Quantstamp to Audit Layer Protocol

Quantstamp will audit Layer Protocol’s ICO and protocol smart contracts in the near future. Layer is a protocol that allows asset sharing companies to share user reputation information. This allows companies to more effectively incentivize their users to engage in positive behavior.

Proof-of-Caring participants will also qualify for Layer token airdrops. Details on these airdrops coming soon, but join the official Layer Protocol Telegram group for the latest updates.

Current Issues Facing the Sharing Economy

When users rent assets from companies like AirBnB, Spin and Zipcar, there is no guarantee that users will return these assets in good condition. When a user damages an asset (like a car or apartment), companies often pass on these costs to other users through higher fees. Users with excellent behavior are effectively subsidizing the bad behavior of others.

While asset sharing companies do have existing reputation systems, they currently do not have an easy and convenient way to share this information with each other. This barrier allows a user with a bad reputation on one platform to start with a fresh reputation on another platform. Conversely, users with an excellent reputation on one platform cannot benefit from that reputation on a different platform.

How PIN Protocol Aims to Resolve these Issues

The Layer Protocol aims to allow asset sharing companies to efficiently share user reputation data with each other. By sharing a reputation system, companies can incentivize good behavior by providing responsible users with rewards that can be redeemed on any platform using the Layer Protocol. Responsible users will also benefit because they can bring their good reputation with them to a new platform they have never used before.

PIN Protocol will be first adopted by Spin

Spin is a leading personal mobility platform in the US that allows users to rent stationless e-scooters, e-bikes, and bicycles within designated cities and campuses. Spin is live in over 50 markets in the US, and has served almost a million rides in less than a year.

The Layer Protocol will be Spin’s de-facto reputation and rewards system. Spin will reward users through reputation increases and Layer tokens for desired user behavior such as frequent ridership and responsible parking.

Update: Please Note: Until further notice, airdrops have been discontinued.