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Some embarrassment with Xiaomi apps. Blockchain to the Rescue?

P2P platforms promoted by Xiaomi received about 5.9 million US dollars, trusted sources report. Yicai Global closed fraudulent platforms reported by users.

On June 25 Yicai Global announced that a lot of Xiaomi users lost their money due to a wrong decision made by the company: the Chinese giant promoted some unreliable mobile apps and suffered reputation damage as a result.

Users downloaded P2P wealth management apps through Xiaomi VIP system and Mi Sports. However, users reported financial managers as being unreliable or fraudulent. Qiutian Caifu announced liquidation, Yaoji Licai suspended operations and Jinyou Jinfu is arrested on charges of illegal funds embellishment.

P2P platforms promoted by Xiaomi received about 5.9 million US dollars, trusted sources report. Yicai Global closed fraudulent platforms reported by users.

Though the Chinese government adopted laws against semi-legal activities in P2P economy as early as 2016, however, it is still vulnerable to some factors not yet regulated. So blockchain may be the best solution: distributed ledgers are transparent and immutable and can serve as an effective tool against scammers.

A P2P ecosystem has to be self-sufficient and offer users a wide range of goods and services so that users would not need to use other platforms. Community members can always audit all transactions, such as goods or services exchange, done within one ecosystem.

Putting blockchain into the P2P economy is the task WONO team is working hard on bringing to reality. It is decentralized project designed to facilitate the exchange of property and services.

Users can permanently exchange or rent both tangible and intangible assets, be it houses, vehicles, time or talents. Essentially, it brings together features of services like Airbnb, Turo, Upwork and others that concentrate on a specific niche of the P2P economy. WONO token will become a universal currency for all operations on the platform, stimulating the user demand for it.

Thus, everyone can be both a buyer and a seller. There is also an option of becoming a guarantor of a transaction by betting on a success of any given transaction. If so, then the guarantor receives back their bet plus a bonus, included in the commission of the transaction. If, however, the transaction fails, then guarantors’ bets will go the negatively affected party.

Furthermore, another feature of WONO distinguishing it from other common P2P services is that smart contracts on the platform protect both suppliers and consumers as money is transferred to an account only when all terms are met. It changes the situation where consumers were almost unprotected from vendors’ actions. Currently a common situation on the market is when consumers are left without neither the property they rented nor a refund. And if they post a negative comment about a major supplier, the administration of a P2P giant may modify or delete it in order to avoid conflict with the supplier. Of course, it is not possible in an immutable blockchain ledger.

Moreover, decentralization lowers business expenses, as WONO can charge only 1-5% to remain profitable, while traditional P2P services charge 10-25%.

Developers promise that the project will fix the major shortcomings of the sharing economy and provide better transactions transparency, rates and comments and reduce risks of chargebacks and scams.

To learn more about the project and participate in the ICO:

https://wono.io
https://wono.io/assets/content/en/wp.pdf
Twitter: twitter.com/wonoworld
Reddit: https://www.reddit.com/r/wonoworld
Telegram: https://t.me/wonoworld

Media Contact
Company Name: Wono
Contact Person: Media Relations
Email: Send Email
Phone: +79956003062
Address:Andrei Chepelev Wono Ltd 152, suite nr. 7, Naxxar road
City: San Gwann SGN 9030
Country: Malta
Website: https://wono.io



Source: www.abnewswire.com

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