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Bee Token Revolution: Eliminating Middlemen In Short Term Housing Rental through Blockchain

At InvestingHaven we are super bullish on Blockchain for a long time. Cryptocurrencies work on Blockchain platforms of which Ethereum Blockchain is one of them.

There are many tokens out there, and it is a challenge to distinguish the real added value tokens from the rest.

Here is one token has the potential to be disruptive because it solves a real-life problem: the Bee Token.

The Bee Token: Decentralizing 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 ​(P2P) ​companies ​like ​Airbnb ​and ​Uber ​are ​considered ​trailblazers ​of ​the sharing ​economy. ​After ​all, ​they ​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.

Business Wire adds another insight to this: “a deeper look reveals that the value of these platforms’ success is unfairly distributed to a select few, while the costs of the platforms’ shortcomings and risks fall upon the hosts and guests.”

Beenest and the Bee Token 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 real-life scenario

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.
    • Host ​will ​have ​the ​option ​to ​release ​part ​or ​all ​of ​the ​security ​deposit ​to ​the
      Guest.
    • 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

Website: https://www.thebeetoken.com/
Whitepaper: https://www.thebeetoken.com/whitepaper
Telegram: https://t.me/thebeetalk
Twitter: https://twitter.com/thebeetoken
Facebook: https://www.facebook.com/thebeetoken
Medium: https://medium.com/@thebeetoken

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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