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ICO Status Quo: The Bee Token

The Bee Token (symbol is BEE) ICO has been catching a lot of buzz lately because of the team behind the project. Former emplyees from top companies such as Google, Facebook, Uber and Civic are all collaborating on this project.

“Beenest” and “Bee Protocols”, like many other ICOs coming out right now, are being built on the good old Ethereum blockchain.

 

ICO Status Quo: The Bee Token

Real-World Value

The goal behind this project is to distrupt home sharing by making it decentralized and thus commission-free.

Beenest is meant to serve as a home sharing platform, as far as we can tell it’s very similar to Air BnB. The rewards for using the platofrm includes free commissions on transactions, “unrivaled” security compared to other home sharing platforms (*cough* AirBnB?) and also “network incentives” but they don’t elaborate more than that.

The main difference between AirBnB and Beenest, besides being built on blockchain and thus having no middleman commissions and transparency, seems to be the security. The co-founder and CEO of the company is Mr. Jonathan Chou, who is the former lead of Security and Fraud at Uber. So this may explain the reason for tackling this particular market even with AirBnB having such a massive hold on it.

ICO By The Numbers

Supply of Token : 500 million BEE

Min contribution amount: 0.1 ETH

Private Sale : $5 million – SOLD OUT

Public Presale : $5 million – SOLD OUT

Public Sale : $5 million – January 31st, 2018 with some caveats on having to register first

If you’re interested in participating in the token sale, go to the website and join the Whitelist (learn more below). The exact registration dates and crowdfunding dates are there.

Note that the public sale will not be available to the following countries:

  • US
  • Canada
  • China
  • Hong Kong
  • Taiwan

They say, however, that they are working on it so that in the future investors from these countries will be able to trade the Bee Token – presumably when it’s listed on the exchanges.

Project Timeline

Their whitpaper was finished in 2017. They’ve already done some testing and plan to launch Bee Protocols on Testnet (used for testing purposes) by Q2 in 2018. By the end of 2018, they want to optimize and launch it on Mainnet (main, functional network). By 2019, they’re hoping to continue optimizing and expand up to 5 US cities with final targets being London, Korea and Singapore.

You can also fill out a form by going to their website in order to be put on the company’s “Whitelist” and give them information including:

  • the account names through which you’re following them on various social media platforms
  • your current AirBnB account and how much you use it
  • any social media activity you’re released about them

The Whitelist seems to constitute a recognition system so that loyal contributers can be recognized and sorted out from the masses (maybe pump & dumpers?).

Conclusion

The ICO team doesn’t talk about their plan for listing the Bee Token on exchanges so we’ll have to wait and see what the news is with that over time.

It will be interesting to see how quickly Beenest is adopted and how AirBnB will respond. It’s also going to be interesting to see how Beenest plans to tackle the security issues that seem to be unavoidable with home sharing? We’ll have to just wait and see what they come up with this year!

Additional References

 

 

 

 

Martina

4 Comments

  1. I love the idea of shedding the middlemen and commissions to share facilities.
    I need to read up more on how this is uses crypto currency and so how to get cash out at the end of a deal.
    Of course, the security angle is so important with all the scams associated with crypto currencies.
    This looks like a real future business.
    Looks like I am a little late with registering but I will try and get on the white list.

    • Hi there! 

      Yes it will definitely be interesting to see how this whole market evolves. We’re still so early on in the cryptocurrency world so it’s a great time to learn as much about it as you can. If you’re interested in learning more, keep up with our updates as we’re just getting started and I would highly suggest the Bad Crypto Podcast – you can see the link at the end of the article or find it on iTunes. Listen to the first 5-10 episodes to get an idea of what crypto is all about. 

      Yeah, some ICOs go much faster than expected just because of how fast everything in the space is growing. But there’s plenty of others with opportunities to invest in that we’ll be posting about soon and also when these get listed on the exchanges. Definitely due your own due diligence on The Bee Token and if you decide, you can always invest in some once it’s on the exchanges. 

      But just learn more on your own, use the podcast as a great reference and let me know if you have any specific questions 🙂 

      Cheers, 

      Martina

  2. This is fascinating! I’ve been really interested in the movements of cryptos recently, and I have an account with Kraken, but after the recent scares I haven’t been too eager to jump in.

    BEE sounds really interesting! I’m just disappointed that it seems to be unavailable in the US, where I’m from. Do have any info on when it will approximately be introduced? If I don’t get on early enough it may not be affordable by the time I do.

    Is it available anywhere besides the Whitelist? How is the Whitelist? Is there a minimum deposit, and how are transaction fees? Thanks.

    • Hey Jordan, 

      Yes the market has been crazy recently but that is the world of Crypto! haha 

      So to answer your questions, I know it can be frustrating when you can’t get into an ICO early because of your location. I’m in Canada right now and a lot of the ICOs are banned for me too. I know people who try to get in using VPNs but that’s a little too scary for me but you could look into that if you wanted – I’m sure Youtube has some videos on how to do it. But I personally don’t recommend that route. Just wait and eventually it will be listed on an exchange. 

      In terms of affording it, since you don’t need to buy crypto in “whole” amounts, you can put in only as much as you can afford. Like for instance, most people don’t invest their first time in 1 whole Bitcoin since the price now is something like 12-15k (it fluctuates a lot as you know! haha) – they’ll buy like 0.1 or 0.25 or 0.0156 Bitcoin. Unlike traditional stocks, you can put in any amount you want. Just make sure it’s reasonable given the transaction fee of the given exchange that you’re on. 

      Right now you can only buy into BEE through the company itself because it’s in it’s ICO phase, which means that the company is raising money to build the software. And there is no “price” as of yet because it’s just fundraising at this stage but you’ll get allotted a certain number of BEE Tokens for your contribution of Ethereum and then when it’s listed, each token will assume a $US value. The number of tokens also varies depending which segment of the sale the company is in and it will let you know how many you will get depending on your contribution when you invest 🙂 

      I know it’s a little bit confusing but thankfully, there is a company called Zilla who will be launching an app where all the ICOs will be in 1 spot where you can invest, support and track all of them. Keep an eye out in the App store as it should be out soon

      Hope this helps! 

      Warmly, 

      Martina 

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