[ICO Review] Bizkey

Disclaimer: This is not in any way professional advice, and is solely based on the author’s own opinion. This is not in any way an advice to invest, or not invest in the network.

Bizkey is a feature-ready platform introducing intelligent blockchain-based POS systems (Biz-POS) that support a variety of powerful applications to streamline and re-integrate merchants into the digital era, laying a solid foundation for the new era of ubiquitous digital lifestyles.

According to Bizkey’s whitepaper,

We are dedicated to creating an offline payment solution for digital currency, which aims to provide a wide range of offline payment applications for many kinds of digital currencies. Our vision is to connect more than 1 million offline brick and mortar retailers within three years and make it possible for digital currency payment to enter public life.

Currently, more than five applicationsare in the R&D or internal testing phase and will be released to the market soon:

1. BizPos: a dual-screen blockchain intelligent POS machine. Its v1. 0 prototype was released on October 10 in Beijing, and in November began small-scale production. BizPos provides support for merchant fiat payment-mining, CRM systems, voucher systems, and digital currency payment acceptance. Digital currency holders will be able to pay in Singapore’s Chinatown using the ERC20 wallet, which was unveiled on October 31 at the first “Token Day” event.
2. TIME card: v1.0 is online. This WeChat Mini Program, based on Bizkey consumer points, can obtain TIME universal points by mining, consuming, helping merchants market, and exchange privileges and commodities among many real businesses. At present, it has been accessed by more than 10, 000 restaurants, with daily active users totaling more than 20, 000 in first tier cities in northern China.
3. BizTalk: an app in beta phase of internal testing. It is a social product for local retail merchants. Merchants can buy inventory, make sales, accept mobile payments and make withdrawals. Merchants can communicate with each other, recommend each other, and cross promote each other.
4. BizPay: digital currency payment solution. V1. 0 is in R&D and will be online, it is a very simple and convenient APP to help real businesses with digital money payment and settlement. The best feature of BizPay is that customers can pay in digital currency, while merchants have direct access to local currency settlements. V1. 0 currently supports Singapore and mainland China.
5. BizMap: BizMap is under development and will be available for internal testing at the end of November. Any user can quickly find merchants that support Bizkey tokens or points to complete transactions. Any merchant in the Bizkey ecosystem can also find other businesses that can cooperate by quick matching.

Development Goal
Bizkey One-year Product Development goal is divided into three stages:

1st stage: the Bizkey open platform is launched to facilitate integration of payment channels and the sale of the BizPos device;

2nd stage: the establishment of BZKY built-in exchange to facilitate circulation of BZKY tokens;

3rd stage: provide more mainstream digital currency payment and settlement solutions, create traffic and launch the fee share profit model.

MCO

Instead of ICO Bizkey is pioneering a new model that they are are calling the “Milestone Coin Offering”. Instead of offering the entire supply of tokens at once to hit all funding targets, offerings are strictly tied to milestones, reflecting what a traditional VC structure would demand for investment.

Also, investors that are interested to take part in the MCO, would have to complete the KYC process. Currently, investors who participate can enjoy 25% off!

To learn more about how MCO works, check out their detailed blog post.

Expansion Plan

Market expansion is mainly driven by the “transaction is mining” mechanism, allowing for rapid expansion due to the increased benefits for early adopters.

In the first stage, Bizkey primarily expands in the retail markets of both China and Singapore to gain large market share in a short period of time. With the rapid growth of our merchant base, Bizkey will optimize the incentive mechanism according to data and merchant feedback, shape our products according to need, and improve services.

During the second stage, the Bizkey team will strategically expand in selected emerging markets in Southeast Asia and Asia Pacific and gradually promote international cooperation with merchant acquirers.

Bizkey will expand to additional emerging markets, further deepening its operations in major markets and begin cross-industry promotion in the third stage.

Besides that, according to Bizkey’s blog post, they have even won an award at Cryptofest 2018 for Best Creative Design, which make this project even sound more promising.

To check out the details of this project, check out their website!

Listed at Dcoin and DigiFinex.

J.D.