TowerBee is a new Software as a Service (SaaS) company that is incorporating its own cryptocurrency and blockchain technology into its business plan. At the top of its website, TowerBee declares it is “Disrupting the $120 billion SaaS Industry.” Of course, TowerBee is still in the early stages of development, only now launching its pre-ICO.
According to its website, TowerBee already has a staff of 13 employees in place. They come from a variety of professional backgrounds, including IT, Finance, Sales, Marketing, and Blockchain. The CEO of TowerBee is a man named Chandra Kumar. According to his LinkedIn page, Kumar has held that position since February 2015. Like most of TowerBee’s employees, Kumar is a native of India.
Prior to TowerBee, Kumar spent more than two years as a software engineer at Dell. He has serviced as CEO for the Silver Bee Group, a German company specializing in product development.
How TowerBee Works
TowerBee plans to offer customers the same products and services as other SaaS companies. They claim to already have several products in existence with nearly a dozen more still in development.
Of course, the distinction between TowerBee and other SaaS platforms is that TowerBee will accept cryptocurrencies as payment and will have its own cryptocurrency. The TowerBee API will accept over 500 different cryptocurrencies. Each transaction will come with a transaction fee of 0.01%. However, users can get 50% off their transaction fee by using TowerBee Tokens (TBE).
TBE tokens may be used to pay for services on the TowerBee platform. They can also be used to pay for transactions fees. TowerBee is also in talks with cryptocurrency exchanges so that TBE tokens may be traded on those platforms.
As for the services offered by TowerBee, the company’s website lists the following as existing products they offer:
- Contact Manager
- Business Email
- Email Marketing
- File Manager
- HR Model
- Text, AV Chat
- Team Calendar
The TowerBee site also lists several products and services that are in development and will be available at a future date:
- Billing & Accounting
- Cryptocurrency Payment Gateway
- Help Desk
- Inventory Management
- Expense & Invoice
- Performance Management
- Recruitment & Onboarding
- Project Management
- Survey with Logic
- Supply Chain Management
TowerBee will issue 500 million of its TBE tokens. Out of that 500 million, 55% will be available for sale during the company’s ICO. The pre-ICO will run from May 5 to June 4. TBE is an ERC20 token on the Ethereum blockchain, and so ETH will be the only currency accepted. During the ICO, 1ETH will be equal to 8,000 TowerBee Tokens. However, those who make a purchase during the pre-ICO can enjoy a 30% bonus.
It’s also worth noting that United States citizens won’t be able to participate in the ICO unless they are accredited investors. People living in countries that are also considered high risk by the Financial Action Task Force will also be forbidden from the ICO. Also, those purchase TBE through a verified email will be limited to a 5ETH purchase. However, there will be no limit for those with a passport of a comparable form of identification.
During the ICO, 2% of TowerBee’s tokens will be put toward a bounty program. TowerBee bounty hunters will receive tokens for activity on Twitter, Facebook, and YouTube that promotes TowerBee. They will also receive reward tokens for Whitepaper and ANN translations.
Is TowerBee Right For You?
If you are in need of a SaaS company, TowerBee could be right for you. It’s obviously difficult to gauge the quality of their services at this point. However, they appear to be dedicated to providing a wide array of services. Of course, it would also help if you have an interest in cryptocurrencies and prior investments in cryptocurrency, specifically Ethereum. For most people, it wouldn’t be worthwhile to start investing in cryptocurrency simply to use TowerBee.
TowerBee Benefits & Side Effects
Again, the benefits of TowerBee’s services are difficult to decipher at this point, making it hard to say if it will prove to be better or worse than the average SaaS firm. However, being able to pay for those services with cryptocurrencies could be appealing to some. The fact that over 500 cryptocurrencies will be accepted on the TowerBee platform is also a huge plus.
It also helps that TowerBee appears to have both leadership and staff with plenty of knowledge and experience. Of course, it’s too soon to know if purchasing TowerBee Tokens during the ICO will pay off. However, at first glance, it seems like a decent bet that could be worth a shot if you have cryptocurrency investments and in need of SaaS.