BizShake aims to create a P2P sharing ecosystem through tokenization of real resources. Find out what it means today in our review.
What is BizShake?
BizShake, is found online at BizShake.io, is a P2P sharing ecosystem who claims to be "the first decentralized P2P rental and pledging ecosystem".
The team of developers aims to create a complete ecosystem of decentralized applications that allow users to encourage users to share their own properties, maximize the value generated by their use, and optimize the allocation of resources in communities.
Put simply, BizShake allows you to rent things on a decentralized network.
The company runs its own native BizShake tokens (BZS), which will be NEP-5 tokens on the NEO blockchain. The tokens of BZS will be the official currency accepted by the BizShake ecosystem.
How does BizShake P2P Blockchain Renting & Pawning work?
BizShake will be available via the iOS and Android mobile app. You will also be able to buy it on the internet platform.
The basic functions of the platform include "SmartRent" and "SmartPawn". Here's how everyone works:
SmartRent
The idea of SmartRent is to enable users to lease assets to other users for a limited time. You can have, for example, a chainsaw that you are not currently using. You exchange assets for SmartRent along with a rental fee, asset photos, and any additional information. You can set different rental rates by an hour, day, week or month. You can also fill in the calendar with information on which day the asset will be available for lease, the geographical area in which the asset will be available for uploading and transferring, the value of the asset and the amount of the deposit blocked by the blockchain.
A user who leases a given asset - a lessor - will be able to set different amounts of deposits for users with different levels of credibility. For example, someone with a high level of credibility may pay a much lower deposit than someone with a low level of credibility.
The rental time limit will be set based on a smart contract.
SmartPawn
SmartPawn allows users called "brokers" to get a short-term loan secured by the value of assets. You "pledge" your resource to another user, and this user grants a loan based on the value of that resource. It works like an ordinary pawn - built on blockchain technology.
Settling BizShake disputes
BizShake will have a dispute resolution system that works in three stages, including:
Stage 1: The user who reported the dispute may choose one of the reasons for the problem and then ask the other party for an equivalent penalty. The message will be delivered to the second user. The second user can accept the offer or submit a counter-offer on the date specified by BizShake smart contrac.t
Stage 2: If the agreement is not reached in two rounds of offer and counter-offer, each user may escalate the matter to the dispute. In this situation, both parties must provide all necessary explanations and documents in order to create a case file within the deadline set by the smart contract. The case file is sent to the arbitrators' panel for verification. The panel of arbiters includes five users at the highest level of credibility. These users are randomly chosen by an intelligent contract.
Stage 3: The intelligent contract transfers the compensation set by the arbitrators from the deposit blocked in the lessee's portfolio to the lessor and then unlocks the remaining deposit. If the arbitrators decide to grant a compensation higher than the blocked deposit, the difference in amount will have to be transferred. Users who do not transfer the appropriate amount of compensation within the allotted time will be called "debtors" and will be frozen from all activities in BizShake until the debts are repaid.
In exchange for considering the dispute, the Arbitrators Team will receive a commission of 2% of the amount requested by the user who escalated the dispute.
BizShake Transaction Fees
BizShake will charge a transaction fee of 5% or less. This fee includes all costs associated with the use of BizShake. The transaction fee is automatically deducted from the rental or amortized amount.
7% of the transaction coins will be burned when they are received by BizShake. Thus BizShake intends to continuously reduce the value of its currencies in BZS.
Features of BizShake
SmartRent:
BizShake allows users to rent items through the SmartRent platform. Users pay a deposit to rent an item for a certain period of time - for example, hour, week, month or year.
SmartPawn:
SmartPawn allows users to return items in exchange for a short-term loan - just like a simple pawnshop.
SmartCertify:
BizShake will have an asset certification and verification system called SmartCertify. This system will work with certifying users who can verify that an asset is exactly as described by the owner. Certified users can apply for a qualification, then undergo a "rigorous review" from BizShake to review their accreditation and professionalism.
BizShake API:
BizShake will create an API that allows access to BizShake intelligent contracts. Web developers can create new applications that connect intelligent contracts to BizShake without forcing users to interact directly with BizShake.
SmartDispute:
BizShake will have a three-tier dispute settlement system that allows users to get a fair result when a dispute arises. The dispute settlement system includes a group of arbitrarily chosen judges, with judges who are highly reputable users of the platform.
SmartIdentify:
BizShake SmartIdentify will use algorithms for AI for calculating profile, ID and confidence through government data, insurance information, financial data, and more. You can as well share your expectation with other BizShake partners.
Multiple Platform:
BizShake will be available for mobile devices and desktop in the future.
BizShake BZS Token ICO Details
BIOS BizShake ICO is scheduled to take place in the near future. Since April 2018, the crowd has not yet been announced once.
There is a total bid of 200 million BZS chips, as 50% of the 100 million available chips at the time of the sale. BizShake accepts NEO and GAS for ICO.
The exchange rate will be set to 1 NEO = 500 BZS or 1 GAS = 200 BZS.
Of the other chips, 30% are heading to a research fund, 15% to founders and 5% to advisers.
Who is behind BizShake?
BizShake is headed by Chief Executive Officer and founder Giuseppe Lo Presti. Giuseppe is a Shanghai businessman with experience in multinational companies such as Trussardi (where he worked as CFO) and SmartBeeZ (CEO and founder).
Other team members include Valentina Gu (co-founder and co-founder), marketing and communications professional who previously worked at Jaunt VR and Trussardi in Shanghai.
Conclusion of BizShake
BizShake aims to change the way we hire and put songs online. The block platform uses intelligent contracts to manage loan and deferral agreements. You can use BizShake to rent or bet your own assets, for example, and to generate revenue from things you do not currently use. All transactions are protected in block blocks and are completed using BizShake native BZS chips.
Website: https://www.bizshake.io/
Whitepaper: https://www.bizshake.io/sites/default/files/BizShake_Whitepaper_1.2_ENG_0.pdf
Twitter: https://twitter.com/bizshake_ico
Telegram: https://t.me/bizshake
If you have any question, please contact me at bounty0x.io, user id: imteaz