BizShake, a P2P sharing and tokenization ecosystem on the NEO blockchain, has announced its security token offering, revealing its BZS tokens that will be made available to the public. Bizshake’s private sale will begin on the 1st of October, and its public sale will begin on the 15th of October.
BizShake tokens will be classified as securities. Token holders will be entitled to vote for the business strategies proposed by BizShake, and elect one representative to become a member of the board of directors. BizShake is also preparing to apply for a US SEC Reg A+ rating to be compliant with ICO regulations and the submission will be filed within the next 2 to 3 weeks. An alpha version of the Bizshake platform is due to be released before the token generation event in October.
BizShake is a US startup that was formed from a team of retail, e-commerce and technology companies, and was formed with the vision that the P2P sharing economy will benefit our society as a whole. The company has offices in Hong Kong, New York, and Shanghai.
BizShake is developing a “P2P sharing ecosystem” on NEO that will let users monetize their assets through renting and selling them to other users. Assets can include anything that someone would like to share with others, like appliances, luxury goods, apartments, vehicles and more.
BizShake will use blockchain technology to regulate P2P transactions in a decentralized way, so that users can benefit from a greatly reduced cost and fees. The cost savings will come through the platform’s ability to tokenize high value assets on the platform, the transparency of user profile through digital identity management, and the security provided by an automated dispute system that is under peer control.
BizShake is an asset allocation optimization ecosystem which targets the sharing economy providing an innovative p2p (peer to peer) method. BizShake’s concept has been designed around blockchain and its fundamentals of being decentralized so that transactions are unable to be tampered with, engraving trust into the overall ecosystem. Users will be confident that they are not being taken advantage of and be encouraged to share with Bizshake – who have created a SmartDispute System to defuse any transaction conflict that may arise during your experience on the ecosystem.
BizShake’s business model will involve two business practices; Smartrent and Smartpawn. Smartrent will encourage Bizshakes users to ‘rent’ out their specific assets for an agreed amount of time with other users. On the other hand, Smartpawn will provide users with ‘short-term loans that are backed by an asset, from another user (lender.)’
Blockchain and the nature of decentralization: Trust and transparency integrated into all transactions so no-one is better off. Intermediaries are not needed in the processes of sharing or payments.
NEO Blockchain: BizShake has designed its ecosystem on the NEO Blockchain as it can exert scalability, with the capability of accomplishing 1000 transactions per second. The NEO Blockchain also uses delegated Byzantine Fault Tolerance or dBFT which can be considered to be one of the ‘fairest’ ways to create new blocks on the blockchain ‘without the need for mining’ (Proof of Work, PoW.) NEO is also compliant with government blockchain regulations so the trust concept on the ecosystem is also emphasized.
User ID and Credibility level: Each consumer of BizShake will have to make a user ID containing certain valid information. With each user ID will be a given credibility level dependent upon their past transaction history to ensure full transparency between users. Even new users who have no credit rating may find it hard to engage in sharing on the ecosystem can also benefit, as BizShake will use external sources that are available on the NEO blockchain to also rate the user so that you don’t have to waste time building up a new credibility level.
Decentralised Dispute system: Arbitration rights will be assigned to users with the most respectable credibility rating. A solving system will then be implemented to decide the level of penalties dependent upon each case to ensure whoever is accountable is reimbursed rightfully with a small commission rewarded to the arbiters who release their judgment call. Users with high value assets can use BizShakes SmartCertify concept to ensure the assets authenticity, condition and value are up to scratch.
BizShake believes that supplying market access to goods and services globally, that have been uploaded by the user to share, can improve the economic welfare of the people. This is because the competitiveness of the overall economy is enhanced as more people have access to these goods and services, driving down the prices overall, creating an improvement in peoples social responsibility and overall living standards. BizShake goes even further as they have provided a platform, Sharing Economy 2.0, that is not directly intervening in the transaction ‘but regulated by the smart contracts’ to minimize any transaction fees. This again keeps prices low so that there is greater welfare in the economy.
BizShake has also supplied details of how its tokens will be distributed and allocated, with its distribution of tokens shown below.
50% sold at token sale
30% reserve
15% founders
5% advisors
Below is how the above tokens will be allocated:
50% Product development and G&A
25% marketing
15% business development., T&E
5% legal
5% other
All strategic business decisions and any other decision escalated to the Board of Directors.
To select one member of the Board of Directors.
The votes of the token holders will be weighed proportionately to the number of tokens they hold at the time of each vote. The voting operations will be regulated by a smart contract to guarantee the integrity and transparency of the process. The Quorum and dates of each vote will be decided and communicated before voting commences.
Author: Raghav
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Bitcointalk: https://bitcointalk.org/index.php?action=profile;u=2235966
