BizShake | Project Overview
Hello friends! Today I will tell you about the BizShake project.
BizShake is building a complete ecosystem of dApps aimed at allowing and encouraging users to share their own properties, maximizing the value generated by their use and optimizing the assets allocation throughout the community itself. In a world of overproduction and overwhelming consumerism, many of us own too many things that don’t get used enough.
In order to achieve goal, team are building multi-platform applications that will allow users to exchange the temporary usage right of a particular asset with economic benefits for each party, based on pre-exchange agreements. These multi-language applications will be available for both web and mobile devices (iOS and Android).
Furthermore, other business owners can use protocols to build their own applications based on their vertical market needs for certain asset classes, languages, geographic boundaries and user groups.
Own application, as well as other partners’ applications developed within the BizShake ecosystem, will have the transactions, user authentication and other fundamental functionalities executed and settled by BizShake Smart Contracts based on the NEO Blockchain, of which will regulate the business interactions among users in a transparent and trustworthy way.
BizShake will build the foundation of this new market paradigm based on shared community access to assets while being able to achieve economic benefit in various forms. To bring a better life through innovative technology and a business model based on a decentralized P2P sharing ecosystem. In other words, to implement Sharing Economy 2.0 through P2P transactions without intermediary costs for trust provision, based on the Blockchain technology, greatly reducing transaction fees for users.
After an in-depth analysis of the various Blockchain platforms, BizShake decided to create its ecosystem on NEO Blockchain. The NEO Blockchain has been chosen because it is the only one that offers the following advantages among the few complete Smart Contract platforms that are currently available:
• Scalability: already capable of executing more than 1,000 TPS (transactions per second) Vs. 15 TPS on Ethereum Blockchain. NEO also projected the ability to handle 100,000 TPS by 2020;
• the cryptography algorithm achieved by the NEO Blockchain is already Quantum Proof, which means there won’t be a need to update or introduce a new algorithm in the future;
• NEO executes its block generate on algorithm based on dBFT (delegated Byzantine Fault Tolerance). This algorithm creates a base for a consistent creation of new blocks on the Blockchain without the need for mining (PoW, Proof of Work). BizShake favorably welcome the dBFT for its low impact on the environment;
• NEO is actively working on Digital Identity implementation and is extremely compliant with Government Blockchain regulations. This is very important for the BizShake projects as it will build even better trust among the users of the BizShake ecosystem applications.
BizShake will fulfill a specific AI algorithm that will calculate user’s level of credibility based on past transactions in which the user was engaged in the dAPPs of BizShake ecosystem, as well as external IDV (Identification Verification) services available on the NEO Blockchain, including but not limited to Government data, insurance and financial companies, social networks, etc.
Taking advantage of the data coming from the different data providers, BizShake will overcome the frustration first-time users might face having to build a credibility level on each new platform they join. BizShake will exploit the full advantage of all the data that can be provided by external sources, as well as providing data collected on the user credibility across other dAPPs, allowing the user to enjoy the same credibility level, without any additional effort, on all the different NEO Blockchain dAPPs that will partner BizShake.
Most of the applications that are creating the current ecosystem of the sharing economy are based on the B2C model: the company that operates the rent business purchases and owns the assets and make them available on their platforms to lend to users.
This P2P business model represents a big step forward from the B2C model; it introduces the concept of P2P in which the platform is providing the “market access” to users and linking supply and demand so that the transaction can be settled. In this scenario, the company who runs the platform doesn’t own any of the assets being rented. They name this business model “P2P Sharing Economy 1.0”.
Blockchain technology and Smart Contract functionalities have led team to the adoption of a new sharing economy that they call P2P Sharing Economy 2.0.
As shown in the graphic, BizShake applications are still providing “market access” to the supply side and demand side. However, unlike the traditional P2P model, all transactions are executed by the Blockchain and regulated by the Smart Contracts. The platform itself is not intervening in the transaction.
BizShake is going to release an application that will be available on Web and on Mobile platforms (iOS and Android). This application will have two different but complementary business models that will work independently from each other. Team strongly believe that most of users will take advantage of the different peculiarities of each model in order to achieve the highest benefit in any possible use case scenarios. The application will initially be available in English and Chinese (Mandarin); other languages will be available shortly after.
The blockchain technology is developing. The advantage of the project is that it uses the neo blockchain. Neo will evolve and it can reach a good level. Developing an ecosystem of decentralized applications is a greater contribution to the development of Neo. In my opinion the project has an interesting concept. I wish the project team success.
My username bounty0x: kable