The Bee Token project is a modern platform for short-term rental housing based on the blockchain and Ethereum smart contracts. The BeeNest network acts as an intermediary between guests and hosts and provides shared access to market offers. A beneficial difference from the usual services of renting residential real estate will be the absence of a Commission, provided that the calculations are made with Bee tokens, the minimum fees (1%) when paying with BTC or ETH and 4% for paying with fiat money. BEE coins are issued in limited quantities without the possibility of mining, they can be bought on cryptocurrency exchanges.
- Project start: 2018
- ERC20 token standard
- Number of coins: 500 000 000
- ICO: 31 January-19 February 2018
- The cost during the ICO 0.14 USD
- The cost 23.05.2018 0.05 USD
John Chow — one of the developers of the international mobile application taxi UBER. To create the BeeNest application, Bee Token platform and BEE cryptocurrency, he was able to attract specialists who took part in the work on well-known successful projects: Tony TREN (UBER), Richard MA (Quantstamp), Ali Ayash (Google, Amazon), Min Kim (Civic, TimDraper), Jordan Ong (Facebook). Together they managed to create a convenient service for tourists, which can simplify the selection of housing for short-term rent and reduce costs due to the lack of commission.
The work of the BeeNest project is based on three protocols implemented through smart contracts:
- Payment Protocol. It is used for mutual settlements between market participants. The BEE tokens received as payment from the guest are held by the smart contract until the end of the service, and, if there are no complaints, are sent to the owner of the property. Unlike existing services, the Protocol BeeNest provides penalties for cancellation not only for the tenant, but also for the landlord.
- The Protocol of arbitration. It helps in dispute resolution using the Proof-of-Judging algorithm. The appointed arbitrators will make a decision by voting or polling, for which they will be able to receive tokens as a reward, and the platform users can be sure of the objectivity of the arbitration result and timely reimbursement of funds.
- Reputation Protocol. It is intended for the formation of the reputation of all participants in the peer-to-peer transactions, so that hosts and guests could take decisions considering real risk factors. All reviews will be accurate — after moderation and publication, they can not be changed or deleted.
Bee Token smart contracts enable other developers to get ready-made tools to launch new decentralized applications in this field. This will allow them to reduce the time to create their own developments and reduce the financial costs of integration, as well as to use the existing user base, bypassing the stage of “cold” start.
All BeeNest protocols are designed so that existing services, such as Homeaway, Airbnb or Couchsurfing, can integrate them into their systems. Such interaction will be beneficial for both parties — Airbnb landlords will be able to increase profits and expand their audience by accepting BEE tokens for payment, and the Bee Token platform will become more popular.
BeeNest has a number of advantages:
- Fees from 0% to 2% (including insurance fees);
- decentralization that eliminates the possibility of changing any data, including reviews, comments and reputation scores;
- objective resolution of disputes by third-party arbitrators.
The developers have released 500 million tokens, without the possibility of mining. In addition to payment for services, the Bee Token cryptocurrency will be used to pay incentives to arbitrators and participants of the referral program. All tokens will be distributed as follows:
- 30% is reserved for promoting community;
- 30% allocated for sale;
- 25% are in reserve of the company;
- 15% are divided between developers and advisors.
The market price of the Bee Token on 23.05.2108 is $0.0527 dollars or 0.000089 ETH, the daily trading volume of the BEE/ETH currency pair on the IDEX exchange exceeded 26 thousand dollars. In the rating of coinmarketcap BEE takes 1284 place due to the lack of information about the market capitalization of the project.
The crowdfunding campaign of the BeeNest project took place in 3 stages, for which 150 million BEE (30%):
- December 6-15, 2017 was held a closed presale, which was attended by strategic partners. ETH and USD were accepted for payment;
- January 2-19, 2018 was held open pre-sale for accredited investors, with a fixed amount of investments - 30 ETH;
- January 31 - February 19, 2018 was an open sale of tokens for users registered in the white list. The investment was made the amount of not less than 0.1 ETH.
The open ICO of Bee Token ended earlier than planned (on February 28) — all tokens were sold out in a little more than 2 weeks, thanks to the large potential of the project and the prospects of investments in its cryptocurrency. At the end of all stages, the developers managed to collect $15 million, according to the requirements of hard cap. On the ICOBench service, the crowdsale campaign received high expert ratings and an overall rating of 4 points out of 5.
Where to buy
Since March 3, 2018, anyone can buy or exchange coins Bee Token on IDEX.