With a team of engineering and product veterans from Google, Facebook and Uber, Beenest is launching a Blockchain powered platform that uses the Bee Token as its platform currency. Beenest promises 0% commissions and aims to return power back to the hands of hosts and guests. Beenest announced the launch of their presale on November 2nd and will continue its pre-offering until the end of the year.
“Blockchain technology will disrupt many industries in the near future. We’re proud to announce that Beenest begins that disruption in the short-term housing rentals industry,” says CEO Jonathan Chou.
Short-term housing rental, at its simplest, is when hosts list their homes and guests book these homes. While industry incumbents such as Airbnb and HomeAway provide value as intermediaries to facilitate transactions, it’s undeniable that the hosts and guests are what make short-term housing rental a reality. However, a deeper look reveals that the value of these platforms’ success is unfairly distributed to a select few, while the costs of the platforms’ shortcomings and risks fall upon the hosts and guests.
Industry incumbents such as Airbnb and HomeAway act as trusted intermediaries by charging a commission and becoming responsible for the trust and security of their users. Because the primary form of asset sharing between host and guest is real estate, identity validation and payment verification is paramount. However, increasing reports of security breaches such as the Equifax Breach compromising identity information of 145 million US citizens, and review manipulation on these platforms raises serious questions about whether proper due diligence is being conducted. Furthermore, during times of non-crisis, these platforms charge a commission of up to 22% — money that is mainly given to the company and financial institutions.
Beenest removes the complexities of intermediaries and simplifies the equation. Beenest is a decentralized short-term housing rental platform that combines the competitive advantages of Blockchain and smart contracts with the proven business model of industry incumbents. Through its Bee Token cryptocurrency, Beenest is able to prioritize the needs of hosts and guests.
Beenest is following a non-traditional route by holding a token offering; Beenest is distributing 50% of its Bee Tokens, opening the opportunity for hosts and guests to become a part of the platform and grow along with its success starting day one. A particularly novel feature – Beenest employs transparent practices by ensuring reviews are immutable and stored on the Blockchain. Furthermore, Beenest adds additional layers of security through a KYC (Know Your Customer) identity verification processes that are standard in financial institutions. Lastly, through Smart Contracts, Beenest eliminates unnecessary overhead and processes, delivering on our 0% commission to hosts and guests.
Blockchain is expected to revolutionize many industries, and Beenest is poised to be the trailblazer of the revolution in the short-term housing rental industry. Beginning with the launch of the presale, Beenest begins the journey of prioritizing the needs of hosts and guests with many exciting developments along the way. Learn more on our website and follow us on Telegram, Twitter, Facebook, and Medium.