The Bee Token Overview – Short-term home rentals with 0% commission; a real challenger to Airbnb?
Disclaimer: This is a sponsored post and therefore our opinions have been kept out of the following article. As such, this article will take a different form to our regular articles.
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YOU WILL LEARN:
What Is The Bee Token?
How Does The Bee Token Work?
Who’s Behind The Bee Token Project?
What’s The Purpose Of The Bee Token Tokens?
- What Is Bee Token?
- How Does Bee Token Work?
- Are Bee Token Solving Real Market Problems?
- What Is The Bee Token Used For?
- Team & Roadmap
- Selling Points
- Token Sale Details
- Follow Future Postsx
1. WHAT IS THE BEE TOKEN?
In Their Words
The Bee Token project focuses on short-term housing rentals; picture a decentralized version of Airbnb.
2. HOW DOES BEE TOKEN WORK?
At its simplest, users are able to list their house for rental on the platform for tenants to view. Prices are listed in Fiat, Bitcoin, Ethereum and Bee Token with differing fees for each currency.
The Beenest platform is served by three protocols: Payment, Arbitration and Reputation. It is these protocols that eliminate the need for middlemen as they help to resolve differences and also manage user reputation scores on the system.
The diagram below shows how the Beenest platform and its three protocols work together.
We will now cover the protocols in a bit more detail:
Hosts and guests both send their tokens to a payment smart contract, the contract will release the relevant payments on the check-out date as long as no conflicts have arisen.
Both parties are required to send tokens as well as a cancellation fee; if the host cancels after the determined cut-off point, then the guest would receive those tokens and vice versa. This is unique to the Bee Token as usually only guests are punished for cancellations.
If a dispute arises, all tokens are sent to a third party address and held during the arbitration process. Arbiters can sign up on Beenest to join the arbiter pool by staking tokens to the protocol. When a dispute is initiated, a panel of at least five arbiters will be selected from the pool.
Arbiters vote on a scale from 1-5 specifying the percentage (corresponding to 0%, 25%, 50%, 75%, 100%, respectively) of the disputed amount the plaintiff should be paid.
Once a decision is made, the contract gives an aggregate of the majority voters’ reward offering to the winning party, and the rest goes to the losing party. Either party will have a chance to appeal, halting payments and restarting the process, but will have to stake a larger amount (at least 2x) to compensate arbiters and prevent frivolous appeal by the losing party.
The reputation protocol computes and maintains a reputation score for each person within the Beenest platform. This is calculated as an average of a person’s score as a: Guest, Host, Arbiter, Buyer and Seller.
Beenest updates the reputation score based on how hosts and guests act on the platform. Good hosts with high reviews and no cancellations would obviously possess a higher reputation score than those with lower reviews and many cancellations.
3. ARE BEE TOKEN SOLVING REAL MARKET PROBLEMS?
Problem – High Transaction Fees
Current systems rely on a number of intermediaries to conduct their transactions and as a result, the fees often charged can be substantial; they currently range from between 10-22%. The fees can include: Platform Fees, Financial Institutions Fees, Foreign Transaction Fees and Currency Conversion Fees.
The Bee Token Solution
Beenest will charge 0% commission to hosts and guests that make payments using BEE tokens. They will only take a tiny cost for “gas” (a few cents per transaction), in addition to a nominal fee to help cover host liabilities.
In order to encourage adoption, Beenest will also accept payment in BTC, ETH or any other utility ERC20 tokens, while only charging a flat rate 1% commission. They will also accept payments in fiat currency, this time charging a flat 3.99% commission.
This commission is charged for guests when they chose a pay-in method other than BEE, and for hosts who prefer to get paid-out in other than BEE.
4. WHAT IS THE BEE TOKEN USED FOR?
The BEE token will have multiple uses within the platform:
- As mentioned above, the BEE token can be used for payments on the platform with 0% commission.
- The token will also need to be staked by arbiters to be included in the arbitration pool.
- Users with a poor or no reputation score can build trust with users by staking tokens on their transactions
- Hosts with high reputation scores will also be allowed to promote their listings for a fee in BEE tokens.
5. THE BEE TOKEN TEAM & ROADMAP
The Bee Token Team
As our regular readers will know, we here at Crypto Gurus believe in the mantra that you should “invest in people, not ideas” you could have the greatest idea in the world but without the right execution, it is unlikely to succeed.
The Bee Token team are led by co-founders Jonathan Chou and Tony Tran. Chou is a former Lead Engineer for both Uber and Grindr, while Tran worked as a Software Engineer for Uber and as a Data Engineer for Bizo (a company later acquired by Linkedin).
The project also possess a number of interesting advisors including Richard Ma, Founder of Quantstamp (A personal favourite of ours) and Can Kisagun, co-founder of Enigma.
The Bee Token Roadmap
- MVP launch in San Francisco focusing on crypto community and hacker houses
- Beenest integrates with a third party identity verification and KYC platform
- Beenest supports payment and payout options in BEE tokens only
- Bee Protocols launch on testnet and audited by 3rd parties
- Further expansion of hosts and guests in San Francisco with more A/B testing
- Expand the arbiter pool with arbiters from all over the world
- Bee Protocols go live on Ethereum mainnet, and starts integration with 2-5 dApps
- Launch iOS and Android Apps
- Beenest integrates with a third party decentralized KYC protocol
- Beenest integrates with a third party currency conversion protocols to allow payment and payout in ETH and all ERC20 Tokens, as well as BTC and fiat
- Beenest integrates with a third party marketplace protocol to allow decentralized listings
- Beenest further expands to 2-5 more US cities
- Facilitate integration of 5-10 sharing economy dApps with Bee Protocols
- Implement governance model for future protocol improvements
- Beta test more automation features (e.g. smart contract-driven Lockbox)
- Beenest further expands in key cities worldwide
- Bee Protocols supports a wide range of sharing economy dApps on the Ethereum blockchain
6. SELLING POINTS
The existence and popularity of platforms such as Airbnb show that there is a clear demand for these services. If the Bee Token are able to produce and successfully implement a platform that improves on the current system, then there is no reason to think they won’t see high levels of quick adoption.
The big selling point of the system will centre on their 0% commission charged for transactions using BEE tokens. Even their 3.99% commission for transactions in fiat is significantly lower than the current systems available.
This alone should prove to be a huge reason for substantial adoption to occur.
7. THE BEE TOKEN SALE DETAILS
The first thing to highlight is that there are 3 sections of the Token Sale:
- Private Sale
- Public Presale
- Public Sale
Both the Private Sale and Public Presale have passed, each reaching their individual hard caps of $5 million USD. The Public Sale details are as follows:
- Token Sale Link – https://www.beetoken.com/
- Referral/Affiliate Code – N/A
- Start Date – 31st January 2018
- End Date – 28th February 2018
- Token Price – 150 million BEE (30%) with a Hard Cap of $15 million USD would mean 1 BEE = $0.10 USD but this is just a guess.
- Bonuses Available – None during the Public Sale but varying bonuses were offered during the first two sales.
- Token Supply – 500 million BEE (150 Million available during Public Sale)
- Soft Cap – N/A
- Hard Cap – $15 million ($5 million remaining in the Public Sale)
- Accepted Currencies – ETH
- How to Participate – Head to the Bee Token website and sign up for their Whitelist
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