BizShake ICO Review - peer to peer renting and pawning

shadowhunter (25)in #icoreview • 6 years ago

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 whole ecosystem of decentralized apps that enable and encourage users to share their particular properties, optimizing the value created by their usage and optimizing asset allocation throughout communities.

In simpler provisions, BizShake enables you to rent material above a decentralized network.The company is starting its very own native BizShake tokens (BZS), which is NEP-5 tokens about the NEO blockchain. BZS tokens will be the official money accepted by the BizShake ecosystem.

How BizShake P2P Blockchain Renting & Pawning Works

BizShake is going to be accessible through mobile programs for iOS and Android. You'll also have the ability to purchase it over a web platform. The core functions of the platform include"SmartRent" and"SmartPawn". Here's how each function works.

SmartRent

The notion of SmartRent would be to allow users to lease assets to additional users for a specific time period. You could have a chainsaw, as an instance, which you're not currently using. You list the advantage on SmartRent together with a rental fee, pictures of this asset, and any extra info. You can set different rental prices by the hour, day, week, or month. You could also complete a calendar describing which dates the asset will be available to be leased, the geographic area where the advantage will be available to sent and passed over, the value of this asset, and the total amount of deposit which will be locked from the blockchain.The user leasing the advantage -- that the lessor -- will be able to set different deposit sums for users with different credibility levels. Someone with a high credibility degree, as an example, can pay a considerably lower deposit than somebody with a low credibility level.The time limit on the rental period will be put with a smart contract.

SmartPawn

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:

Phase 1) The consumer(user) who raised the dispute can choose one of the reasons why the issue arose, then ask for the identical penalty from the other party. A message will be sent to the other user. Another user may accept the offer or make a counter-offer inside the deadline set by the BizShake smart contract.

Phase 2) If no agreement is achieved in just two rounds of providing and counter-offer, each user may escalate the issue to some Dispute. In this situation, both parties have to produce all necessary documents and explanations to make a Case File within the deadline imposed by the wise contract. The Case File is offered to a Panel of Arbiters for inspection. The Panel of Arbiters comprises five users in the highest authenticity level. These users are randomly chosen by smart contract.

Phase 3) The smart contract will move the compensation determined by the arbiters from the deposit secured in the lessee's pocket into the lessor, then unlock the rest of the deposit. In the event the arbiters choose to award compensation higher than the frozen deposit, then the difference in the sum will need to be transferred. Users who do not move the adequate quantity of compensation within the time frame is going to be called"debtors' and suspended 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 usage of this BizShake application. The transaction fee will be deducted from the amount being leased or pawned.7% of coins coming from transaction fees will be burned when received by BizShake. This is how BizShake intends to continuously reduce the worth of its BZS coins.

BizShake Features

SmartRent:

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:

SmartPawn lets users pawn items in exchange for a short-term loan – just like an ordinary pawn shop.

SmartCertify:

BizShake is going to have an asset verification and certification system called SmartCertify. That system will work with Certifier Users who will certify that a specific advantage is precise as described by the proprietor. Certifier Users can make an application for qualification, then experience"a rigorous review" out of BizShake to examine their certification and professionalism.

BizShake API:

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.

SmartDispute:

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.

SmartIdentify:

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.

Multi Platform:

BizShake will be available for desktop and mobile devices in the future.

Token ICO Details

PREICO TIME

2018-10-01 - 2018-10-14

ICO TIME

2018-10-15 - 2018-10-31

Token BZS

PreICO Price 1 NEO = 260 BZS

Price 1 NEO = 185 BZS

Platform: NEO

Accepting: NEO, GAS, ONT

Minimum investment: 1 NEO

Soft cap: 50000 Neo

Country: USA

Whitelist/KYC: KYC & Whitelist

Restricted areas: China

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. Of the remaining tokens, 30% is going to a reserve 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.

Conclusion

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.