Beenest Project — Rating 8 points out of 10

The ICO project we are going to review today is Beenest — a decentralized platform for short-term housing rentals without commission

For the readers who missed the previous four reviews I dare to remind that I have already written an article about ICO scam and HYIP, then about the projects that seemed funny.

Now it is the turn of projects, which are really useful not only for their developers but also for all humanity (in my humble opinion). 😉

The first of them concerned one of the most vital problems of our time — electricity generation (WePower).

The second, Synapse AI, is a kind of a global decentralized platform that lets ordinary users get paid for their data.

The third is SocialX — a decentralized social media platform allowing users to distribute content seamlessly and monetize it.

The fourth ICO project is VIOX or the token of the Smart-Home-App actual for any home-owner dreaming of his home to become a smart one.

Here comes the fifth project worth of mentioning.

Many of us remember The Holiday, a 2006 American romantic comedy film with Cameron Diaz, Kate Winslet, Jude Law and Jack Black. Omitting the details, I would remind you that 2 women had been cheated by their boyfriends visited then a home-exchange website and agreed to swap homes for two weeks to distract themselves from a nervous breakdown. But in reality, not everything ends so neatly as in this Christmas tale for adults. More often one can come across such newsflashes: Airbnb scam warning: friends $4800 out of pocket.

If you have ever rented a flat or any other lodging you know that centralized ​home ​sharing ​platforms ​charge ​a ​commission, ​which ​is usually ​incurred ​by ​hosts ​and ​guests. Platform ​fees ​is 3% ​- ​15%. Plus financial ​institutions ​such ​as ​Visa ​and ​Mastercard charge ​flat ​fees ​for ​managing ​transactions ​(3%).

Besides, the ​sharing ​economy ​is ​plagued with ​the ​most common ​examples ​of ​a ​company ​grows when ​the ​user ​base ​is ​left ​dissatisfied. ​A ​well known ​example ​is ​ ​Uber. ​Intermediaries ​like ​Uber ​increasingly ​extract ​value ​from users ​as ​their ​network ​grows. ​Drivers ​today ​earn ​far ​less ​compared ​with ​early ​years, ​yet ​costs per ​rider ​have ​not ​significantly ​decreased. ​When ​market ​demand ​increases ​for ​a ​good ​or service, ​network ​participants ​should ​benefit ​when ​new ​equilibrium ​prices ​are ​reached. ​Instead, companies ​arbitrage ​these ​shifts ​to ​capitalize ​on ​value ​added ​by ​their ​community. ​The ​majority of ​that ​value ​is ​captured ​by ​founders ​and ​venture ​capitalists, ​and ​shareholders ​are ​excessively rewarded ​in ​the ​event ​of ​an ​IPO ​or ​acquisition. ​Though ​these ​earliest ​investors ​receive handsome ​rewards, ​early ​drivers ​on ​the ​platform ​have ​only ​been ​met ​with ​decreased ​earnings for ​the ​initial ​value ​they ​added ​to ​Uber.

So it happened one day that some former employees from Google, Facebook, Uber, and Civic decided to reimagine the sharing economy. Their child Beenest​is ​the ​first ​decentralized ​home-sharing ​network ​built ​on ​top ​of ​a ​set ​of ​Bee ​Protocols that ​connects ​hosts ​with ​guests ​. ​ Beenest ​charges ​0% ​commission to ​hosts ​and ​guests ​utilizing ​BEE tokens.

According to the White Pages of the project, through ​decentralization, ​Beenest ​is ​able ​to disrupt ​the ​currently ​available ​sharing economy ​models. ​At ​the ​same ​time, tokenization ​creates ​benefits ​for ​early adopters ​and ​token ​holders, ​thereby ​aligning user ​incentives ​toward ​further ​growth ​of ​the Bee ​network. ​We ​can ​accelerate ​user participation ​by ​giving ​everyone ​in ​the network ​the ​opportunity ​to ​earn ​tokens through ​referral ​programs ​and ​arbitration. Additionally, ​Beenest ​corrects ​for ​market saturation ​by ​continuously ​incentivizing guests ​and ​hosts ​to ​contribute ​to ​the network ​by ​utilizing ​the ​Bee ​Token.

The fact is that Ethereum ​smart ​contracts make it ​possible ​to ​build ​a ​truly ​decentralized ​and automated ​sharing ​economy ​platform. If ​no ​middlemen ​you pay ​0% commission, ​meanwhile ​sharing ​the ​wealth ​with ​the ​users ​in ​a ​two-sided ​marketplace.

Hosts will be able to set their own business home insurance that they carry to whatever level they please!! The team is developing some exciting things that will make the renting to users more secure and trusted than Airbnb.

​Beenest is concerned with 3 protocols, which make it unique. The ​Bee ​Protocols are ​open ​Ethereum based ​protocols ​that ​can ​power ​other ​future ​sharing ​economy ​DApps. ​ These ​three protocols ​can ​be ​remembered ​by ​the ​acronym ​“P-A-R”: ​Payment, ​Arbitration, ​and ​Reputation.

1. Payment ​Protocol ​- ​send ​and ​receive ​tokens ​held ​until ​fulfillment ​of ​service

2. Arbitration ​Protocol ​- ​solve ​disputes ​through ​trustless ​voting

3. Reputation ​Protocol ​- ​manage ​reputation ​scores ​for ​all ​P2P ​entities

All ​Bee ​code ​is ​public ​and ​open ​source ​to ​allow ​improvements, ​but ​also ​to ​define ​a ​set ​of ​best practices ​to ​inspire ​a ​future ​generation ​of ​sharing ​economy ​dApps ​to ​emerge: ​a ​decentralized Craigslist, ​eBay, ​Uber, ​and ​more ​that ​we ​haven’t ​dreamed ​of ​yet.

As many of the most interesting ICO projects Beenest has its referral program. ​Users ​referring ​hosts ​who ​post ​a ​listing ​that ​results ​in ​a ​booking ​will ​receive ​BEE tokens. ​Likewise, ​users ​referring ​guests ​that ​result ​in ​a ​booking ​will ​also ​receive ​BEE ​tokens.

The Bee Token’s public presale which started on January 2nd at 12 PM PST has officially closed within five minutes! Overwhelming demand has forced the team to close the presale earlier than they expected.

The Public Sale is planned for January 31 — February 28, 2018.

Token: BEE

Price: 1 BEE = 0.14 USD

Tokens for sale: 150,000,000

Platform: Ethereum

Accepting: ETH

Soft cap: 5,000,000 USD

Hard cap: 15,000,000 USD

Country: USA

Restricted areas:

China not allowed; US/Canada/Taiwan/Hong Kong/New York State allowed only for accredited investors

Let’s hope the BEE team will be able to improve the home ​sharing market and provide it with transparent practices with immutable feedback and bank-level security through blockchain technology, as they declare it.

I think this project deserves 8 points from 10.