EP223: The Bee Token: Decentralized Home Sharing Network

EP223: The Bee Token: Decentralized Home Sharing Network

The whole point of the sharing economy is to facilitate peer-to-peer exchange. It’s otherwise known as a People’s Economy, meaning that the community itself drives a highly-efficient sharing system. But can it really be categorized as a People’s Economy when middlemen get a cut of the profits? Is it even possible to design an autonomous, decentralized platform that is run by the people who use it?

Ali Ayyash is the co-founder of Bee Token, the Airbnb of blockchain technology. Ali contends that a commission-free, trustworthy and secure vacation rental platform is achievable through the power of the blockchain. He is developing Beenest, a home sharing marketplace where hosts and guests trade in Bee Token. Ali is passionate about creating a platform powered and run by the guests and hosts who make the system work.

Today Ali explains the basics of Bee Token, discussing how the Beenest platform will operate without employees. He covers the concept of decentralized customer support, offering examples of how conflicts might be resolved through ‘trustless consensus.’ Ali also speaks to the upcoming Bee Token coin generation event, how Bee Token will function as currency, and how listings will be priced in Bee Token. Listen in and learn how to cut out the middlemen, build your reputation on Beenest, and take advantage of commission-free home sharing!

Topics Covered

The Bee Token basics

  • Home sharing platform built on blockchain technology
  • Low or zero commission
  • Gives power back to peers in sharing economy

How Beenest will run without employees

  • Blockchain keeps track of payment transactions (self-service)
  • Trustless consensus to resolve conflicts (arbiters vote)
  • Reputation system vets users

How the creators of Bee Token will make a profit

  • Public token generation event
  • Monetization features (i.e.: ads, promoted listings)

The concept of decentralized customer support

  • General population incentivized to assist
  • Make extra money by participating
  • Five people must agree on response
  • Accurate, stable as platform grows

How guests pay on the Beenest platform

  • Payment contract on the blockchain
  • Host provides cancellation fee
  • Guest submits security deposit
  • Money dispatched to host at checkout

The benefits of Beenest

  • Host sees more profit
  • Smart contracts

How Bee Token functions as currency

  • Currency for home sharing platform
  • Demand determines value (fluctuates daily)
  • Digital, utility token

How hosts price their listings

  • Specify price in home currency (e.g.: USD, euros)
  • Value in Bee Token determined at booking

The Bee Token ICO

  • Token generation event, invest in Bee Token
  • Whitelist based on potential users
  • Platform up and running by March 2018

How Beenest is different from Airbnb

  • Guest receives cancellation fee if host backs out

How reviews work on the Beenest platform

  • Two-day window for guests, hosts to review each other
  • Reputation score improves when submit review
  • Reviews posted on blockchain, can’t be changed
  • Unusual scores run through system before posting
  • Conflict moves booking to arbitration

Connect with Ali

Bee Token

Connect with Jasper

Email: jasper@getpaidforyourpad.com

Twitter: @GetPaidForUrPad

Instagram: @GetPaidForYourPad 

Facebook: www.facebook.com/getpaidforyourpad

This episode is sponsored by Hostfully.com where you can create a custom digital guidebook for your guests!

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