What Is Bee Token?
Bee Token is the cryptocurrency for the Blockchain powered platform, Beenest – a short-term housing rental platform for Hosts to list their homes and for Guests to find accommodations with 0% commissions. It could be considered a Blockchain based Airbnb.
Beenest is hosted on the Ethereum blockchain. Beenest utilizes its native Bee Token to provide a seamless user experience in the short-term housing rental market. Beenest provides all major functions between host and guest while sharing success among users, and providing a secure platform for identity validation, payment verification and genuine reviews.
According to Joint Center for Housing Studies of Harvard University, more than 11 million rented households pay at least half their income for housing. Industry incumbents such as Airbnb and HomeAway act as trusted intermediaries by charging a commission and becoming responsible for the trust and security of their users. However, 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.
Bee Token proposes to achieve a true home sharing economy through trust and decentralization, eliminating the middleman. Bee Token promises Trust and Security, 0% commissions and a seamless user experience through smart contracts.
“Blockchain technology will disrupt many industries in the near future. We’re proud to announce that the Bee Token begins that disruption in the short-term housing rentals industry with the Beenest,” said CEO Jonathan Chou.
The Bee Token Team
The Beenest team comprises engineers from Facebook, Google and Uber including,
- Jonathan Chou, Co-founder and CEO – Former Lead at Uber, Security & Fraud
- Tony Tran, Co-founder and CTO – Former Engineer at Uber and bizo
- Jordan Ong, Head of Product – Former Product at Facebook
- Ali Ayyash, Lead Engineer – Former Lead Engineer at Google Cloud and AWS
Bee Token ICO
Bee Token is following a non-traditional route by holding a token offering; 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.
- Total Supply: 500 million Bee Tokens
- Hard Cap: $38-40 million
The Bee Token team will be on a 4 year vesting schedule. After a 1 year cliff, the team will receive ¼ of their allocation and then every month thereafter 1/48 of their allocation until the 4 year period is up. No one is exempt from this vesting schedule including cofounders and advisors
Token Pre-sale was launched on November 2nd and will continue until the end of the year.