The Pin Protocol aims to be the universal credit bureau for users in the growing sharing economy
Spin, the North American urban and campus mobility company, has announced the Pin Protocol (Pin), a blockchain-based reputation and rewards protocol for its network of shared bikes, along with a corresponding cryptocurrency called PIN.
The Pin Protocol consists of a reputation and rewards engine and a utility token called PIN, which all work hand-in-hand to let asset providers record positive and negative rental behaviour in a normalised manner. PIN tokens are issued when positive behaviour is recorded, and the recorded user behaviours are algorithmically transformed into reputation scores, referenceable by asset providers using the Pin Protocol.
Pin has also built in arbitration and voting engines, driven by the PIN tokens, to help with self-governance.
"The Pin Protocol represents an innovative application of blockchain technology in the Internet of Things (IoT) space, solving a key problem for renters of physical objects, whether shared bikes, housing, battery packs, or even autonomous vehicles in the future," said Dmitry Grishin of Grishin Robotics, also co-founder of Mail.ru, Russia’s leading internet company, and China Rock Capital Management, investors in Ripple, the creators of the XRP token which in the past month became the second-largest cryptocurrency by market capitalisation behind only Bitcoin.
He adds: "As global investors in bike-share companies, we’ve seen the pain point of how to incentivise proper user behaviour across a number of different operators and believe that this is a novel solution."
The protocol aims to be the universal credit bureau for users in the sharing economy and will help Spin in its mission to bring shared mobility options to cities and campuses. A forthcoming initial coin offering (ICO) will be held in conjunction with the launch, following a pre-sale which sold out in hours.
"The launch of the Pin Protocol marks a big step forward for providers in this new sharing economy," said Spin co-founder and president Euwyn Poon, and who is an early blockchain investor and advocate.
In 2014 he launched Delta Financial, a start-up backed by Y Combinator, Initialised Capital and Winklevoss Capital. Along with being a two-time Y Combinator alumnus, he is the founding partner of of venture capital firm Exponent, and a former M&A and securities lawyer at Simpson Thacher & Bartlett in New York City.
Spin currently services over 24 markets including Dallas, District of Colombia, Los Angeles and Seattle. Last April, it raised an $8M Series A from Grishin Robotics.
Spin has deployed over 12,000 bikes in cities and campuses around North America. Its fleet of GPS-equipped, orange-coloured smart-bikes can be unlocked by scanning a QR code, and can be dropped off anywhere, all at no cost to cities and campuses.
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