Bee Token Review
Bee Token is the first decentralized home-sharing platform that connects home providers and guests looking to rent temporary accommodation. Bee Token looks to further enhance the tremendous success of the peer-to-peer sharing economy (Uber/AirBnB) by offering 0% commission fees and a secure home-sharing platform through eliminating the traditional middleman and leveraging on decentralized blockchain applications.
The Bee network is made up of 3 core protocols:
- Payment Protocol: Both guests and hosts will send tokens into a smart contract where it will be held until the fulfilment of service
- Arbitration Protocol: Dispute-settlement mechanism through staking and trustless voting
- Reputation Protocol: Reputation scoring mechanism attached to participants’ addresses. This protocol could also be leveraged by other decentralized applications
The Bee Token protocol is open-source and allows for the creation of other decentralized application (dApps).
The Bee Token Advantage
Beenest’s decentralized platform allows for the equitable alignment of incentives, as participants and token holders would benefit with increased demand and traction of the platform. Everyone in the network is incentivized to be part of the network, and value is shared through tokenization, manifested in Bee tokens.
Lower Transaction Fees
The advantage of a decentralized home-sharing platform is that it allows participants to circumvent the numerous types of fees present in a centralized home-sharing system, which includes:
- Platform fees
- Payment processing fees (e.g. Visa/Mastercard)
- Foreign transaction fees
- Currency conversion fees
Security & Trust
Every participant in the Beenest system must go through a KYC-verification procedure for verification. Beenest’s reputation protocol is also integrated with the identities within the Beenest platform.
The Bee Token Utility
The BeeToken (BEE) is a utility token, used as the medium of exchange within the Bee network. Although you do not have to transact using BEE tokens, you would be incentivized to do so as you’ll be paying zero fees as compared to other modes of payment. Here’s a breakdown of commission charges depending on the currency you’ll use.
Since BEE is a utility token, its value will increase proportionally to its usage and demand. Given Beenest’s potential of being a formidable competitor to AirBnB, I would not be surprised that there will be great traction from users.
In addition, holders can also stake their BEE tokens to participate in the arbitration process and earn a fixed rate for each case. The greater the number of tokens staked, the higher probability of being chosen as an arbiter. This additional utility could contribute to a higher level of demand for Bee tokens
Bee Token Partners
Their partners include:
- 0Chain: A high speed, zero-cost cloud solution
- Kudos: Operating protocol for marketplaces leveraging on blockchain technology
- Guardian Circle: First-responders’ mobile app for emergency situations
- Request Network: Decentralized payment network solutions
- Globalid: Decentralized identity verification solutions
- Origin: Sharing economy marketplace and protocols
- Connext: Payment processing API for Ethereum apps
- Rentivo: Vacation rental marketing and management software solutions
Is Bee Token Scam
Primarily, Xycinews Media contents is to give an overview of platforms and what they entails to help you decide if proceeding with them or Investing only what you can afford to lose.
- Do you think Bee Token is scam?
- How you being defrauded?
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