The second-most important component driving the sharing economy is user reputation. Reputation reflects the perception the community has towards an individual, through their longevity on a platform, contributions to the community, and outcome of past engagements (typically, represented as numeric or valence scores). Reputation can be considered an aggregate representation of trust towards a certain individual. The combination of these factors is conducive to trust towards users on the platform.
GotchaRep protocol provides reputation management for every individual user and asset in the WeGotcha ecosystem. The architecture of the protocol is designed in such a way that it favors interoperability between different DApps within Wegotcha, when it comes to the reputation, as well as promote good behavior in the ecosystem via stealth-gamification.
Reputation is an asset that cannot be bought, but earned by a user in any platform. For instance, in Uber, a user spend his time, money and effort when participating in the platform’s growth while earning rating/reputation. This reputation, though earned, is not owned by the user. The user cannot move this hard earned reputation to another ride-sharing platform, as it is owned by the centralized intermediaries.
In the sharing economy, a good reputation is complementary to trust and thus, trust and reputation can be considered the most valuable commodities within such economy. Both of these are so relevant due to the implicit information asymmetry and economic risks of sharing economy, forcing users to rely on such elements to inform their decision-making. In such markets, often, the only source that allow people to infer the credibility of another user is to rely on their digital identify information. Thus, trust is crucial for turning a user’s uncertainty into a definitive request to use a service.