] Beenest, a decentralized home-sharing platform, is scheduled to launch an initial coin offering of its digital currency -- Bee Token -- later this month, according to the company on Jan. 11.
The ICO to be launched on Jan. 31 will issue 500 million Bee Tokens with a market value of around US$15 million. The company began presales on Jan. 2 which was closed within 5 minutes due to immense demand. Beenest is being built on the Ethereum blockchain and presales had a minimum contribution of 50 ETH (about US$40,000 on Jan. 2) in order to limit presales to only accredited investors, which demonstrates the company’s compliance and careful attention to the SEC, according to industry sources.
Beenest has a strong connection with Silicon Valley as it consists of a team of engineers from Google, Facebook, and Uber. The company was co-founded by two former Uber employees Johnathan Chou, former lead at Uber, and Tony Tran, former engineer at Uber Technologies. In addition on Jan. 5, TransLink Capital Managing Director Jay Eum agreed to be an advisor.
The company noted that its vision is to build upon a decentralized sharing economy. For this, it is currently working on three primary aspects of its business -- Beenest, Bee Protocols, and Bee Token.
Beenest is a home-sharing platform -- on the lines of Airbnb -- which rewards users with network incentives, commission-free transactions, and security. It charges zero percent commission from hosts and guests utilizing smart contract automating transactions, which bypass commission-based platforms, financial institutions and currency denominations.
The Bee Protocols are a set of Ethereum smart contracts that provides developers the tools to rapidly launch new centralized applications. The protocols are designed in a manner that enables existing centralized sharing economy applications like Couchsurfing or Airbnb to enter Beenest’s protocols to tokenize their offerings. This allows the applications to access a larger and untapped market of crypto-enthusiasts, according to industry sources.
The Bee Protocols are expected to greatly benefit Ethereum by providing solutions for trustless decentralized payments and the inherent problems of conflicts and malicious users within the network.
Bee Token fuels the Beenest platform and the Bee Protocols. The digital currency seeks to eliminate inefficiencies through the power of smart contracts, which enables organizations to operate with a completely new business model that distributes value to all supporters in a more equitable fashion, the company said.
Anyone outside of the US, China, and a few other geographies will be able to participate in the Token Generation Event on Jan. 31 with a minimum contribution of 0.1 ETH.
By Alex Lee (email@example.com