The concept of P2P (peer to peer) renting, swapping and trading goods and services which makes up the sharing economy, originally termed ‘collaborative consumption, is motivated by the wish to find an alternative to consumerism and to maintain a quality of life in a sustainable way. The socio-economic effect of this altruistic form of exchange among peers combines community building with entrepreneurship.
Decreased purchasing power
With a true annual inflation rate of 10-15%, an ever increasing number of people around the world are taking advantage of the sharing economy as it gives them the opportunity to enjoy life to the fullest despite a decrease in disposable income and purchasing power.
AirBNB is one of the most popular global sharing economy businesses. It’s value has grown from $0 to $38 billion in only 10 years. This P2P (peer to peer) short term property rental service which started with a single air mattress, now lists millions of rentals in 191 countries. The fees, however, are no laughing matter and can be as high as 15% per booking. With only 3,000 employees and annual revenues of $2.6 billion, AirBNB has proven to be a success.
The innovation brought on by the blockchain industry, which also combines community building with entrepreneurship, drives the P2P concept further away from the centralized B2C (business to consumer) model toward a global decentralized system in which individuals conduct business secured by smart contracts and the blockchain itself.
The latest example of this new development is BizShake, a multi-platform, multi-language, NEO based mobile dApp (decentralized application) system designed to enable users to rent and pawn assets without a middleman in which transactions are executed by the blockchain.
The NEO blockchain currently processes 1,000 transactions per second (expected to grow to 100,000 TPS by 2020) and includes a Quantum Proof cryptography algorithm (quantum computer resistant encryption) and a Digital Identity Protocol (government, insurance, financial and social data).
BizShake’s AI algorithm will process user data and calculate credibility and trustworthiness.
BizShake’s SmartRent dApps will be used by people who are looking to rent a space for a short period of time. The party booking a place will pay the host for the accommodations which typically includes a deposit. Unlike with AirBNB, however, the process is more automated and secure because the funds are held by the blockchain technology. This means lower transaction fees and more money in your pocket. Being able to spend less on fees means more travel and more income for hosts who can reinvest and improve or grow their small business.
Temporary accommodations are just one example BizShake plans to use its dApps for. The goal is to create as many dApps as needed to allow for a varied P2P asset rental.
BizShake’s SmartPawn dApps will feature P2P asset backed loans. As with SmartRent, transactions will be handled by the blockchain. There will be an agreed upon interest rate added to the loan as well as optional insurance to cover the difference between the asset value and the loan amount.
BizShake will implement user approved AI IDV (identity verification) solutions as a part of the application process to ensure platform wide accountability and security. The data, along with virtual BizShake user communities’ input, will be used to rank users. Higher ranked users will be rewarded with discounts and lower interest rates on loans.
Proofs of existence, ownership, state, quality and authenticity of assets will come in the form of digital certificates created by third party asset certifiers.
Smart Dispute will be a P2P decentralized arbitration solution in which higher ranking users help settle issues, including liabilities and penalties in exchange for token rewards.
Users will have the option to deposit funds in fiat and have them exchanged automatically into crypto at the time of the transaction as a protection measure against crypto volatility.
BizShake will charge a 5% rental and pawn transaction fee. Other than that, BizShake will be free to use.
The BZS token
The total supply is at 200 million tokens, half of which will be offered during the ICO. BZS is a NEP-5 (NEO Enhancement Protocol) token, comparable to the Ethereum based ERC-20 token. NEP-5 tokens are stored in NEO compatible wallets like NEON, Morpheus and Ledger Nano. Compared to the ERC-20, NEP-5 is considerably faster with minimal transaction cost (GAS is charged and then refunded to individuals).
The BizShake ICO
There will be a 2 week private sale from October 1st through October 14th 2018. The main sale is scheduled to take place between October 15th and October 31st 2018. 1 BZS is expected to be worth about thirty cents (USD). KYC/AML will be done by IdentityMind.
BizShake – The P2P Sharing Ecosystem on NEO Blockchain Through Tokenization of Real-World Assets
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