ShareRing app clients are reportedly able to swap their $SHR tokens between the BNB Smart Chain and ShareLedger (SLP3).
Previously, users had to go through “a 3-step process of swapping $SHR from Binance Chain (BEP2) to BEP20 (using Binance Wallet), then to ERC20 (using Multichain), and then finally into ShareLedger (ShareRing App).”
Through this tedious process, users reportedly “had to pay a higher gas fee in order to swap into ShareLedger.”
The newly released solution “allows users now to skip the ERC20 step and enjoy a more convenient 2-step process of swapping BEP2 (Binance Wallet) into BEP20, then into ShareLedger via the ShareRing app.’
Plus, this updated swap module is able “to increase transaction volumes, support both Ethereum (ERC20) and Binance Smart Chain (BEP20), reduce usage of centralized database for keeping transactional data, and improve overall performance.”
Benefits of this new feature include:
- Faster transactions
- Significantly cheaper gas fees (since most of the transactions will be made on
ShareLedger rather than on Ethereum) - Increased efficiency when swapping $SHR into SLP3
- Usage of EIP712 to sign and verify the approvals on smart contract side
As covered, ShareRing’s purpose is to remove “friction” throughout the world, and digital identities is a vehicle that can “help accomplish this.”
Tim Bos, CEO at ShareRing, stated (earlier this year):
“Over the years, there’s been a trend for large companies to host more and more data about you in their data warehouse, for the purpose of providing you with a ‘better service’. But as a user, you still need to give all of your personal information to a new company every time you sign up with them. And far too often, there’s a hacker that gains access to, and leaks (or sells) this information.”
These data security/privacy issues pose one of the primary problems that ShareRing strives to solve; “an issue that has arisen in the Web2 era of the internet which has led to the loss of autonomy on our personal data.”
Without the ability to manage your digital identity and footprint, “your rights to privacy and ownership of data are at the mercy of 3rd parties.”
Self sovereign data has been at the “core” of ShareRing‘s philosophy, ever since its founding, and with the “reimagining” of the ShareRing brand and website, the firm claims it is now placed at the “forefront” of how ShareRing envisions frictionless access with digital identities for Web3 and the modern citizen.
With ShareRing, users can “create their verifiable digital identity (ShareRing ID), store their credentials and assets inside the ShareRing Vault, and manage their digital footprint; all of this available inside the ShareRing app.”