About Bee Token
First decentralized home-sharing network built on top of a set of Bee Protocols that connects hosts with guests without any commissions. The Beenest dApp and the Bee Protocols are powered by the ERC-20 utility token called the BEE token. These protocols provide the Beenest network with three systems:
A secure payment system that allows two authenticated P2P entities to send and receive money that gets held in Bee Tokens until after a successful exchange of services between the two entities.
A decentralized arbitration system that resolves user disputes , providing positive incentives to grow a network of genuine arbiters and negative incentives to deter scammers.
A reputation system that couples a valid identity, which is obtained by a trusted digital fingerprint protocol on the Ethereum blockchain, with a rating determined by transparent, immutable review and scoring interchange between P2P entities (such as guests and hosts).
Why Bee Token
Centralized home sharing platforms rely on multiple intermediaries to conduct their transactions. Each intermediary adds a cost that hosts and guests end up paying for. In these centralized platforms, transaction fees can range from 10% to 22%.
The Bee Token has a huge advantage by charging only about 2-3% per transaction. These small fees are only for insurance and gas for the Ethereum network — the company is taking 0% fees for themselves.
Beenest also welcomes newcomers into the ecosystem by allowing the use of fiat but for a small commission:
- 1% commission for BTC, ETH (or other utility ERC20 tokens)
- 3.99% commission for fiat
Blockchain removes the necessity for hundreds of employees and overhead costs. That’s why this protocol is more cost efficient than Airbnb.
Beenest encourages guests and hosts to review each other after the checkout date. Reviews are stored on the blockchain through the Bee reputation protocol and linked to the host/guest identities. To ensure privacy and keep gas costs at a minimum, reviews are encrypted and stored off-chain with only a hash of the review being posted on the blockchain. This ensures immutability and prevents post-hoc modification of any review.
Summary
The Bee Token takes advantage of the changing behaviors of millennials and the recent popularity of cryptocurrencies and also the inherent misalignment of incentives that existing centralized sharing economies create. Our three protocols, the “P-A-R” protocols (Payment, Arbitration, and Reputation protocols) used in tandem will help dApps and 3rd parties to increase revenues, decrease costs, and save time. However, what The Bee Token team aims to do is not an easy feat. They have to disrupt a huge ecosystem that has already has a majority market share and many hundreds of thousands of users.
Website: https://www.beetoken.com/
Twitter: https://twitter.com/thebeetoken
Type: Real Estate
ICO Date: January 31, 2018 (subscribe to get whitelisted now!)
Total Tokens: 500,000,000
Available for Token Sale: 30%
ICO Token Price: 1 BEE = 0.14 USD
Fundraising Goal: 15,000,000 USD