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ICO Review: Bee Token – Airbnb Competitor Comes Out Swinging

Bee is going straight for the jugular targeting the core business model of centralized housing such as Airbnb and Homeaway. This may look like a case of David and Goliath where Airbnb is the giant that has the advantage, however, Bee Token actually has the upper hand in this case. Rarely do I see companies in the blockchain space go directly after a competitor to the point of calling them out.

Airbnb fees are expensive and charge these high amounts just because they can. What if there were an alternative where hosts and guests interacted directly and payments were exchanged peer-to-peer in a way that is safe, secure and decentralized. Bee Token is building beenest – 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. Using the security of the Blockchain and the power of Smart Contracts, Beenest eliminates the middleman through decentralization via a seamless user experience.

What is most exciting for the altcoin market is that companies like Bee Token are bringing cryptocurrency to the masses and institutional investors are starting to notice. Bee Token is challenging the business model and the very core of Airbnb. This is a big deal as companies will start integrating blockchain and cryptocurrencies into their products sooner than later in order to keep up with evolving technology.

As a developer for 17 years I have seen the evolution of technology grow at an amazing pace. Blockchain and cryptocurrencies are revolutionizing the tech industry as well as introducing decentralized business models that give the normal customers as well as companies more control. The blockchain and utility tokens such as Bee Token allow companies to scale globally much faster without the need for centralized banking and traditional payment processing such as Paypal, Stripe and other high fee payment processors.

When I research ICOs and altcoins I always look for a team that can deliver on their promises. Over 80% of altcoins do not deliver a product. Its not that they don’t want to or are not trying but its easier said than done. Being a developer myself for over 17 years I know how hard it is to create a great product that meets market demand. Bee’s team is made up of engineers from Google, Facebook, and Uber, some of the biggest names in technology:

There are many more team members but I wanted to highlight the team members above to show you who is leading the development and technological decisions for Bee. While I research most ICOs in order to invest and make a profit I have to admit I am just as excited about the team and the fact that developers of this caliber are moving into the crypto and ICO space. The team itself will bring a lot of new investors into this space and help solidify the fact that blockchain technology is being adopted by the tech industry.

Let’s compare the transaction fees for competing companies.

Centralized rental housing transaction fees such as Airbnb and Homeaway:

Total ​Fees ​(10% ​- ​22%)

Platform ​Fees ​(3% ​- ​15%)
Centralized ​Housing ​Platforms ​charge ​a ​commission ​to ​use ​their ​platform, ​which ​can ​be
incurred ​by ​the ​Guest, ​Host, ​or ​both.

Financial ​Institutions ​Fees ​(3%)
Financial ​institutions ​(Visa, ​Mastercard, ​and ​etc.) ​charge ​for ​managing ​transactions ​and
facilitating ​as ​a ​3rd ​party ​trust.

Foreign ​Transaction ​Fees ​(3%)
Users ​rarely ​limit ​their ​travel ​to ​a ​single ​country, ​which ​means ​transactions ​may ​require
different ​denominations. ​Foreign ​transaction ​fees ​are ​charges ​for ​transactions ​outside ​the
country ​where ​the ​card ​was ​issued.

Currency ​Conversion ​Fees ​(1%)
Currency ​Conversion ​Fees ​are ​the ​result ​of ​the ​Dynamic ​Currency ​Conversion ​(DCC), ​which
is ​a ​fee ​charged ​to ​see ​the ​transaction ​cost ​in ​your ​preferred ​currency ​denomination. ​DCC
rates ​tend ​to ​be ​worse ​than ​traditional ​rates, ​but ​some ​platforms ​are ​known ​to ​charge ​the
currency ​conversion ​fee ​unbeknownst ​to ​the ​user.

Now lets look at Beenest fees:

Total ​Fees ​(2%)

Platform ​Fees ​(0%)
Smart ​Contracts ​eliminate ​unnecessary ​overhead ​reducing ​headcount, ​shortening
processes, ​and ​increasing ​available ​resources.

Insurance ​Fees ​(2%)
Insurance ​is ​to ​protect ​the ​Host ​and ​the ​Guest ​in ​case ​of ​incidents. ​The Beenest ​Guarantee
protects ​Hosts ​in ​extraordinary ​incidents.

Gas ​Fees ​(< ​1%)
Gas ​is ​included ​with ​every ​Smart ​Contract ​to ​incentivize ​miners ​within ​Ethereum’s ​network.
As ​of ​10/2017, ​the ​gas ​fee ​is ​around ​$0.022.

Foreign ​Transaction ​Fees ​(0%)
Regardless ​of ​location, ​all ​transactions ​utilize ​a ​singular ​cryptocurrency ​denomination: ​the
Bee ​Token.

Currency ​Conversion ​Fees ​(0%)
Similar ​to ​the ​Foreign ​Transaction ​Fee, ​there ​is ​no ​fee ​associated ​with ​converting ​the
market ​value ​of ​the ​Bee ​Token ​at ​time ​of ​transaction.

To learn more about the technology and how the Bee token will be used as the part of Beenest take a look at the whitepaper:
Bee Token Whitepaper

There is a chance for you to get in on the ground floor of Bee and be part of the Bee Token ICO also known as an Initial Coin Offering. During an ICO a company distributes a certain amount of utility tokens to be used in the company ecosystem. In order to use the Beenest platform users will need to buy Bee Tokens which will decrease the supply and increase the demand in the market for the tokens themselves. A total of 500,000,000 tokens will be created with 50% being sold during the ICO sale or 250,000,000. Participants of the ICO tokens will buy Bee tokens that will soon be tradeable on altcoin exchanges. Each token will cost $0.16. If all tokens sell during the ICO crowdsale then the market cap for Bee will be $40,000,000. This is a solid number for Bee to do all the development and marketing of the Beenest platform and will put the Bee Token just under the top 100 altcoins.

FINAL SCORE: 6.5 out of 10

To find out more about the Bee Token, Beenest platform and ICO go to:

Main Website: TheBeeToken.com
Bee Token Whitepaper: Whitepaper

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