About Shping (SHPING)

Shping is a blockchain-based marketing platform aiming to increase supply chain transparency and enhance relationships between brands and their customers. The project’s native token SHPING is used to incentivize consumer interactions with products listed on the platform.

At the heart of Shping lies the platform’s global products database which procures information from a series of reputable data sources to provide a comprehensive overview of more than 20 million consumer goods.

According to the Shping whitepaper, information sources include: GS1, a leading barcode standards manager; various certification boards; recall portals; independent brands; and consumers.

Within the project’s proprietary Shping App, users have the ability to scan product barcodes to reveal relevant information regarding the product as well as a traceable and auditable supply chain history. Product traceability is built on the back of Shping’s enterprise-grade blockchain based on the open source Hyperledger Fabric.

Consumers can leverage the app to compare prices, read/write product reviews, verify a given products authenticity, view customer facing advertisements, and contribute further information regarding new and existing goods to Shping’s global products database, among other utilities.

As a reward for their engagement, users are provided with the platform’s native token SHPING. The platform currently adheres to a multi-tiered rewards system that enables consumers to upgrade their status (and token bounty) by scanning a predetermined number of barcodes on a regular basis.

Per its documentation, Shping offers brands and retailers the ability to marketing to consumers right while they are shopping. Within the Shping platform, advertisers are given the ability to channel their marketing budgets into rewarding the consumer directly for their attention and engagement, creating a highly targeted direct-to-consumer communication channel in the process.

Moreover, Shping’s proprietary security module provides brands the opportunity to track and trace their products as they move the supply chain.

To date, Shping has recognized more than 5.5 million unique product inquires. The platform’s global product database is said to contain information regarding more than 20 million consumer goods.

When was SHPING created and how much was it worth?

Shping was created in 2012. It was the brainchild of Australian entrepreneur Gennady Volchek who serves as CEO. CTO Andrei Kucherov and CMO Tony Lee round out the executive team.

In 2017, the platform was rebranded from Authenticateit to Shping. The move coincided with the release of the Shping App as well as properly defined retail, marketing and security modules.

The project’s native token, SHPING, was first released via a $3 million pre-sale in January of 2018. This was followed by a public crowd sale roughly one month later. Tokens were initially available at a cost of $0.01.

Data from CoinGecko shows SHPING traded sideways during its first four years of existence before surging to an all-time high of $0.10 in January of 2022. Despite this momentum, the rally proved to be short-lived and SHPING subsequently lost more than 70% of its value within a few weeks. Following roughly four months of negative performance, SHPING spent June of 2022 rallying 160% as the broader digital asset market faltered. Macro headwinds have since subjected SHPING to moderate downside volatility.

How is the price of SHPING determined?

A deflationary asset, SHPING has a hard cap of 10 billion token, of which 1.8 billion are currently in circulation. In terms of tokenomics, roughly half of SHPING’s supply was distributed via aforementioned token sales, while an additional 42% was allocated to the Shping App’s Incentive Reserve. Some 5% of supply went to platform advisors, and another 2% for Shping’s core development team.

Why does SHPING have value?

Shping provides consumers with a way to monetize their daily shopping habits. By interacting and engaging with products contained within Shping’s global product database, users accrue SHPING tokens which can subsequently be exchanged for traditional fiat currencies. 

Is SHPING secure?

A standard ERC-20 token, SHPING is supported by a number of leading Ethereum wallets and exchange-based storage solutions.

What are the main benefits of SHPING?

• Shping allows consumers to monetize their daily shopping habits. 
• The project’s proprietary global products database contains relevant information concerning more than 20 million consumer goods.
• Shping’s security module allows independent brands to track their products as they move through the global supply chain.

What do critics say about SHPING? 

Shping app users have bemoaned the $5 monthly withdrawal limit.