To what is all the buzz on about this Bee Token crypto technology online about? Let's take a snippet from the BeeToken.com website and whitepaper:
"The Bee Token is the cryptocurrency that fuels the Beenest platform and the Bee Protocols."
Beenest is the first decentralized home-sharing network built on top of a set of Bee Protocols that connects hosts with guests without taking any commissions. The Beenest dApp and the Bee Protocols are powered by the ERC-20 utility token called the BEE token. The Bee Protocols are open Ethereum protocols that can power other future sharing economy dApps. These protocols provide the Beenest network with three essential systems:
- A secure payment system that allows two authenticated P2P entities to send and receive money that gets held in Bee Tokens until after a successful exchange of services between the two entities.
- A decentralized arbitration system that resolves user disputes, providing positive incentives to grow a network of genuine arbiters and negative incentives to deter scammers.
- A reputation system that couples a valid identity, which is obtained by a trusted digital fingerprint protocol on the Ethereum blockchain, with a rating determined by transparent, immutable review and scoring interchange between P2P entities (such as guests and hosts).
This whitepaper expounds upon the Beenest platform and the Bee Protocols. We aim to offer transparency into our token metrics and a future roadmap of development and expansion. We will discuss how Beenest creates and preserves value for hosts, guests, arbiters, and developers within a decentralized autonomous organization and how our decentralized model offers distinct advantages over the predominant, centralized home sharing model.
The Bee Token has some focal points that truly stand out.
Lower Transaction Fees
Beenest simply charges 0% commissions to hosts and guests utilizing BEE, thanks to smart contracts automating transactions that bypass commission-based platforms, financial institutions, and currency denominations. As the Bee token is used for all transactions, there are no foreign transaction fees or currency conversion fees, and all savings are passed back to the hosts and guests holding the token.
Increased Security & Trust
Beenest provides a seamless user experience based on trust and security through the blockchain. By using its in-house Bee Token, the Beenest platform provides its hosts and guests with privacy, security, and freedom. In order to use Beenest, users have to first sign up and go through a basic KYC (know your customer) process to ensure that users are real and authenticated. Beenest can seamlessly integrate with 3rd party authentication platforms and correlates identities with a weighted reputation score on the Bee reputation protocol.
Total Supply: 500 million BEE
Target Public Sale Amount: $15 million
Presale registration begins January 2nd, 2018. Visit BeeToken.com for more info.