Decentralization is more than just a philosophy backing the recent fad of cryptocurrencies. It is soon becoming an all new business model itself.
Enter the Bee Token ICO (initial coin offering). Using their recently launched platform called the “Beenest”, Bee Token is a groundbreaking new way to engage in short term real estate acquisitions using – yes, you guessed it – their very own proprietary crypto token (BEE).
Let’s dive into the details. Bee Token was co-founded by a group of five members who worked for various companies such as Facebook, Uber and even Google, mainly as engineers and such. The CEO, Jonathan Chou, had a vision to create a self-contained, decentralized real estate economy. With Bee Token, investors and short term renters can participate in trading the BEE crypto for housing.
Think of it as decentralized Airbnb, a system and platform that uses an online service to purchase and sell housing services, except the catch is that the currency isn’t your traditional legal tender but is instead its own proprietary cryptocurrency.
Part of the reason behind the hype and anticipation of Bee Token was the initial pre-sale event they offered. The distribution plan that they have devised is that there will in total be 500 million tokens to be made available. However a pre-sale event will be ongoing from January 31st to the end of February. The stipulations of the pre-sale lists their coin at a 30% discount while offering 30% of the total coin count made for sale (150 million coins).
The bad news for any interested prospectors is that the pre-registration period has already concluded. More interestingly, any citizens from Canada, the United States, China and Hong Kong are excluded from participation.
One single Bee Token will be priced at $0.14 USD, meaning that a maximum of $21 million USD will be sold throughout the following four weeks. While Bee Token has been making a stir among the crypto enthusiasts, it hasn’t been able to catch on with the housing and real estate market yet. The question ultimately is: is Bee Token worth the hype? And will it be able to sell out all 150 million coins, and even then be able to compete in the market with the likes of Airbnb?
For starters, it is undeniable that Bee Token has a very impressive line-up of staff. As already mentioned, all five co-founders come from reputable and highly successful business. CEO Jonathan Chou originally worked as a junior engineer for Uber. Co-founder and Head of Product Jordan Ong used to be a product manager or Facebook for seven years, and a payment operations specialist for Google for one year.
It’s important to note that it isn’t only that Bee Token’s founders and staff have reliable and trustworthy credentials, but that they are openly posted on their website. Every profile has a link that leads straight to their Linkedin profile, confirming their expertise and credentials. This is one of the most important aspects that has contributed to Bee Token’s hype because it creates a sense of safety and assurance among its investors.
It is not much of a secret that a few crypto scams have surfaced in recent months, and as such many investors are reasonably and understandably worried and even sometimes paranoid when a new major player enters the forefront. This is why having a visible, transparent staff is so vital, and Bee Token has understood this from the very get-go. They have a Youtube channel, a Twitter page that has amassed 40,000 followers in just 5 months, and a very in-depth list of impressive Linkedin profiles.
In other words, if Bee Token were a scam, then it’d be by far the most elaborate one that the world of crypto has ever seen. We have to give them a very high score when it comes to safety versus risk.
Another one of the large selling points is their pledge to offer 0% commission fee on all transactions. Perhaps the staff is aware of the negative feedback that some services like Coinbase received, and even Airbnb themselves charge a service fee for regular users. This is sure to be a very attractive point for many, knowing that the only thing they have to purchase are the coins themselves. They also promise to offer bank-level security to their users but in all likelihood many would prefer to stick to crypto wallets as is standard.
While everything on paper looks great for Bee Token, they will have some hurdles to jump over if they wish to stay in the game longer than just a few of months. While they are certainly attracting enough crypto users, decentralization is still new enough to be considered comparatively niche. And the housing market itself is, well, anything but niche.
If the members of Bee Token are ambitious enough to blend the crypto markets with the short-term housing ones, then they will have to up their ante with regards to marketing. Attracting people who use services like Airbnb will be a prime target audience.
Another neat feature is that it will be possible to trade on the Beenest platform using Ethereum. This is likely an incentive to get experienced crypto investors with decent capital interested in participating. Inclusion of a well-established currency will surely help with the lifespan of this project. Ultimately, the return of investment rate seems like a normal one for the time being, but if Bee Token plays their cards right and manages to hook a percentage of the housing market, they could see some large gains later in the year.
With the pre-sale beginning this month, we will all soon find out if this new start-up has what it takes to stay afloat.