The Ultimate Guide To BizShake


BizShake is a decentralized P2P sharing and pawning platform that aims to create an ecosystem of decentralized apps to allow and encourage users to share their assets thus maximizing the value resulting from their use while optimizing asset allocation within communities. In other words, BizShake allows its users to rent their properties over a decentralized network.


The BizShake P2P Renting & Pawning
Users will be able to access BizShake via mobile apps for Android and iOS or purchase it over the web platform. The main functions of this platform include SmartPawn and SmartRent where SmartRent enables users to lease their assets to other users for a certain period of time. For instance, if you have a chainsaw that you are not currently using, you can list it on SmartRent detailing its rental fee. You will also be required to include pictures of your asset as well as any other useful information. 

You may also explain the particular dates that you will lease your asset, the rental rates by hour/day/week/month, geographical area for shipping or handing over the asset as well as the value of your asset and the deposit amount. The lessor or the person leasing the asset can set a different deposit amount depending on the credibility levels of the user. For example, a user with a good credibility level can be charged a lower deposit compared to one who has a relatively low credibility level. A smart contract will limit the time on the rental period. 


The SmartPawn enables the users also known to as “pawners” to get a short-term loan based on the value of their asset. This simply means that after “pawning” your valuable asset to a user, the user will then offer you a loan depending on the value of your asset. This concept is similar to what you will find in the ordinary pawn shop but it is designed to work on blockchain technology. 


How Disputes Are Resolved
BizShake has a dispute resolution mechanism that is based on three levels:
Level 1: A user may raise a dispute explaining the reasons behind the disagreements, and may request for a penalty of equal value from the other party after which the message will be delivered to the user. The BizShake smart contract then sets a deadline for the other user or the “lessee” to accept the requested offer or to make a counter-offer.

Level 2: If both parties do not reach an agreement in at least two rounds of an offer and counter-offer, either party may choose to escalate the disagreement into a dispute. At this stage, both parties will be required to provide necessary documentation and explanations within a set deadline in order to create a Case File. A panel of arbiters composed of users with the highest credibility level is then formed to arbitrate.

Level 3
Once the arbiters make a decision, the BizShake smart contract will then transfer the compensation that the arbiters decide from the lessee’s wallet to the lessor. In cases where the arbiters decide to award a higher compensation than what is available in the lessee’s wallet, the lessee will be required to transfer this difference or be declared a “debtor” and their activities on BizShake frozen until the debt is cleared. 

BizShake charges a 5 percent transaction fee or lower which is inclusive of the BizShake application use and other related costs. This amount is automatically deducted from the pawned or rented amount.

Disclaimer: This article was created in exchange for a potential token reward through Bounty0x.

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