The Bee Token, a decentralized sharing economy platform, has debuted a first look at Beenest, a short-term housing marketplace that uses blockchain technology to address some of the issues facing consumers in a centralised business model. Beenest provides a 0% commission solution; by removing the middlemen and introducing a decentralized, automated sharing economy platform, Beenest will avoid significant transaction fees and vulnerability to security breaches and data manipulation of short-term housing marketplaces.
Jonathan Chou, Bee Token CEO, said: “While the leading peer-to-peer sharing economy platforms like Airbnb and Uber have achieved astronomic success, the business models that have brought them to their multibillion dollar valuations are not in the best interest of consumers. High commission fees are charged to users, and the enormous value generated from these users that keep the network running goes into the pockets of a select few– the founders and investors. This current iteration of the sharing economy has amassed huge private valuations, but the future will be passing on that value to the users, and that’s what we’re building at The Bee Token.”
The Beenest platform will be hosted on the Ethereum blockchain and powered by Bee Protocols which will provide secure payments, arbitration and digital identities. Payment is the core of the Bee Protocols and allows users to send and receive tokens that are held until fulfilment of a service. The Arbitration Protocol will solve disputes through trustless voting to ensure transparent and unbiased conflict resolution. A Reputation Protocol will manage reputation scores for all P2P entities that are backed by algorithms defined in smart contracts and accessible to the masses. Existing centralized sharing economy applications can also build on top of Bee Protocols and tokenize their offerings.
Chou added: “The advent of blockchain offers the perfect avenue to give participants in the sharing economy the keys to the network, and the Bee Protocols validate the necessary trust between participants and users for this arrangement to flourish. Our dedicated engineering team developed these protocols to provide the base layer for a revolution in the industry so there can be a seamless and cost efficient implementation for new dApps within The Bee Token ecosystem. Short-term housing is the first sector we’re tackling and there will be more to come.”
Bee Token also announced three strategic blockchain partnerships for its short-term housing marketplace that will further its vision for a cheaper and more secure alternative that puts control in the hands of users and hosts. To power its Beenest platform, which will launch in 2018, The Bee Token is teaming up with payment platform Request Network, open-source decentralized marketplace Origin, and Ethereum payment API Connext. These partnerships will automate the intermediary processes of the The Bee Token network in conjunction with Bee Protocols and provide users with secure payments, decentralized arbitration, and build secure digital identities.
The partnership with Request Network will enable renters and hosts to request and send cryptocurrency payments across the Beenest platform using smart contracts to manage invoices. Request Network will serve as a management hub for sending money, managing payment requests, and handling invoices to allow for formal accounting and auditing. Origin Protocol will facilitate peer-to-peer interactions on the Beenest platform, allowing buyers and sellers to discover each other, browse listings, make bookings, and leave ratings and reviews. Connext’s payment processor API will expand the platforms access beyond Ethereum to the mainstream consumer market. Connext deploys in-app credit card purchases of native tokens.