app. Furthermore, the Shping team got 2% of the supply, while the advisors were assigned 5%. Tokens dedicated to advisors and the team were distributed to them in 6 equal installments between 2018 and 2021. It was done that way to avoid any negative impact on the SHPING price. Finally, 1% of the total supply was earmarked for bounties and promotion rewards on the Shping app.
