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ShareToken is a digital utility token that is used to make payments for sharing services across industries and geographies on the ShareRing platform — which includes the ShareRing application, ShareRing shop and each user’s ShareRing ID.

ShareRing is an open-source blockchain-based platform that makes use of distributed ledger technology and a dual token mechanism.

According to the developers and founders of the ShareRing platform, the current service sharing economy is incredibly fragmented and multi-faceted, which can be overwhelming for consumers. The use of ShareToken on the ShareRing platform overcomes this issue by offering a single decentralized marketplace and digital currency that lets you securely access services around the world and pay for them.

In 2019, the creators of the platform and its corresponding digital currency turned their focus to the travel industry and created TravelRing — the first B2B consumer-first example of what is possible using the ShareRing platform.

Besides being used to pay for transaction fees on the ShareRing network, SHR tokens can also be staked to earn rewards, known as flowbacks.

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