The ICO project we are going to review today is Beenest — a decentralized platform for short-term housing rentals without commission
Now it is the turn of projects, which are really useful not only for their developers but also for all humanity (in my humble opinion). 😉
The first of them concerned one of the most vital problems of our time — electricity generation (WePower).
The second, Synapse AI, is a kind of a global decentralized platform that lets ordinary users get paid for their data.
The third is SocialX — a decentralized social media platform allowing users to distribute content seamlessly and monetize it.
The fourth ICO project is VIOX or the token of the Smart-Home-App actual for any home-owner dreaming of his home to become a smart one.
Here comes the fifth project worth of mentioning.
Many of us remember The Holiday, a 2006 American romantic comedy film with Cameron Diaz, Kate Winslet, Jude Law and Jack Black. Omitting the details, I would remind you that 2 women had been cheated by their boyfriends visited then a home-exchange website and agreed to swap homes for two weeks to distract themselves from a nervous breakdown. But in reality, not everything ends so neatly as in this Christmas tale for adults. More often one can come across such newsflashes: Airbnb scam warning: friends $4800 out of pocket.
If you have ever rented a flat or any other lodging you know that centralized home sharing platforms charge a commission, which is usually incurred by hosts and guests. Platform fees is 3% - 15%. Plus financial institutions such as Visa and Mastercard charge flat fees for managing transactions (3%).
Besides, the sharing economy is plagued with the most common examples of a company grows when the user base is left dissatisfied. A well known example is Uber. Intermediaries like Uber increasingly extract value from users as their network grows. Drivers today earn far less compared with early years, yet costs per rider have not significantly decreased. When market demand increases for a good or service, network participants should benefit when new equilibrium prices are reached. Instead, companies arbitrage these shifts to capitalize on value added by their community. The majority of that value is captured by founders and venture capitalists, and shareholders are excessively rewarded in the event of an IPO or acquisition. Though these earliest investors receive handsome rewards, early drivers on the platform have only been met with decreased earnings for the initial value they added to Uber.
So it happened one day that some former employees from Google, Facebook, Uber, and Civic decided to reimagine the sharing economy. Their child Beenestis the first decentralized home-sharing network built on top of a set of Bee Protocols that connects hosts with guests . Beenest charges 0% commission to hosts and guests utilizing BEE tokens.
According to the White Pages of the project, through decentralization, Beenest is able to disrupt the currently available sharing economy models. At the same time, tokenization creates benefits for early adopters and token holders, thereby aligning user incentives toward further growth of the Bee network. We can accelerate user participation by giving everyone in the network the opportunity to earn tokens through referral programs and arbitration. Additionally, Beenest corrects for market saturation by continuously incentivizing guests and hosts to contribute to the network by utilizing the Bee Token.
The fact is that Ethereum smart contracts make it possible to build a truly decentralized and automated sharing economy platform. If no middlemen you pay 0% commission, meanwhile sharing the wealth with the users in a two-sided marketplace.
Hosts will be able to set their own business home insurance that they carry to whatever level they please!! The team is developing some exciting things that will make the renting to users more secure and trusted than Airbnb.
Beenest is concerned with 3 protocols, which make it unique. The Bee Protocols are open Ethereum based protocols that can power other future sharing economy DApps. These three protocols can be remembered by the acronym “P-A-R”: Payment, Arbitration, and Reputation.
1. Payment Protocol - send and receive tokens held until fulfillment of service
2. Arbitration Protocol - solve disputes through trustless voting
3. Reputation Protocol - manage reputation scores for all P2P entities
All Bee code is public and open source to allow improvements, but also to define a set of best practices to inspire a future generation of sharing economy dApps to emerge: a decentralized Craigslist, eBay, Uber, and more that we haven’t dreamed of yet.
As many of the most interesting ICO projects Beenest has its referral program. Users referring hosts who post a listing that results in a booking will receive BEE tokens. Likewise, users referring guests that result in a booking will also receive BEE tokens.
The Bee Token’s public presale which started on January 2nd at 12 PM PST has officially closed within five minutes! Overwhelming demand has forced the team to close the presale earlier than they expected.
The Public Sale is planned for January 31 — February 28, 2018.
Price: 1 BEE = 0.14 USD
Tokens for sale: 150,000,000
Soft cap: 5,000,000 USD
Hard cap: 15,000,000 USD
China not allowed; US/Canada/Taiwan/Hong Kong/New York State allowed only for accredited investors
Let’s hope the BEE team will be able to improve the home sharing market and provide it with transparent practices with immutable feedback and bank-level security through blockchain technology, as they declare it.
I think this project deserves 8 points from 10.