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Abab Whitepaper
Abab Whitepaper
Soon the short-term rental market is going to change drastically. It already has
changed rapidly in last ten years. Especially it became noticeable in the segment of short-
term rental of real estate with Internet development and the advent of such players as
Booking.com, HomeAway, Craigslist and Airbnb. But it still has the same problem as years
back then.
The value of any rental marketplace, as a market participant, is directly
proportional to a number of its customers (hosts and guests) - the more customers you
have, the more value you present to a market. It seems ok, but there is a side effect. This
market has almost no small players: either youre huge from the start (your budget), or
youll have to get out of the business very soon. Thats how the market got monopolised -
net effect because of a new attractive offer. Last big market changing offer was Airbnb,
next will be Abab.
Abab.io (autonomous blockchain accommodation base) offers a blockchain
solution global decentralised marketplace of accommodation rentals with a common
base of guests and hosts for third party developers. They can use Abab to create its own
superstructure over the system to offer some additional services on the website or
mobile app (= they dont have to worry about size of customer base) or upload their
own customer base and receive a fee for every booking of your client base unit on any
other partner resources. The system formalises guest-host relations in smart-contract
with personal identity and reputation system. The fee for the system is just 0,5% (=
traditional competitors charge 9-35%).
Thereby every third-party developer (partner) will have free access to the entire
base of users and he will be able to focus on providing the best possible service. The
Ababs nature is re?lexive in some way: the more partners come to the platform, the
bigger its further potential growth, because of the net effect.
Welcome to abab.io.
The idea of the project was born when we had to face property rental market.
Weve noticed that theres almost no new players, huge whales feast on the market and
small players disappear very fast. Most of our team members are crypto enthusiasts. We
believe in blockchain, we believe that in a few years blast wave from Bitcoin appearance
will cover almost every single person on our planet. So, then we thought that property
market might be perfect for blockchain technology: we can create convenient trustless
system with near zero commissions and speci?ic conditions for third party developers
when they would be interested in platform growth because it is straight proportion to
their growth. Thats how Abab has started in spring 2017.
Abab.io is a globally decentralised marketplace for accommodation rentals where
a blockchain allows to reduce the commission and solves the issue of trust between the
host and the guest by formalising the rules of interaction in a smart contract and
introducing a system for the validation of the identity and rating of the system user.
Alexey Nebotov: Project team lead. Product owner in MTS. Crypto
enthusiast. Currently running a team of 20 analysts and developers.
5 years of experience in blockchain. Developed Solidity smart
contracts.
Sergey Latatuev: Project Architect. Enterprise architect in MTS.
Crypto enthusiast. Has vast experience in enterprise application
architecture.
Key Figures
Estimate appraise of accommodation market for 2017 is about 170 billion USD
and 270 billion USD in 2019. The market is huge and its still growing. New players, like
AirBnb (covers about 1% of it by the summer 2017) are very con?ident in their grow.
More than 8,2 billion USD was invested in short-term rental services since
2011, about 94% of it was invested in different marketplaces. World investors see a
good potential in property marketplaces.
Four biggest market players (Priceline Group, Airbnb, HomeAway and
TripAdvisor) covers 22% of the market.
Guest Issues
Current charges of the traditional short-term rental marketplaces are 9% - 35%.
Besides, the conditions of accommodation are identical for all users of the system, and it
is not possible to decline any part of their services, like insurance or phone support.
Marketplace value is in straight proportion to a size of its client base. Thats why
we see new market participants very rarely. You either have to have a tremendous
amount of investments for a start to accumulate customer base, or youll go out of the
business. Thats why the only chance to get big on this market is a new fresh idea that
brings more value to the market and customers will start using it instead of older
market players. But if the idea is this good, youll create a net effect that will protect you
from competitors. The net effect is the reason why we use Facebook instead of any
other social network - theres no point in it, everybody is already on Facebook. Net
effects is a right of the ?irst: the ?irst who invented something, the ?irst who brought the
idea to the market, the ?irst who realised it.
Partners are third-party developers of services and interfaces for both hosts and
guests. They may provide various terms and service sets at their discretion
(commissions, email and/or phone support, discounts, promotions, guides, vehicle
rental, etc.). The openness of the technology and the partners commission registered at
the protocol level will make possible to the partners to build their own business quickly.
Partners will convey their offers to the guests and the hosts in the most convenient way
- without dependence on the owner of the database (marketplace).
Every partner who attract new hosts and guests get a commission for their
activity on the platform on a smart-contract level. This feature will secure the process of
migration of large market participants to an Abab blockchain.
3) Guests, using one of the partners app, search for suitable offers;
4) After the guest books the accommodation, AbabCoin gets blocked on the smart
contract. The conversion of ?iat funds into AbabCoin units is carried out by the
partner. The funds are transferred to the host in 24 hours after moving in to
provide the opportunity for opening a dispute;
5) The host con?irms the booking (the host has the option to enable automatic
con?irmation).
6) After moving out, the guest leaves a comment that affects the host's rating, while
the host leaves a comment that affects the rating of the guest. The same system
works perfectly on eBay, Uber etc.
When the guest rents the accommodation, partners commission is added to the
rental price posted by the host (any amount, at the discretion of the partner) and the
0.5% fee for ABAB.DAO.
The Abab.io team develops a base client. These are its objectives:
the reference implementation of the interaction with the blockchain
protocol;
REST/SQL gateway of the blockchain access suf?icient for the
implementation of the partners services;
demonstration of the system operation (a simple client site in a test
environment);
the possibility for the partners to test their designs.
The base client is not intended for guests and users to work with it directly but
serves as a wrapper that makes the partners work with the blockchain more
convenient.
BeneDits
For guests:
Price: the blockchain allows to lower the cost of transactions and simplify the
interaction with many hosts, guests, and partners;
Trust: the rules are written in the form of smart contracts and cannot be
breached by either the host or the partner.
For hosts:
For partners:
Low cost of entering the rental market, the solution we offer is revolutionary;
Access to a vast database of accommodation offers;
Community support;
ABAB.DAO support including grant support.
Abab.DAO
Some of the AbabCoin tokens released in the ITO will be transferred to Abab.DAO
(decentralised autonomous organisation). This DAO will be maintained by the owners of
AbabCoin, and it is aimed at helping partners build and promote their applications in
the Abab.io network.
General Features
Message Exchange
The exchange of messages is divided into private, outside the Abab.io system, and
public.
The public messages are used to store the posting ratings as well as the ratings of
guests and hosts. Short messages are stored in the blockchain; longer ones are stored in
the p2p ?ile sharing network while their hash is saved in the blockchain. The of?icial
abab.io client is also a client of p2p ?ile sharing, which means that images and longer
messages are stored together by all partners. The number of such messages is
unlimited, but for them to be included in the blockchain and have the data stored in the
p2p network, compensation to the miners for the costs of maintaining the blockchain is
required. Types of public messages:
The validation of the identity of another participant (identity, passport data, links
to social networks);
Dispute;
Feedback: after the guest has moved out, both the host and the guest leave
feedback and evaluation about each other, which subsequently forms their rating.
Information about the user is hashed and stored in p2p while the hash is stored
in the blockchain. The saved details include:
Title
Full name
Contacts
Based on the data from the Abab.io blockchain the following details of the user
are calculated:
Overall rating
Guest rating
Host Rating
Accommodation unit
Saved details:
Host
Title
Type
Whether a penalty for cancellation of booking is imposed, its type and size
Reviews
Schedules/Prices
The rating calculated on the basis of the reviews recorded in the blockchain; it
takes into account the following information:
Cleanliness
Communication
Accuracy of description
Check in
Overall assessment
Comments
Schedules
It is possible to change the dates on which guests can make reservations and
indicate the cost of booking on these dates without changing the posting.
Saved details:
Date range;
When calculating the availability of an apartment for a speci?ic date, you must
consistently apply all the schedules tied to the accommodation unit. For example, if
there are two schedules: the ?irst stating that booking is available between 01.01.2018
and 31.12.2018, and the second, that the booking is unavailable between 01.08.2018
and 31.08.2018, it means that booking is available throughout 2018, except for the
month of August.
Pricing
Saved details:
o Price
Booking Cancellation
Saved details:
Booking hash
Booking ConDirmation
The smart contract containing the posting can either automatically con?irm the
booking or request a booking con?irmation from the host.
Saved details:
Booking hash
In the event that the address is encrypted, the decryption key encrypted with the
public key of the guest
The digital signature of the host is applied to all the transactions he submits.
Saved details:
Public key
New public key
The signature made with the old key
In this scheme, you can see what process of booking looks like. The ?irst-day gap
of payment transactions compensates the day after guest leaving. Plus, we can make
transactions get transferred daily, hourly, per-minute or even per-second.
You should be aware, that you should count out correct charges of the ?inal
number that you get in the formula of Hosts pro?it in the current moment of time.
The interaction between Guests, Hosts and Partners with Abab blockchain:
2) Partners interact with Abab.io via an of?icial client (REST and/or SQL)
3) Or they implement integration with Ethereum and use Abab.io smart contracts
independently;
4) Entering a record in the blockchain is made using the standard API Ethereum
(Geth);
5) Longer descriptions and images are stored separately (IPFN, Storj); posting in
traditional hosting is also possible, with the veri?ication of authenticity by hash)
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Plus, we should say, that in future, when Abab will have a much bigger number of
transactions, well be able to transform basic blockchain.
1) For booking, it is suf?icient to know only the current postings status, and not the
status of other postings - it is possible to allocate the transactions related to a
particular posting to an independent channel
3) Given that the partner can attract both guests and owners and receive funds from
the former and pay the latter, some transactions can take place inside the
partners channel and only transactions that lead to a change in the partner's
total balance will get into the common blockchain.
Since the partners interact with the blockchain via the Abab.io client API,
updating the method of their interaction with the blockchain will not cause the collapse
of their applications, and in the future, a migration of the network to faster blockchains
may be possible.
We divide using of Abab platform into two main areas: implementing the
technology in working business and creating a service as a new business.
If someone wants to use Abab in his business, use this open system to get clients,
he should load his base of accommodation units into the blockchain and make it freely
accessible to anyone. The smart contract will provide him with his commission if
someone books object from his base. Theres no risk for the company - system is
trustless.
In another case, anyone can start a business creating a new superstructure over
the system. Especially it is an attractive option for large enterprises with an IT-
departments who can create inner service for business trips with 0,5% basic
commission, some host charge and automatic document work?low without guest charge.
With this trustless system, it is effortless to remove possible business trip cost report
fraud inside of a company. When you have automatically issued invoices, reports and
small charges you can book anything right from the of?ice.
The value of one AbabCoin token at the time of ITO is $0.10 (10 US cents). In the
tokensale process, 300,000,000 AbabCoin tokens are distributed, of which 10,000,000
tokens are distributed among those participating in preITO.
Distribution of coins:
To avoid sharp price drops in the AbabCoin rate, the developed smart contract
will not allow the sale of more than 10% of the tokens distributed to the team within
one month.
Tokensale stages:
Ac3vity: Dates
Presale July 13 31
Promo Star0ng July 10, 2017
Prototype Demonstra7on September 5, 2017
Start of tokensale September 15, 2017
Stop of tokensale October 15, 2017
AbabCoin Trading November 1, 2017
The investors into AbabCoin are granted a discount when investing during
presale and Tokensale. At the time of presale, the discount is 40%. In the process of
Tokensale it starts on the ?irst day at 15% and is reduced by 5% for the sale of every
25% of the tokens.
Yes, we understand that therere no restrictions in our system for people from
anywhere in the world, everyone can connect to it. Why do we need separate marketing
budget for different countries? Well, at ?irst, it is not only Abab promotion budget but
also a blockchain promotion in some way. Different countries have different ways of
sharing information inside of it. The Internet is everywhere, but every location will have
its dif?iculties. Weve consulted with several national and international level marketing
experts and they advised us to use country separation in budget planning.
Ac3vity Date
Prototype September 5, 2017
Tokensale nish October 15, 2017
Start of AbabCoin trading November 1, 2017
Release of the alpha version
sucient for working February-March 2018
on the partners products
Start of AFrac7ng Partners
Hackathons, compe77ons, etc. March 2018
Using Abab.DAO
Start of AFrac7ng Hosts May 2018
Start of Promo7on for Guests June 2018
If youre reading the Conclusion, then thank you for your time and attention. We
represent a team of crypto enthusiasts with 10 years of smart contract development
experience in common. We understand potential risks of the blockchain of the project,
and we have secure strategies for different versions of the future of Ethereum project.
The world market is growing every year and estimate size of it for 2019 will be
about 170 billion USD. This is huge industry, and its hungry for new practical
approaches. The market never liked ineffectiveness, and Abab solves it. Thats why were
sure that our project has a bright future.
If you have any proposals, please, use this e-mail: yard@abab.io. Plus, if you
need rapid response, use this Telegram: @yardy.
- AAA token is an internal platform currency. Thats the only purpose of it. If
someone has any investing purposes because of its potential price growth - its up to him.
- For now, Ethereum is the biggest blockchain after Bitcoin. That means we wont
have problems with market volume or liquidity. But we have to say that we can change
blockchain and it will cause no inconvenience to platform users. System architecture
allows us to do it.
- Airbnb is not our competitor, actually it can become client and we might offer our
services for other short-term rental market participants (AirBnb competitors).
- Well, in that case, youll have to become a partner and make your own
superstructure with smart contracts on Abab and attract hosts and clients by yourself, so
smart-contract could guarantee you 0% charges (if you create it that way). In other cases
no, you cannot book anything straight from blockchain, you have to use partners.
- It is an open question. Well deNinitely use KYC, it might be Civic or anything else.
Can I book something for the third party, not for myself?
- If a partner you use offer that service, then yes, you can.
- They have zero risks. Anyway, all of their bases are protected by smart contract.
Certainly, at Nirst, we expect minor players to join our platform and only after Abab
aggregates reasonable size of the base, major players will be interested in using it.
- Well make market researche in autumn, after ICO, to choose countries to test our
platform Nirst. Well have different stages of our marketing strategy depending on the goal.
For example, when the goal is in attracting partners, well make hackathons with a
participation of third party developers and minor market players. Of course, every partner
- You can check our roadmap. If youre a potential partner, youll be able to start
creating your platform in Q1 2018. If youre a host of guest, we plan to allow anyone to
register in Q2 2018. Stay tuned!
What exchanges do you plan to list AAA tokens to? And when?
- AAA token listing will take place after the ICO ends, in a 2-3 week after that. We
plan to cover all of the major exchanges (Poloniex, Bittrex, etc.) if nothing force majeure
happens.
Exclusion of Liability
Abab.io is currently under development; therefore, there is a probability that something
of what is described in this document may undergo changes.