HireGo — BLOCKCHAIN P2P CAR HIRE

  1. Introduction
    With the advent of the sharing economy, there has been a sudden and dramatic rise in the
    popularity of private rental. The Airbnb and Uber platforms, the two most-cited examples
    of this economic shift, allow millions of users to lease their property or services to others in
    exchange for a fee.
    The private rental industry, a subset of the sharing economy concerned solely with the
    lease of property, is a fast-growing sector. Private vehicle rental alone is estimated to reach
    a worth of $90B by the year 20201. This growth has spawned the creation of platforms that
    facilitate the lease of tools, cars, drones, photographic equipment and construction plant,
    to name but a few.
    Vehicle rental makes up a large proportion of the private rental sector and is mostly
    dominated by a small number of platforms. Turo is a market-leading application that
    boasts a user base of over 2 million2. This platform, not unusually, charges an enormous
    25% fee for transactions — with some platforms raising this as high as 35%. There is a
    distinct lack of choice and competition within this arena.
    “It‘s an interesting move — and highlights that despite the buzz around the ‘sharing
    economy‘ some of the most successful start-ups in the space end up looking a lot like the
    traditional businesses they are trying to disrupt” — Business Insider3
    Given the increase in user-control that the sharing economy offers, the lack of
    decentralisation is surprising: incumbent industry capitalises on data ownership and the
    monopolisation of its users. Transactional data is created and stored by the platform and is
    inaccessible to the users it concerns. This information, invisible as it is to users, may contain
    sensitive or valuable information and becomes a target for theft.
    “Everything that can be decentralized, will be decentralized.” — David A. Johnston
    By leveraging the blockchain to create a trustless, decentralised rental platform, HireGo
    aims to overcome the shortcomings of existing solutions. Using blockchain-based identity
    solutions ensures that users can manage their own data, granting access as and when they
    see fit, and provides additional assurances that users of the platform are genuine and
    trustworthy. The use of smart contracts, contractual code running on the Ethereum
    network, removes the necessity for a middleman and allows users to conduct trustless
    rental transactions.
    The mass-adoption of decentralised products and the blockchain are changing userexpectations, prompting a change in existing industries that has already begun. Digital
    currency exchanges, online games and identity-management applications conduct millions
    of dollars of business every day, all using decentralised technologies, and some estimates
    even suggest that 5% of trading could be involved with or conducted using cryptocurrency
    by 2020.
    HireGo will position itself as the first private car rental application in the emerging
    decentralised sector. It is our goal to set the technological and usability standards for the
    car hire industry, providing a professional, secure platform to connect like-minded
    individuals, and to lead the way for others to follow.

2. Application
HireGo is building a decentralised, peer-to-peer marketplace that allows its users to lease
their vehicles in a trustless and secure environment. The marketplace leverages the
Ethereum blockchain as both a public ledger for lease transactions, and for conducting the
transactions themselves, using a smart contract framework.
The HireGo marketplace provides a directory of vehicles available for hire. Users are able to
select an appropriate vehicle, secure it for their desired period and settle the payment, inapp, using the HGO token — an ERC20-compatible cryptocurrency built for the purpose (see
HGO Token). Vehicles listed on the marketplace are crowdsourced from HireGo users and
can be easily added in-app; additional tools are available for “power-users” making larger
numbers of vehicles available.
HireGo has been designed with simplicity and security as a first priority. Payment is made,
in advance, and held in an escrow contract on the Ethereum blockchain; in the event of a
dispute between users, a trusted party, such as the dedicated HireGo resolutions team, will
be able to make the final judgement. Reviews and comments made by users will also be
stored on the blockchain, creating an indisputable, trustworthy record of a user’s conduct.
These technologies are handled natively by the HireGo application and all technical
complexity is hidden from the user.
To provide additional peace-of-mind, the marketplace will also offer various insurance
options for users. These insurance packages, provided by a trusted industrial partner, will
ensure that vehicle owners are protected from unexpected collision or damage.
As with payment and review, the rental transactions and vehicle listings are conducted via
the Ethereum blockchain. The HireGo applications provide a gateway for accessing this
data in an intuitive manner and will create and send the necessary transactions, eliminating
any potential friction for the user — no knowledge of the blockchain is needed to use the
marketplace. When a user enters into a rental contract the application will interact with the
appropriate smart contract on the user’s behalf, parsing responses and interacting with the
system using a pre-defined and public protocol. Importantly, users retain control of their
private keys and, at no time, is this broadcast to HireGo or any third-parties.

There is an intrinsic fee when transacting via the Ethereum blockchain, known as the “gas
cost”, used to incentivise miners and to secure the network. When using the HireGo
applications, any gas costs incurred will be covered automatically, without the user’s
knowledge. This results in a smooth user experience and removes the need to manage
multiple currencies, a drawback in some existing decentralised systems. The slight cost to
HireGo will be included in the transaction fees, taken in HGO tokens.
A gateway will be provided for the exchange of fiat to tokens and vice versa, further
eliminating friction for users new to cryptocurrency. This will allow profits to be easily
withdrawn to a bank account. Deposited currency will be automatically converted to HGO
tokens and transferred to the user’s wallet, visible as a balance on the marketplace.
Incentive schemes will be employed, via social media and in-app, to reward users for
creating helpful content (such as well-written reviews) and for growing the community. It is
important that positive use of the marketplace is encouraged and HireGo believes that
exceptional users, from those providing consistently great feedback to those receiving it,
should be encouraged. HireGo will employ various gamification techniques, including
virtual trophies, and will provide financial incentives to foster a pleasant and professional
community.
3. Smart Contracts
The HireGo marketplace will deploy three smart contracts to the Ethereum network: the
HGO token, a Vehicle non-fungible token and a Rental contract. An additional storage
contract will be deployed for use in a hub-and-spoke model, ensuring that any updates or
bugfixes may be released in a timely manner, without loss of data.

4. HGO Token
The in-app currency is the HGO token, a cryptocurrency conforming to the ERC20 standard.
There will be a total of 100,000,000 tokens created, of which 60% are being allocated for
an initial coin offering. Each token will be divisible by 18 decimal places. Any value
exchange on the HireGo marketplace will be conducted using the HGO tokens.
Gas costs incurred by transactions made using the HireGo app will be covered, ensuring
that users do not need an Ether (ETH) balance to place transactions. There will be
protection mechanisms in place to ensure bad-actors cannot abuse this system. When a
transaction is selected the gas cost is transferred to the user’s address and, once this has
been confirmed, the rental transaction is issued by the application.
The token will be available for purchase on existing cryptocurrency exchanges and may be
used as a means of exchange and speculation beyond the HireGo application. HireGo will
also provide a fiat-HGO gateway to facilitate the easy exchange from GBP, USD and other
national currencies.
5. Token characteristics
• Symbol: HGO
• Base Value: 1 ETH = 4,000 HGO
• Type: ERC20
• Token supply: 100,000,000 HGO

6. Token distribution

7. Roadmap

8. Team / Contact

See Hirego.io for details of team and Linked In profiles as HireGo is always looking to add
to and strengthen its team. Our founder and contact details are below.
Founders: Luqman Hussain and Adil Bashir
Website: www.hirego.io
Email: contact@hirego.io
Twitter: https://twitter.com/Hire_Go

Telegram: https://t.me/hirego

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