Bee-token is founded by former employees of Uber, Google, and other brilliant companies, which aims to address the concerns inherent in the centralized home-sharing platforms out there. To get hold of this, first, let us understand what these platforms actually are by picking up Airbnb.
- 1 Nature of Airbnb
- 2 Why is it a concern?
- 3 Why do we need a decentralized marketplace to replace Airbnb and similar companies?
- 4 How Beenest is going to revolutionize the home-sharing market with Bee-token?
- 5 Smart Contracts
- 6 Should You Give Bee-Token A Thought?
- 7 Beenest: Token Supply
- 8 Beenest: Roadmap
- 9 For People Looking For Token Distribution Sale!
- 10 Wrapping Up
Nature of Airbnb
Airbnb currently acts as a middleman between a guest and a homeowner. Using their well-designed interface, millions of guests can find and book homes. Airbnb charges a guest service fee in return, which usually is 15% from the guests and 5% from the owners. In addition, they charge up to 3% transaction fee every time someone books the home using their platform.
Why is it a concern?
This example will show you how it is a concern to you:
Shreya wants to book a 3-night stay in Goa at Max's townhouse. It costs her a total of Rs 1000+ Rs. 150 guest service fee for a day, amounting to total 1150.
In total, Shreya needs to pay Rs. 3450 for her 3-night visit instead of paying Rs. 3000 if she had booked it directly contacting Max. That's a Rs. 450 saving!
On the other hand, Max would also want to increase the price as he has to pay 5% fee to the Airbnb. In case, you are using a credit card, you also need to pay credit card fee using services of Airbnb.
Why do we need a decentralized marketplace to replace Airbnb and similar companies?
Increased fee and monopoly
Indubitably, Airbnb provides value by connecting two parties looking for each other. Because of the high volume of traffic generated on their sites, they gain a monopoly over the market and control over 90% of the bookings. This allows them to increase fees and push their terms and structures on Homeowners and Managers.
Most of the people trust giants like Airbnb, HomeAway, TripAdvisor, etc because of their verified account, user reviews, and insurance policies. However, these companies' million dollar host guarantee looks more of marketing than insurance, and with the growing fraudulent activities on the internet, trust is wavering. These challenges can only be overcome if a decentralized application is deployed so a guest can directly contact the homeowners and look for a potential solution.
Loyalty has always been an issue for the home-rental industry. Travelers do not visit a single place multiple times, which makes it impossible for them to gain loyalty points by repeating business. Even with Airbnb, while booking, users can not use loyalty points earned by booking a home at some other particular place.
How Beenest is going to revolutionize the home-sharing market with Bee-token?
Beenest is a blockchain based solution, which is completely open-source and operates anonymously. Which means no entity can control the Beetoken. Data is cryptographically stored to avoid any central failure points and all the Beetokens are generated as per the algorithm that causes system's contribution. Ensuing is a couple of reasons why the blockchain network is perfect for a home-sharing economy that Beenest has started to position itself into:
The platform of Beenest is a set of Ethereum smart contracts, which provides its developers the set of tools to quickly deploy new decentralized applications. Hence, there will be faster development cycles, an existing base of customers and low cost of integrations. Everything right from searching and booking a house to reviews and payments would be handled with the help of smart contracts. This will further ensure that the whole system is autonomously functioning.
The biggest problem, which we even observed in the example stated above, is the fee charged by most of the companies offering home sharing market services. Bee-Token relieves its users from paying these fees, which often make homeowners charge more and guests paying extra. Not only it eliminates the middlemen’s commission but also helps ease down the pockets of guests using these services.
No Scope Of Earning Misaligned Incentives
Bee-tokens are distributed through presale and ICOs(Initial Coin Offerings). They don't own it and they don't make money by selling them. The developers only earn by owning the coin in early days. This, hence, gives motivation to the core team to continuously improve the platform so they can gain profit when its shares’ value will grow in the future.
Should You Give Bee-Token A Thought?
Bee-Token addresses three most pertinent problems using its decentralized blockchain platform, which are lengthy search time for the property, guarantee of reputable guests and hosts, and middlemen commissions. Not only it develops the interest of common users but also attract businesses. Ensuing is a list of reasons why I believe you should consider Bee-Token while it's still early.
The Team and Advisors!
Bee-Token was founded by Tony Tran, a Former Engineer at Uber and Bizo and by Jonathan Chou, Former Lead at Uber, Security& Fraud. Their team consists of 12 members, including engineers from Google, Uber, and Bandai. A special group of people provides them insight from big financial and tech companies. The suite of advisors include Richard Ma, CEO of Quantstamp, Yiseul Cho, Partner at Blockchain Partners Korea, Can Kisagun, CPO at Enigma, Michael Terpin, Founder of Transform Group and CoinAgenda and Can Kisagun, CPO at Enigma.
Not only the team comprises of members from finest tech companies but they also have good connections.
Advancement of the Project So Far!
Beenest is launching its Alpha Ethereum testnet soon before the crowdsale. The team has also announced various partnerships with companies, including Request Network, Rentivo, Connext, and Origin.
Beenest: Token Supply
Their road-map summary is as below:
Q4 2017--Private Alpha on Testnet
Q1 - 2018--Launch Bee Protocols on Testnet and Beenest Alpha live in San Francisco.
Q3 - 2018--Launch Bee Protocols on Mainnet, Launch iOS and Android Apps, and Onboard 2-5 dApps on Bee Protocol.
2019--Expand to approximately 5 US Cities and Onboard 5 – 10 dApps on Bee Protocol.
2020 and beyond--Target cities worldwide including Seoul, Singapore, and London. Also, to ensure Bee Protocols become the gold standard for sharing protocols.
White-Papers Describing Their Planned Strategy
An unplanned project can never gain traction even if it has the best technology in the world. Beenest has taken care of this aspect very well! White-papers published by Beenest perfectly defines their playing field and strategy to gain relevant users over the period of time. Not only the white-papers contain business plan but also the technical details, which shows their go-to-market approach.
Read Beetoken's Whitepaper here
Amazing Bee Protocols
Three protocols of Beetoken are mutually beneficial, which means that its network value and utility will increase as the network's shared nodes increases. Bee Protocols allows other popular or non-popular sharing economy dApps to be built on top of it. Should those dApps become successful the project value increases.
For People Looking For Token Distribution Sale!
This concept is completely new and may appear unintuitive at first but this is the future of the home-shared economy. Airbnb is a new concept and is still popular among the people because they are still happy with whatever they are getting out of the systems they are currently using. However, I believe that this great innovation, Beenest, has the potential to replace big players like HomeAway, Airbnb, and Booking.com. Many customers and buyers just don't know about it yet. But the day they do, they will want a system that is free of corruption, and most importantly, irrelevant fees.