ICO Status Quo: The Earnest Bee Token

The world has gone digital, and everything is becoming a part of the digital world. Internet technology is spreading like wildfire, and smart devices have allowed an interconnected world. We buy products online, pay our bills online and even manage our finances online these days — that’s where the need for cryptocurrencies or digital currencies came from, like the Bee Token.

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

The Bee Network is a decentralized, peer-to-peer system that allows people to buy things with their smartphones. One of the most significant drawbacks of cryptocurrencies like Bitcoin is the amount of computational power and batteries required to mine them—the process of validating transactions. You can buy currencies like any other fiat currency on exchanges, but The Bee Token will issue millions of coins every day in small amounts to anyone who simply downloads an app.

The program makes use of crowdsourced location data that is subsequently transformed into tokens. Tokens can then be used to purchase things from shops that accept them using a digital wallet address within the app.

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

bee token

Real-World Value


The goal behind this project is to disrupt 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 is very similar to Air BnB. The rewards for using the platform include free commissions on transactions, “unrivaled” security compared to other home-sharing platforms (*cough* AirBnB?), and also “network incentives” but they do not 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 leader 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 are 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:

  • United States
  • 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 is listed on the exchanges.

Project Timeline


In 2017, they completed their whitepaper. They’ve already conducted some testing and intend to launch Bee Protocols on the Testnet (a network used for testing purposes) by the second quarter of 2018. They hope to monitor, optimize and launch it on Mainnet by the end of 2018. (main, functional network). They hope to continue optimizing and expanding up to 5 US cities by 2019, with the final targets being in the countries of London, South 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 contributors can be recognized and sorted out from the masses (maybe pump & dumpers?).

Conclusion


The Bee Token provides the best chance for people who don’t have any experience in computer science to understand blockchain and cryptocurrencies.

The ICO team does not talk about their plan for listing the Bee Token on exchanges though, so we will have to wait and see what the news is with that over time.

It will be interesting to see how soon Beenest takes off and how AirBnB reacts. It’ll also be interesting to watch how Beenest aims to deal with the security concerns that seem to be an inherent part of home-sharing. We will simply have to wait and see what they have in store for us this year!

Additional References

4 thoughts on “ICO Status Quo: The Earnest Bee Token”

  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.

    Reply
    • 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

      Reply
  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.

    Reply
    • 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 

      Reply

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