HireGo – Revolutionizing the Car Rental Market with Blockchain Technology
Previously, having a car of your own was considered the best way to get around. It was easy, convenient and other than the cost of maintenance, it was also cheap. But the scene is fast changing, a personal car is not necessarily an investment in an easier life and car renting is taking over car ownership for all its benefits. Car rental platforms have been around for a while now and are gradually making their presence felt in the automobile industry across the world. HireGo is however not your regular car rental, founded by Luqman Hussain and Adil Bashir, HireGo is the first decentralized peer to peer car rental platform based on the blockchain technology. With headquarters in Lancashire, United Kingdom, HireGo provides a decentralized marketplace for users to lease out their cars or rent cars from other users within the platform via the smart contracts protocol. In essence, HireGo is disrupting the operations of existing car rentals by providing a secure and trustable marketplace with a simple interface to facilitate the car rentals.
Benefits of HireGo
As the first ever decentralized platform for private car rental, HireGo is setting new standards for usability in the industry by providing the following benefits;
By implementing the blockchain technology, HireGo provides a secure and trustworthy platform for users by ensuring the transparency and credibility of all transactions performed on the platform. The blockchain technology offers a factual report on all users by recording all verified entries – transactions, reviews and comments into its database.
- Low fees
Most existing car rentals charge as high as 35% as transactional fees for every rental. HireGo provides an affordable platform by charging low fees to the users which are channelled back into the system for maintaining the platform.
- Smart contracts
HireGo utilises a technology based on the Ethereum blockchain known as the smart contracts protocol. This protocol works by eliminating the role of the middlemen in the car hiring process by promoting direct peer to peer interaction between the lessor and the lessee.
Initial Coin Offering of HireGo coin
The HireGo coin denoted by HGO is an in-app ERC-20 token based on Ethereum. The currency was created for the purpose of facilitating in app transactions eliminating the hassle of using different fiat currencies and digital currencies. Basically, transactions on the HireGo platform will only be completed using this token. For its initial coin offering a total supply cap of 100 million tokens were created of which 60% being 60 million will be issued in the token sale. The remaining 40% will be distributed thus:
- 7% – Bonus for early investors
- 8% – Platform management and marketing campaign
- 10% – HireGo team
- 15% – Founders
The ICO will commence on the 4th of March 2018 at 12:00:00 GMT. The hard cap is set at 11,836 and the tokens will be sold at a rate of 4000 HGO per 1 ETH. There are 4 bonus waves at 35%, 30%, 25% and 15%, bonus will be available for investors during the ICO depending on the time of investment. The HGO token is expected to be available on cryptocurrency exchanges shortly after the completion of the ICO.
How HireGo works
The platform provides a range of cars for hire from lessors. All lessees need to do is select a their desired car, secure it for their desired period and make the payment via the HGO token. When payment is made by the lessee, it is held in an escrow account on the Ethereum blockchain and in the event of a dispute between the lessor and lessee the HireGo team in charge of dispute resolution assesses the information – reviews and comment – recorded on the database and makes the final decision based on the credibility of the users. In the event of no dispute, the money is simply transferred to the lessor. Also, there are insurance packages provided by the platform for the car owners to cover for damages incurred during the period for which a car was rented out.
HireGo is a revolutionary platform in the car hire industry with the goal or disrupting traditional and centralized car rentals. The team is working towards launching the beta version of the HireGo app for Web, iOS and Android in the third and last quarter of the year where it will be available to all users in the globe. For more information about the platform and updates on its upcoming ICO, visit the website here.Source: https://www.techbullion.com/hirego-revolutionizing-car-rental-market-with-blockchain-technology/