Aug 27, 2018
BizShake STO Review Part 4: Strategic Partnerships
The BizShake project aims to create the first decentralized pawning and renting ecosystem via a pair of DApps known as SmartRent and SmartPawn.
This 5-part series will go over what makes BizShake stand out within the wave of STOs entering the cryptosphere.
And in case you haven’t read them, here’s where you can find the other articles all about BizShake:
Can BizShake capture some of the new Security Token business coming into the world of crypto? Let’s find out… but first, I’d like to ensure we’re on the same page…
*Disclaimer: This is not investment or financial advice. I’m not a financial expert by any stretch of the imagination. Most information within this article is speculative and merely my own personal opinion. Always conduct your own research before contributing to any startup projects.
Always remember that what you do with your funds is your decision to make. And if that decision proves too difficult for you alone, seek guidance from a financial professional.
I may or may not receive a small allocation of tokens for creating this content. That said, I will do my best to remain unbiased and fair. I try to avoid all FOMO and FUD and never wish to impart those emotions on my fellow crypto-heads.
FYI: Certain countries are excluded from participating in BizShake’s upcoming STO. Don’t forget to check the (exciting!) terms and conditions page. No need to fret if your country is blacklisted; you’ll merely need to wait until BZS tokens are available on exchanges.
Extending the Team
Partnering with key players in your industry is how good businesses transform into great businesses. And BizShake has already begun the process of securing them, which is encouraging since their STO is still several months away.
The team has selected a handful of partners — including BountyOx and Diacron — and more are bound to emerge.
We won’t cover every partnership here but three notable projects are most definitely worthy of an explanation…
One ID to Rule Them All
The true identity of the users is a pillar of BizShake’s ecosystem. If users can’t trust who they’re dealing with, the network will stall out.
User assets are another critical component. BizShake needs big volume to thrive and grow. And, a reputation for mediating counterfeit merchandise won’t go over well.
BizShake selected Ontology to address both of these important issues. Within the Ontology project’s ONTO app, users can create what’s known as an ONT ID.
An ONT ID is a personal, blockchain-based identification mechanism. Put simply, it’s a means to centralize your identity and assets on the BizShake platform.
Now, this partnership serves a number of purposes:
- BizShake users’ ONT IDs will be tied to everything they do within the platform.
Whether buying or selling, lending or borrowing, every interaction and every asset you make available on the BizShake network is associated with an ONT ID.
For assets, this has two main benefits: Clarification as to what you own, and proof that you actually own it.
And on the money side of things, the network makes it easy to perform transactions.
You see, Ontology’s ONTO app is also a wallet which currently stores ONT — the Ontology network’s native token. And just like NEO/GAS, if you stash ONT in your ONTO wallet, you’ll be rewarded with the network’s fuel: ONG.
The main benefit here is the simplification of using BizShake DApps. There’s no need to bother with creating separate accounts. Because honestly, who needs another password in their life? Nobody, that’s who.
- ONT IDs adhere to international W3C standards.
The World Wide Web Consortium takes the concept of ‘Digital Identity’ very seriously. The W3C is an international community working to establish standards for Internet activities.
At least for now, their standards are the benchmark for acceptable practices. Team Ontology made sure their data-collection processes conform to W3C specs.
And by upholding these standards, BizShake DApps have an inherent level of trust. If you’re in the know — you are now! — and appreciate what the W3C is all about, you’ll feel very safe interacting on the network.
As you can see, BizShake’s decision to partner with one of the NEO blockchain’s most popular NEP-5 tokens was a wise move.
Smart Tracking
BizShake’s SmartCertify program is intended for assets on the higher end of the value spectrum. Any BizShake user — for a fee — can have an asset professionally evaluated and certified by a third-party.
Assets entering the SmartCertify program will be recorded on the blockchain and tied to the aforementioned ONT ID. During an evaluation, the asset’s assessor will apply a tracking device.
Now, these IoT devices and their associated software are made by Dotando. When BizShake users share an asset, they’ll both scan Dotando’s tracking device, using Dotando’s app to do so.
Scanned tags reveal the asset’s relevant info and history on the BizShake platform. This guarantee of transparency sets everyone’s mind at ease when exchanging assets.
Getting to Know All the Customers
In order to mitigate risk for platform contributors, BizShake is aiming for US SEC REG A+ status.
Plenty of new crypto startups don’t bother with the US at all, but in some cases, the accredited whales are allowed in the pool.
BizShake is taking a more self-disciplined approach. Realizing the US is a giant market not to be ignored, their A+ application will give the general public the right to participate.
Legal requirements are a minefield beset with red tape. Starting the process as early as possible was in BizShake’s best interest.
And to help expedite the process, BizShake employed the services of IdentityMindGlobal. KYC and AML are inevitable for any STO. I think the approach of letting an expert handle those details was a good choice.
Some things are better left to others and I appreciate projects that pony up some capital to tackle tasks they know someone else can do better.
Final thoughts…
The BizShake project’s growing number of partnerships are nicely shaping the functionality of the ecosystem. The team has selected companies that perfectly align with what they’re trying to accomplish.
By addressing the elements of legalities, regulations, and platform functionality, BizShake is setting themselves up for a positive outcome. Concrete, pre-meditated plans are a welcome sight in the crypto startup space.
Not naming any names but a few build an app or DAapp then reach out to the community for ideas on what to do with it.
In contrast, BizShake knows exactly what they want to do and the team is taking proactive steps to get the job done.
While these initial partnerships are great, I feel there’s more on the horizon. Should the project choose to dabble in AI for improving the platform, they’ve got a few NEP-5 candidates to choose from.
Even if the team feels their partner-gathering is complete, I remain excited about what BizShake wants to accomplish. Primarily because it’s one of the few blockchain projects I would actually use.
I don’t want to trade the BZS tokens I plan to deposit in my wallet. No, I’d rather make them flow within the BizShake network.
Visit the BizShake Website to discover more about the project and upcoming STO.
And for your convenience, here are more BizShake project resources:
By the way…
If you like what you see here and need help getting your crypto message to the masses, I’d love to hear about your project.
Feel free to reach out to me here: blockchainauthor at Gmail
