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BeeToken ICO Review

Beenest is a decentralized home-sharing platform that links hosts who list their homes and guests looking for accommodation. The project looks to establish itself in the peer-to-peer sharing economy, possibly facing some serious competition – more on that in our BeeToken ICO Review. One of the main advantages of the network is the fact that it provides its service with no commission fees, thus eliminating the middleman from the home-sharing sector. The Beenest network is built on top of a set of Bee protocols.

What is the BeeToken?

The Bee protocols are open-source Etherum protocols. The open-source nature of those protocols presents the foundation for other future decentralized applications.

The Bee token is a utility token whose main purpose is serving as a medium of exchange within the Bee network. The tokens value will increase depending on its demand and the usage of the platform.  The token holders and early participants would, therefore, benefit from an increased usage of the platform. Additionally, Beenest users can stake their bee tokens to take part in the arbitration process, earning a fixed rate for each arbitration case. The added utility is similar to the traditional staking method, although it includes arbitrary decision making on the stakers side. The various utilities of the token could mean a high level of demand if the platform becomes successful in the future.

The added incentive for the usage of the platform is the fact that there are no commission fees. The traditional peer-to-peer transactions usually consist of all sorts of added expenses, such as platform, payment processing, and foreign transaction fees.  For comparison, Airbnb charges guests a 6%-12% fee and hosts are charged a fee of 3% when using Airbnb services. The monetary incentive is always a good reason for new users to join the platform.

The protocols provide the Beenest network with three systems:

  1. A secure payment system that allows sending and receiving money between two authenticated P2P entities. The transaction is completed after the successful exchange of services between both parties.
  2. A decentralized arbitration system which resolves user disputes. When a dispute occurs, the smart contract sends the funds to arbitration.
  3. A reputation system consisting of a review and scoring exchange between P2P entities. It is based on the Ethereum blockchain as it provides the transparency and permanence of the rating scores.

The team includes a decent number of experienced product managers and engineers, formerly employed at some big companies such as Google and Uber. The co-founders Jonathan Chou and Tony Tran both previously worked at Uber on security management and software development. Other co-founders include Ali Ayyash, a former lead engineer at Google Cloud with past experience at Amazon Web Services and Min Kim, a former chief of staff at Civic.

Check out the interview with Michael Pak

Beenest Partnerships

Beenest partnerships consist of at least eight other projects in the crypto space. It includes many decentralized projects such as Request Network, Globalid, and Origin. This is a good way for Beenest to extend their brand name and count on the expertise of their partners to further improve their platform.

The Roadmap

Considering the roadmap, the current investment in Beenest would fall into a medium to the long-term category. The launch of the main net is planned for Q3-Q4 of 2018, in 2019 the project will expand to 5 new US cities and from 2020 on the expansion targets London, Korea and Singapore.

Possible Drawbacks

When looking at some drawbacks of the project, the possible regulatory concerns spring to mind. The traditional sharing economy has faced some tough regulatory actions recently, so this could be one of the main challenges for the Beenests business model.  The enormous pre-sale bonus also means an inconvenience for regular investors.  The 60%-100% bonus structure for advisors, friends, and family and 30%-40% bonus for strategic investors could lead to an influx of selling on the market. There are also some issues considering the clarity of the project when distinguishing Bee protocols from the Beenest (a home sharing platform). There is a lot of focus on the protocols while the ICO promotes the Beenest platform.

Conclusion

All in all, the Beenest project is an interesting try to enhance and further develop home sharing industry, offering free peer-to-peer services and at the same time implement new protocols with some interesting functions such as arbitrary dispute settlement. The potential upside of the project is quite attractive as the home-sharing industry is immense and the money-saving incentive to use the platform looks very promising. The potential disadvantages of the projects include regulatory concerns and enormous pre-sale bonuses. The price of the token at the time of writing is at $0.087, less than half the ICO price. The token is currently available on decentralised exchanges IDEX and Cobinhood. Considering the cheap price at the moment and a good potential upside, the Bee token could be something to consider if you are looking for a decent medium to long term investment. Give us a like or share if you liked our Beetoken ICO review. You can also find more on the upcoming ICOs here.

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