serviceprotocol

Service Protocol is a set of protocols that allows developers and businesses to build decentralized marketplaces on the blockchain, with a focus on the sharing economy. These protocols enable buyers and sellers of fractional use goods and services (car-sharing, service-based tasks, home-sharing, etc.) to transact on the distributed, open web. Using the Binance Smart Chain and Interplanetary File System (IPFS), the platform and community are decentralized, allowing for the creation and booking of services and goods without traditional intermediaries.

It define protocols for representing fractional usage assets on the blockchain and enabling buyers and sellers to transact in a completely trustless and distributed fashion. It also describe additional standards to self-govern and regulate the platform, promoting free commerce while disincentivizing bad actors.

Listings can easily be searched, browsed, and booked via the frontend DApp. Since we anticipate having too many listings to reasonably parse in a browser, the frontend DApp connects to an open-source indexing server of the user’s choosing, making it possible to search and filter the entire public corpus of listings. Once a listing has been selected, a user can make a booking by sending payment to the booking smart contract along with the IPFS hash of the chosen listing and the desired interval to book. The smart contract will verify that the booking is valid and handle the transfer of tokens between the buyer and the seller, including the escrow of funds when applicable.

All listing and transaction data is public by default, but sensitive information such as a mailing address or phone number can be encrypted and only released to confirmed buyers.

The Service Protocol cryptographic token will be introduced to create crypto economic incentives on the Service Protocol platform. As a BEP20 token, it will take full advantage of the BSC network’s built-in wallets, developer tools, and resulting ease of use. It will be a fungible asset for marketplace participants that want to buy/sell the token for use on the platform. The Service Protocol token serves three key functions on the platform: ensuring platform security and health by creating both positive and negative incentives, enabling network governance, and facilitating buyer/seller transactions as a transfer of value.