Blockchain based platforms allow users to connect directly to each other without the need for a centralized middleman or other third party platforms. While this model is extremely effective in allowing cryptocurrency users to circumvent the high fees and delays associated with traditional financial systems, it also has a number of other applications.
One of the most interesting new blockchain platforms to launch recently is a new service that aims to leverage the unique properties of distributed ledger systems to connect users in a social sense. BeeSocials is aiming to corner the rapidly growing sharing economy market, which is worth $20 billion dollars annually in the UK alone.
The BeeSocials project is focused on creating the world’s first social events platform on the blockchain, connecting users to events happening in homes around them. The creators of BeeSocials explain the platform as the “AirBnB of events”, and wants to incentivize both hosts and guests for participation.
In order to generate the capital necessary to develop their platform, BeeSocials is launching an initial coin offering that will allow investors to purchase the cryptocurrency that will be used on the platform in advance.
In this article, we’ll take a look at the BeeSocials platform and find out how it plans to work. We’ll also take a look at the specifics of the BeeSocials initial coin offering and learn about what it offers to help you determine whether it’s worth participating in.
What Is BeeSocials ICO?
The BeeSocials platform is intended to function as an end-to-end solution that allows anybody to host a social event in any location around the world. Instead of simply providing the ability for hosts and attendees to connect with each other, however, the BeeSocials platform wants to make it possible for users to earn a living from hosting while at the same time building their social network and meeting new friends.
The BeeSocials initial coin offering is one of the more mature and professional offerings in the token marketplace today, and offers potential investors a comprehensive white paper, roadmap, and business plan. The CEO of the BeeSocials platform, Hamir Modhwadia, is a University of Nottingham graduate and has been independently verified to be the legitimate owner of BeeSocial International Limited- it’s refreshing to see an ICO with a face and a name behind it.
How Beesocials Works
The BeeSocials platform will enable both casual and professional hosts to promote their events and profit from them quickly and easily. The BeeSocials platform will operate on the BEE token, which is built upon the Ethereum network, and will be accessed via a smartphone app for both iOS and Android.
Users will open the BeeSocials app, which will then provide them with the ability to search for events in their local area using the geolocation data gathered by the smartphone it is installed on. Interestingly, the BeeSocials platform also provides users with protection in case the event is not as advertised, as well as liability insurance.
BeeSocials app users will be recommended events based on an intelligent algorithm that provides them with specifically tailored events based on their activity. Events themselves can be listed in specific categories, and searched for based on location.
The BeeSocials ICO
BEE tokens are integral to the operation of the BeeSocials platform, and will be used for all transactions including event tickets, promotions, and more. Users will also be able to tip hosts using BEE tokens. While the platform will accept fiat transactions, these transactions will be charged with an additional 15% fee in order to encourage users to use the BEE token, which has a transaction fee of just 2%.
The BeeSocials ICO will generate 100,000,000 BEE tokens. 25% of these tokens will be burned at a later date- this burning will occur periodically until the total circulating supply has been reduced to 50,000,000 in order to drive up token value.
The BeeSocials pre-ICO is currently underway, and launched on November 25th 2017. The pre-ICO will run until December 23rd 2017, and will offer BEE tokens at a price of $0.30 each, or 1,000 BEE for 1 ETH. BeeSocials will then launch their initial coin offering on the 6th of January 2018.
Of the funds generated in the BeeSocials ICO, 40% will be directed toward marketing, with a further 40% reserved for both platform development and business development. 15% will be held in a reserve account, while the final 5% will be held for a legal fund.
BeeSocials ICO Review Summary
The BeeSocials platform is an interesting take on the sharing economy that could potentially revolutionize the way in which events are hosted and attended. If you’re interested in investing in the BeeSocials platform, the first week of the pre-ICO sale offers investors a 40% bonus on tokens purchased.