BizShake: A P2P Sharing Ecosystem for Pawning and Rentals

BizShake: A P2P Sharing Ecosystem for Pawning and Rentals

BizShake is a platform that lets users rent or pawn their properties over a decentralized network. The concept addresses the need for users to monetize their assets in a new way. Similar in principle to sites such as Uber and Airbnb, BizShake offers its members the chance to choose who they rent from and what they rent. There are many facets to the platform, and the company’s BZS token is the driving force behind it. The system is based on the Neo blockchain. This decentralized technology means that users can tokenize their real-world assets for a profit.

In this article, we’ll look at what BizShake is and how it can be used, how the platform works in certain situations, and the performance of the BZS token.

What is BizShake?

US-based start-up BizShake was founded by a group of ecommerce, retail, and technology companies. In their whitepaper, they highlight the fact that the asset allocation market remains largely unexplored. What is this market? Essentially, it’s the means through which individuals can share the everyday items they own for a profit. This could include everything from appliances, to vehicles, to apartments. BizShake utilizes the power of a decentralized blockchain to regulate the transactions on their network, providing greater security for its members.


 

Two main services will be available through the app and website; SmartRent and SmartPawn. SmartRent allows users on the platform to rent out their assets for an agreed upon length of time. The owner creates a listing, complete with information, images, and rental rates. Availability and location information is also provided. The leaser will have to pay a deposit to secure the rental. The deposit amount depends on the leaser’s reputation score.  A smart contract secures the entire transaction.

SmartPawn works just like a regular pawn shop. Users can secure a short-term loan backed by an asset. You pawn the value of your asset to another user, who then provides the loan.

How Does BizShake Work?

The platform will be available on mobile apps and the company’s website. BizShake will take a transaction fee of up to 5% on each transaction, which will cover the maintenance and running costs of the platform. Below, we’ve listed some of the key features that demonstrate how the service works:

  • SmartRent: As covered above, this is how users connect to agree on rental terms for an asset.
  • SmartPawn: The service that works like a pawn shop, allowing users to pawn items for a short-term loan.
  • SmartCertify: Through this feature, BizShake will create an asset verification system. This allows certified users to verify that assets are as described. There will be a qualification that allows users to become certified.
  • BizShake API: This allows developers to create applications leveraging BizShake smart contracts.
  • SmartDispute: In order to successfully resolve disputes, there is a three-stage resolution system. This gives users access to a panel of independent arbiters who will decide on an outcome.
  • SmartIdentify: Using AI algorithms, SmartIdentify will aggregate user’s data to calculate their credibility level.

 

How Does BizShake Work

These services will form an ecosystem based on NEO blockchain technology that gives a decentralized and secure way for the services to operate. By creating a P2P network in this manner, it greatly reduces service costs that are usually associated with such rentals.

What is the BZS Token?

The entire BizShake ecosystem will be based on their security token, BZS. This NEP-5 token will begin its private sale on 1st October 2018, with a public sale due to start on 15th October. Holders of these tokens will have a vote in the business strategies that BizShake propose, and can vote towards electing a representative to the board of directors. There will be 200,000,000 tokens in existence, with half of that amount being available at sales. The minimum contribution to the sale will be 1 NEO or equivalent.

BizShake TGE

BizShake: The Future of P2P Rentals?

The proposed model for BizShake is an interesting one. As mentioned in our intro, companies such as Uber and Airbnb have found a good deal of success with similar proposals. People love the freedom that comes with monetizing their assets, and it seems like BizShake have thoroughly explored the potential for this.

Their SmartRent and SmartPawn systems could be incredibly useful if the platform gains traction. Regarding certification, dispute resolution, and user identification, their systems appear thorough on paper. The company has promised to deliver an alpha build of their services before the ICO goes live, so it will be interesting to see how the technology works.

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