BizShake aims to create a P2P sharing ecosystem by tokenizing real world assets. Find out what that means today in our review.
What Is BizShake?
BizShake, found online at BizShake.io, is a P2P sharing ecosystem that claims to be “the first decentralized P2P renting and pawning ecosystem.”
The development team aims to create a complete ecosystem of decentralized apps that let and encourage users to share their own properties, maximizing the value generated by their use and optimizing asset allocation across communities.
In more straightforward terms, BizShake lets you rent stuff over a decentralized network.
The company is launching its own native BizShake tokens (BZS), which will be NEP-5 tokens on the NEO blockchain. BZS tokens will be the official currency accepted by the BizShake ecosystem.
How BizShake P2P Blockchain Renting & Pawning Works
BizShake will be accessible through mobile apps for iOS and Android. You’ll also be able to purchase it over a web platform.
The core functions of the platform include “SmartRent” and “SmartPawn”. Here’s how each works:
The idea of SmartRent is to allow users to lease assets to other users for a specific period of time. You might have a chainsaw, for example, that you’re not currently using. You list the asset on SmartRent along with a rental fee, pictures of the asset, and any additional information. You can set different rental rates by the hour, day, week, or month. You can also fill out a calendar explaining which dates the asset will be available to be leased, the geographical area where the asset will be available to shipped and handed over, the value of the asset, and the amount of deposit that will be locked by the blockchain.
The user leasing the asset – the lessor – will be able to set different deposit amounts for users with different credibility levels. Someone with a high credibility level, for example, may pay a significantly lower deposit than someone with a low credibility level.
The time limit on the rental period will be set by a smart contract.
SmartPawn allows users – called “pawners” – to obtain a short-term loan backed by the value of an asset. You’re “pawning” your asset to another user, and that user is providing a loan based on the value of that asset. It works just like an ordinary pawn shop – just built on blockchain technology.
BizShake Dispute Resolution
BizShake will have a dispute resolution system that works based on three stages, including:
Stage 1) The user who raised the dispute can choose one of the reasons why the issue arose, then ask for the equivalent penalty from the other party. A message will be delivered to the other user. The other user can accept the offer or make a counter-offer within the deadline set by the BizShake smart contrac.t
Stage 2) If no agreement is reached in two rounds of offer and counter-offer, each user can escalate the issue into a Dispute. In this situation, both parties have to produce all necessary explanations and documents to create a Case File within the deadline imposed by the smart contract. The Case File is forwarded to a Panel of Arbiters for review. The Panel of Arbiters includes five users at the highest credibility level. These users are randomly chosen by smart contract.
Stage 3) The smart contract will transfer the compensation decided by the arbiters from the deposit locked in the lessee’s wallet to the lessor, then unlock the remaining deposit. If the arbiters decide to award compensation higher than the locked deposit, then the difference in the amount will need to be transferred. Users who do not transfer the adequate amount of compensation within the time period will be called “debtors’ and frozen from all activities on BizShake until debts are paid.
In exchange for their dispute resolution work, the Panel of Arbiters will receive a commission of 2% of the amount claimed by the user who escalated the dispute.
BizShake Transaction Fees
BizShake will charge a transaction fee of 5% or lower. This fee includes all costs related to the use of the BizShake application. The transaction fee will automatically be deducted from the amount being rented or pawned.
7% of coins coming from transaction fees will be burned when received by BizShake. This is how BizShake plans to continuously reduce the value of its BZS coins.
BizShake lets users rent items through the SmartRent platform. Users pay a deposit to rent an item for a specified period of time – like an hour, a week, a month, or a year.
SmartPawn lets users pawn items in exchange for a short-term loan – just like an ordinary pawn shop.
BizShake will have an asset verification and certification system called SmartCertify. That system will work with Certifier Users who can certify that a particular asset is exactly as described by the owner. Certifier Users can apply for qualification, then undergo “a rigorous review” from BizShake to analyze their accreditation and professionalism.
BizShake will create an API that allows access to BizShake smart contracts. Web developers can create new applications that leverage BizShake smart contracts without forcing users to directly interact with BizShake.
BizShake will have a three stage dispute resolution system that allows users to get a fair outcome when a dispute arises. The dispute resolution system involves a panel of randomly-chosen arbiters, with arbiters being high-reputation users on the platform.
BizShake’s SmartIdentify feature will use AI algorithms to calculate a user’s profile, ID, and level of credibility through government data, insurance information, financial data, and more. You can share your credibility level with other BizShake partners.
BizShake will be available for desktop and mobile devices in the future.
BizShake BZS Token ICO Details
The BizShake ICO is scheduled to take place sometime in the near future. As of April 2018, a date for the crowdsale has not yet been announced.
There’s a total supply of 200 million BZS tokens, with 50% of the tokens (100 million) available during the sale. BizShake is accepting NEO and GAS for its ICO.
The exchange rate will be set at 1 NEO = 500 BZS or 1 GAS = 200 BZS.
Of the remaining tokens, 30% is going to a resereve fund, 15% to the founders, and 5% to advisors.
Who’s Behind BizShake?
BizShake is led by CEO and founder Giuseppe Lo Presti. Giuseppe is a Shanghai-based business executive with experience at multinational companies like Trussardi (where he worked as Regional Finance Director) and SmartBeeZ (CEO and founder).
Other listed members of the team include Valentina Gu (CMO and co-founder), a marketing and communications professional who previously worked at Jaunt VR and Trussardi in Shanghai.
BizShake aims to change the way we rent and pawn items online. The blockchain-based platform uses smart contracts to manage lending and pawning agreements. You can use BizShake to rent or pawn your own assets, for example, and generate income from things you’re not currently using. All transactions are secured over the blockchain and completed using BizShake’s native BZS tokens.
To learn more about BizShake and how it works, visit online today at BizShake.io.