Spin, the North American urban and campus mobility company, today announced the Pin Protocol (“Pin”), a blockchain-based reputation and rewards protocol for its own network of shared bikes and other partners in the future, along with a corresponding cryptocurrency called PIN.
The Pin Protocol aims to be the universal credit bureau for users in the growing 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 first phase pre-sale which sold out in hours.
The Pin Protocol represents an innovative application of blockchain technology in the IoT space, solving a key problem for renters of physical objects, whether shared bikes, housing, battery packs, or even autonomous vehicles in the future
– Dmitry Grishin, Founder Grishin Robotics.
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 behavior in a normalized manner. PIN tokens are issued when positive behavior is recorded, and the recorded user behaviors are algorithmically transformed into reputation scores.