BeeToken ICO Review – Decentralized Home-Sharing Network

Summary

  • Project name: Bee Token
  • Token symbol: BEE
  • Website: https://www.beetoken.com/
  • White paper: https://s3-us-west-2.amazonaws.com/beenest-public/whitepaper/bee_whitepaper_v3.pdf
  • Hard cap: $15 million for 30% of total supply (including $5 million hard cap of public presale)
  • Conversion rate: 1 BEE = $0.14
  • Maximum market cap at ICO on a fully diluted basis: $50 million
  • Bonus structure: 60-100% for advisors, friends and family private presale; 30% and 40% (for strategic investor) for regular presale
  • Presale or white list: Presale starts January 2, 2018 (accredited investors only with minimum purchase amount of 50 ether, register here). There will be white list for ICO.
  • ERC-20 Token: Yes
  • Countries excluded: USA, Canada, Taiwan, Hong Kong (accredited investors are permitted from these regions)
  • Timeline: Public presale starting from January 2, 2018 / crowdsale beginning on January 31, 2018 (please refer to Bee Token’s website for the most up-to-date information)
  • Token distribution date: 1-2 weeks after ICO concludes; bonus tokens are locked for one month.
Video summary (video is 10:13 long):

Project Overview

What does the company/project do?

Bee Token’s protocol aims to eliminate the middleman in the home-sharing market, and allow short-term home renters and tenants to directly transact with each other on the Beenest Platform.

Hosts and guests both benefit from the lower commission charge on all transactions on the Beenest Platform compared to other websites like AirBNB and VRBO.

Beenest also has protocols in place for resolving disputes, as well as managing reputation scores for users on their platform.

This diagram explains the Beenest platform in a nutshell:

Beenest protocol

The below are Beenest’s core protocols:

Payment

Hosts and guests both send their tokens to a payment smart-contract, which sends the tokens to the appropriate address on the check-out date when no conflicts arise.

Hosts are required to send tokens as well as a cancellation fee, so that if a host were to cancel their listing the day before the booking, the host is penalized. This platform is different than most other platforms that only punish guests who cancel their reservation.

Arbitration

In the case of a dispute, the payment contract sends the funds to arbitration. BEE token holders are able to stake their tokens in order to vote on the dispute. Arbiters are selected randomly from a pool and are penalized only if they do not make a decision within the time limit.

Reputation

Beenest will have a reputation score associated with addresses/accounts on the Ethereum blockchain, which will be calculated from an average of multiple reputation scores including their score as a host, guest, arbiter, etc.

The Beenest protocols, especially the reputation one, is not limited to being used by the Beenest platform. Users of the platform will have a score tied to their Ethereum address, which allows other dApps on the Beenest platform to piggyback off of an established reputation scoring system.

How advanced is the project?

Beenest is scheduled to launch its Alpha on the Ethereum testnet by January 2018 before the crowdsale. Below is a screenshot of the Alpha:

Bee Token Alpha

The project has been announcing numerous partnerships with various companies that would synergize with their product, including:

Here is a summary of their roadmap:

Q4 2017

  • Private Alpha on Testnet

Q1 - 2 2018

  • Beenest Alpha live in San Francisco where they will be partnering with current super hosts on other platforms to try out Beenest
  • Launch Bee Protocols on Testnet

Q3 - 4 2018

  • Launch Bee Protocols on Mainnet
  • Launch iOS and Android Apps
  • Onboard 2-5 dApps on Bee Protocol

2019

  • Expand to up to 5 US Cities
  • Onboard 5 – 10 dApps on Bee Protocol

2020 and beyond

  • Target key cities worldwide including London, Seoul, and Singapore
  • Bee Protocols become the gold standard of sharing protocols
What are the tokens used for and how can token value appreciate?

BEE tokens will be used to make transactions on the Beenest platform with 0% commissions as opposed to a 1% commission for BTC, ETH and other ERC20 tokens, and 3.99% for fiat.

BEE can also be staked in order to be selected as an arbiter in Beenest’s arbitration protocol. The more BEE tokens a user has staked, the greater the likelihood of being selected as an arbiter and being paid a flat rate of BEE token per dispute the user votes on.

With 0% commissions on transactions paid in BEE as opposed to 3.99% using fiat, users are heavily incentivized to use BEE tokens on the platform. BEE token holders who want to take part of being an arbiter also need to stake their BEE tokens, thus reducing the transaction velocity of the token.

The utility value of BEE tokens should appreciate as more users begin using Beenest in order to find a short-term home rental. 

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Team

The team is composed of 9 members. The bios of key team members are listed below.

Jonathan Chou, Co-Founder & CEO – formerly a lead at Uber in the Security and Fraud division, has experience with startups with family businesses that were sold to Sun Chemical and 3M.

Tony Tran, Co-Founder & CTO – over 10 years of software development experience, previously a software engineer at Uber and Bizo (acquired by Linkedin).

Ali Ayyash, Co-Founder & Lead Engineer – former lead engineer at Goggle Cloud, and was lead at Amazon Web Services for over 3 years.

Min H. Kim, Co-Founder & Head of Business Development – formerly Chief of Staff at Civic Technologies, currently a blockchain advisor to Quantstamp, WeTrust, and Bitclave.

Jordan Ong, Head of Product – former Project Manager at Facebook for 7 years.

BEE Token also has a suite of advisors including Richard Ma, CEO of Quantstamp, Can Kisagun, CPO at Enigma, Kevin Zhou, Co-founder of Galois Capital, Former Head of Trading at Kraken, Yiseul Cho, Partner at Blockchain Partners Korea, Michael Terpin, Founder of Transform Group and CoinAgenda, and more.


Opportunities

  • Beenest is a solution that can save both hosts and guests large amounts of money, and is badly needed amid record housing and rental prices.
  • The team is comprised of members from reputable tech companies such as Uber, Facebook, and Google. They also seem to have good connections around the startup scene with the partnerships that they have already established.
  • The white paper is detailed in both the technical details and business plan which states their go-to-market and user acquisition strategy – without a plan to gain traction, it doesn’t matter if a project has the best technology in the world.
  • Bee Protocol allows other sharing economy dApps to be built on top of it, further increasing the potential upside of the project should those dApps become successful.

Concerns

  • Beenest is going against AirBnb which is a very strong and efficient operator. With that said, Beenest doesn’t need to take down AirBnb to enjoy success – it can serve a subset of the market and still thrive.
  • The expansion plan seems to be on the slow side with only 5 US cities by the end of 2019.

Conclusion

Overall, we like both the flipping and long-term potential for this ICO. Our thoughts on buying the tokens for flipping and investing for the long term are as follows:

For flipping

Good. The project has a strong team and advisors, and is attracting high market awareness over one month before the crowdsale.

With (1) the low hard cap of $15 million, and (2) all bonus tokens being locked up for 1 month which mitigates dumping right after BEE tokens begin traded, we believe the project can meet hard cap with unmet demand in the current market environment.

For long-term holding

Good. Beenest’s home-sharing idea has a large impact with substantial potential. The project also benefits from the growing pain of ever increasing property and rental prices.

The project enjoys a first mover advantage to provide decentralized home-sharing solutions. We believe the team has the vision and capabilities to capture a meaningful market share in at least the tech/crypto subset of the homesharing market.


For more information about the ICO, please visit the following links:

* The information contained in this article is for education purpose only and not financial advice. Do your own research before making any investment decisions.

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