As the number of Ethereum based tokens has exploded in recent months, it has become a challenge to distinguish the real added value tokens from the rest.

In this article we discuss one token that has the potential to be disruptive because it solves a real-life problem: the Bee Token.

Beenest platform and Bee Token Enables Peer2Peer Short-Term Housing Rentals

This is a bit of background on the economic context in which Bee Token tries to add value.

Peer-to-peer ​companies ​like ​Airbnb ​​promise ​sharing ​the ​value ​of ​assets ​within ​their ​networks, lower ​transaction ​fees, ​and ​a ​platform ​for ​trusted ​and ​secure ​transactions. ​However, analysis ​of ​their ​business ​model ​more ​accurately ​reflects ​an ​“access ​economy” ​that requires ​users ​to ​pay ​a ​commission ​for ​access ​to ​their ​platform ​resulting ​in ​a ​concentrated distribution ​of ​ownership, ​double-digit ​transaction ​fees, ​alongside ​increasing ​reports ​of security ​breaches ​and ​data ​manipulation.

​Beenest is ​a ​decentralized ​housing ​platform ​hosted ​on ​the ​Ethereum ​blockchain. Beenest ​utilizes ​its ​in-house ​Bee ​Token ​providing ​a ​seamless ​user ​experience ​in ​the short-term ​housing ​rental ​market. ​Beenest ​provides ​all ​major ​functions ​between ​Hosts ​and Guest ​while ​sharing ​success ​amongst ​users, ​charging ​0% ​commissions, ​and ​providing ​a secure ​platform ​for ​identity ​validation, ​payment ​verification ​and ​genuine ​reviews.

With ​strong ​growth ​in ​the ​short-term ​housing ​market ​and ​the ​growing ​acceptance ​of Ethereum ​and ​cryptocurrencies, ​Beenest ​will ​emerge ​as ​the ​leader ​of ​the ​short-term housing ​market ​and ​set ​the ​standard ​for ​real-life ​applications ​in ​cryptocurrency.

The Bee Token on the Beenest platform contributes to the participation economy

Beenest removes the complexities of intermediaries. Beenest combines the competitive advantages of blockchain and smart contracts with the proven business model of industry incumbents. Through its Bee Token cryptocurrency, Beenest is able to prioritize the needs of hosts and guests.

Beenest is following a non-traditional route by holding a token offering; Beenest is distributing 50% of its Bee Tokens, opening the opportunity for hosts and guests to become a part of the platform and grow along with its success starting day one. A particularly novel feature – Beenest employs transparent practices by ensuring reviews are immutable and stored on the blockchain. Furthermore, Beenest adds additional layers of security through a KYC (Know Your Customer) identity verification processes that are standard in financial institutions. Lastly, through Smart Contracts, Beenest eliminates unnecessary overhead and processes, delivering on our 0% commission to hosts and guests.

A simple use case explained

In their whitepaper the startup gave a real-life example of how Beenest and the Bee Token will work:

  • Upon ​the ​conclusion ​of ​a ​stay, ​Guests ​and ​Hosts ​have ​the ​ability ​to ​communicate
    between ​each ​other.
  • In ​case ​of ​disputes, ​Guests ​and ​Hosts ​can ​discuss ​and ​agree ​upon ​a ​resolution
    sensible ​to ​both ​parties.
  • An ​option ​that ​allows ​the ​transfer ​of ​partial ​or ​all ​of ​the ​security ​deposit ​is ​available
    to ​resolve ​any ​issues.

    • Guest ​will ​have ​the ​option ​to ​release ​part ​or ​all ​of ​the ​rental ​amount ​to ​the
    • Host ​will ​have ​the ​option ​to ​release ​part ​or ​all ​of ​the ​security ​deposit ​to ​the
    • When ​both ​parties ​have ​stated ​the ​amounts ​to ​be ​released ​from ​escrow,
      they ​must ​both ​confirm ​the ​agreement ​for ​funds ​to ​be ​released.
  • Upon ​the ​conclusion ​of ​the ​Smart ​C.

More info

Note that the Bee Token will open a token sale in February 2018.

Useful links


About Beenest

A team of engineering and product veterans from Google, Facebook and Uber are revolutionizing short-term housing rentals. Beenest is a blockchain powered platform that utilizes the Bee Token charging 0% commission, and giving power back to hosts and guests. For more information, please refer to our website.

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