EZYSTAYZ BLOCKCHAIN AND SMART CONTRACT
EzyStayz Blockchain and Smart Contracts
Crypto is what makes the platform so useful for travelers and hosts alike -leveraging blockchain as the ideal underlying technology to
build the base of the emerging trust economy. In the role of a trusted gatekeeper and purveyor of transparency, blockchain allows for secure decentralized storing and sharing of data, such as financial transactions in the case of bitcoin. Due to the blockchain’s open source nature, it can also be augmented to execute smart contracts and create a broad range of other applications. Given the capabilities of this new technology, this is why storing digital identities, and peer-to-peer reviews of individuals and companies, on the blockchain would make sense for the trust economy. By creating identity tokens like passport based on hospitality reference, EzyStayz streamlines and refines search algorithms.
Blockchain-based digital identities and trust ratings are already on the radar of peer to peer lodging platform Airbnb, which is considering the benefits of the nascent technology. EzyStayz, however, is a first-line adopter, which positions us strategically to fulfil a pressing need within the current market segment. The three most important functions of blockchain technology, the ability to store records, to exchange digital assets without friction and the possibility to execute smart contracts, provide the right technological infrastructure for a more efficient and streamlined trust economy of which the wider sharing economy would benefit greatly.
Currently different centralized platforms display individuals and companies trust levels. You can find feedback and ratings on digital platforms, but each platform has its own ratings and comments. If instead, all reviews would be stored on a distributed ledger where access is only permissioned when the person or company provides an access key to the counterparty who wants to assess the reputational rating this could establish a whole new level of trust that would help the sharing economy grow.
Not only can a blockchain-based digital identity and trust level verify that the person exists but his or her trust attributes could also be automatically embedded into smart contracts when engaging in business transactions with them.
For example, if you are looking to rent a room from someone in a new city you are visiting for a weekend, you could assess the homeowner’s trust level when inquiring about the availability of the homeowner’s property for the specific dates. Once it has been made clear that the property is avaiable, both parties can assess each other’s digital identity and trust ratings.
Then, if both parties are happy with one another’s digital reputation a smart contract could be excuted, which states the terms of the short-term rental agreements and completes the payment for the service provided all terms of the contract have been met once the stay has been completed. As no centralized authority would be used to process the transaction, it decentralizes the entire sharing economy making it cheaper for consumers and easier to transact for those offering products or services.
The EzyStayz platform will make the
smart contract seamless and customizable with no requirement of coding or programming whatsoever.
Blockchain technology is essential for the implementation of the following elements of our project:
✓ To support the EZY economy and thus our profit source, which enables our minimal commission marketplace.
✓ To support the distributed database, which will cut out commissions from distributors and further contribute to the EZY economy.
✓ To enable a trustless environment which is a necessary requirement for the adoption of the distributed database.
✓ To automate payment processing.
✓ To act as highly secure escrow accounts for the period between booking and check-out.
✓ To host immutable reviews.
EZYSTAYZ ECONOMY
The EzyStayz token (EZY) drives the entire EzyStayz ecosystem. In this section, we explain how the demand for EZY is created by its various utility cases
Usage of the EzyStayz Token
To create a strong economy that ensures the value of EZY, we will rely on four elements: high demand, volatility, value-added features and gaming.
Generation of constant demand: Our existing website is surely one of the most important elements of EzyStayz and is the fundamental driver of the EZY economy. Any booking on the website automatically generates demand for EzyStayz tokens, regardless of whether it is paid for with EZY, fixed-value cryptocurrencies or fiat currencies. Since travel related bookings are generally high volume transactions, this can quickly create a solid base of utility demand.
Reduction of EZY Volatility: The key element of the EZY economy is the lockup period of EzyStayz tokens. Whenever a booking is made, the payment currency is automatically converted into EZY and stored in the booking smart contract. The EZY remains there, in escrow, until the customer completes the booking (e.g. checks out from a hotel).This lockup function reduces the circulating supply of EZY for the period between booking and check-out. The higher the booking rate the more EZY are escrowed in the smart contract at a given time, and the higher the demand on EZY will become.
Value-added features: All value-added features on the website will be paid for in EZY. While users will generate constant demand on EZY through bookings, hotels and property owners will also likely keep EZY reserves in order to pay for accessing premium features such as increased visibility or volatility protection.
Gaming: EzyStayz has an inbuilt gaming model within the website which makes it fun for its customers to play whilst booking accomodation.
More information about EzyStayz can be gotten from any of these channels
WEBSITE: https://www.ezystayz.com
TELEGRAM: https://t.me/EzyStayz
WHITEPAPER: https://ezys-cdn.s3.us-east-2.amazonaws.com/images/pdfPaper/WhitePaperEzyStayz16july.pdf
BITCOINTALK: https://bitcointalk.org/index.php?topic=5167721.0
FACEBOOK: https://www.facebook.com/EzyStayz-482400071941656/
TWITTER: https://twitter.com/ezystayz2014
LINKEDIN: https://in.linkedin.com/company/ezystayz
INSTAGRAM: https://www.instagram.com/ezystayz/
YOUTUBE: https://www.youtube.com/channel/UCDvQOHa-9pwh_PEEsgjsFWQ/featured
AUTHOR'S DETAIL
Author's Username: Bellaross
Forum URL: https://bitcointalk.org/index.php?action=profile;u=2819560