Bee Token ICO Stung by $1 Million Phishing Scam

bee token ico review

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Beenest is a blockchain based decentralized network that aims to introduce the world to advanced home-sharing network protocols. The platform strives hard to put forth a system where payments are easy to made, disputes are attributed well in time and transactions are more transparent. In other words, It is a home-sharing platform and a marketplace where hosts can make some additional income, guests may find comfortable accommodation and the mediators may get their disputes resolved relatively fast.

To return value to parties such as investors or to meet their overhead expenses, other housing societies or networks charge almost double-digit commission. However, with the help of blockchain based network that supports peer to peer transactions, the need for middleman at Bee Token’s platform is eliminated, and beenest doesn’t charge even a single penny.

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Bee Token is the cryptocurrency of Beenest, a decentralized home-sharing and house rental network much like Airbnb. It is a real-world example of applying blockchain technology to an industry, which, in this case, is short-term housing and hospitality.

Beenest held an ICO (presale of its Bee tokens) in January to raise enough crowdfunded capital to launch the project. Presale ICOs are usually done to test the waters to see if the project has garnered enough interest, and investors are incentivized with discounted offers. BeeToken is a blockchain protocol that aims to bring efficiency to the home-sharing market by allowing short-term renters and tenants to interact directly on the Beenest Platform without the need for a middleman. BeeToken is looking to provide a more efficient, lower cost alternative to sites such as AirBNB and VRBO.

This allows an almost unlimited and incredible amount of reach into new markets. With only $5m USD in the regular pool of investors, expect this one to sell out extremely quickly. Along with the BEE token, Ethereum/ERC20 tokens, bitcoin and fiat currencies can be used for transactions on the platform. However, the usage of BEE tokens provides some compelling advantages. Transactions on the Beenest platform will carry a 0% commission charge when BEE tokens are used.

While even just capturing a small segment of this sector would be huge, you can tell they are aligning themselves to do a lot more than that. I expect beenest to take their lead in their marketing of the ICO, but the queen in the hive is definitely building out the beeprotocol platform.

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Eager would-be investors in the Bee Token Initial Coin Offering (ICO) have fallen prey to a simple phishing scheme in which scam artists managed to steal roughly $1 million in cryptocurrency. Enter ​Beenest, ​a ​decentralized ​housing ​platform ​hosted ​on ​the ​Ethereum ​blockchain. Beenest ​utilizes ​its ​in-house ​Bee ​Token ​providing ​a ​seamless ​user ​experience ​in ​the short-term ​housing ​rental ​market. According to the Bee Token white paper, centralized services charge anywhere from 3 to 15 percent commission, depending on various factors.

The Bee Token

Although, it is reported in the Bee Token whitepaper that a 1% commission is charged for users that transact using BTC, ETH (or other utility tokens), as well as a 3.99% commission for users who transact using fiat. Beenest will also take a small cost for gas as well as an insurance fee to help cover liabilities taken on by the hosts. There is no telling if the Bee Token project would easily be accepted by crypto enthusiasts.

A 1% commission will be charged for payments via other cryptocurrencies while a 3.99% commission will be charged for fiat transactions. The Bee Token is the cryptocurrency that fuels the Beenest platform and the Bee Protocols. Active COTI COTI is the world’s first blockchain protocol optimized for decentralized payments, designed for use by merchants, governments, payment dApps and stable coin issuers. COTI Pay, our first app, already boasts a network of 5,000 merchants and 80,000 users. Locally produced energy is available 24/7 and directly competitive to utilities.

  • Bee Token is the cryptocurrency of Beenest, a decentralized home-sharing and house rental network much like Airbnb.
  • It is a real-world example of applying blockchain technology to an industry, which, in this case, is short-term housing and hospitality.
  • Beenest held an ICO (presale of its Bee tokens) in January to raise enough crowdfunded capital to launch the project.

The theory was that by eliminating these fees, Bee’s home-sharing approach would be competitive with industry leader Airbnb and similar sites. Beeprotocols is a set of Ethereum smart contracts that allow developers and 3rd parties to launch new decentralised applications based on this technology. It provides a flexible, mature and secure platform that will allow similar ‘sharing economy’ apps to launch on the platform. This is where I see the true value for this ICO coming from, with beenest being a demonstration of the front end concept.

The scheme involved the phishers sending would-be buyers an Ethereum address or a QR code that redirects them to the address. The earliest transaction occurred on January 31, nearly the same time Bee Token ran its ICO. Beenest is the world’s first decentralized blockchain based home-sharing network that is built on Bee protocols hosted by guests without any commission involved.

‘Decentralized Airbnb’ Starts Charging Fees as ICO Model Falters

These will be protocols for currency conversions (including fiat), KYC and identity verification, the marketplace, and smart contract auditing. We are a seasoned team of former employees from Google, Facebook, Uber, and Civic reimagining the sharing economy. Together, we are building Beenest and the Bee Protocols on the Ethereum blockchain. Bee Token, which recently partnered withSan Francisco-based financial services platform WeTrust to create a decentralized competitor to home-sharing service AirBnB, launched its public ICO on Jan. 31.

To conclude, the Bee Token platform can be divided into two parts, Beenest, which is the decentralized home-sharing application, and the Bee Protocols, both require the ERC-20 BEE token to function. One important point worth considering is that Bee Token is not just about the property sharing application Beenest. The team is also providing Bee protocols for anyone to develop decentralized sharing applications on the blockchain.

Token info

The platform contains two features including Beenest protocols and Beenest decentralized apps – dApp based on ERC20 tokens. The Beenest is an open source platform that empowers future dApps incorporating shared economy. There are three important systems involved in the beenest protocols that include a secured P2P encrypted payment system, a system based on decentralized arbitration, and a reputation system. Bee token has created the right team and is working with the right people to do amazing things. They are taking on a market sector with a number of established super powers already dominating it.

The Beenest is a decentralized home-sharing network that is intended to connect hosts with guests in such a way that both can benefit. Beenest is typically compared to a decentralized Airbnb and charges a 0% commission fee to both hosts and guests that transact using the BEE token.

A platform like Upwork charges a flat software fee of 20%, not to mention the IRS bugging you for the rest of your life. In the proposed Beenest Ecosystem, these fees will be greatly reduced. The fees proposed are 0% commission using BEE tokens, 1% commission if you chose BTC or ERC20 tokens as a payment alternative and 3.99% commission for fiat currencies.

BEE tokens used to make transactions on the platform will incur 0% in commission fees, compared to a 1% commission fee for BTC, ETH or other tokens, and a 3.99% rate for using fiat. The Bee Token is the cryptocurrency that fuels the Beenest platform and the Bee Protocols, and Bee Tokens were meant to be distributed via a presale and an ICO. Cryptocurrency startup Bee Token confirmed that scammers conned its investors out of at least $928,000 worth of ethereum when it ran its initial coin offering (ICO). The fraudsters who phished the investors posed as the Bee Token team, urging them to quickly capitalize on the ICO to gain a significantly higher return on investment.

Investors who wish to buy Bee token need to have an e-wallet because ethereum being a cryptocurrency needs an e-wallet to be stored in. Many companies around the world are offering free e-wallets these days, you can go for any of them as far as the company offering e-wallet is legitimate. Beenest enables guests to connect with hosts to reserve days for their visits with the comfort of their home and pay for their visit using Bee Tokens.

Bee Token too obviously copies an already existing business model, which has established companies that can use established cryptos. The phishing emails sent pretended to be from Bee Token and urged investors interested in participating in the ICO to send funds in Ethereum to wallets under the scam artists’ control. Blokt is a leading tech, cryptocurrency, privacy, bitcoin, and blockchain resource. We provide the latest in breaking crypto news, cryptocurrency and privacy guides, price analysis, security tips, and industry tools. While the Bee Token team will develop the three core protocols themselves, they will be partnering with others for the development of the rest of the strategic protocols.

The only thing it has at this point is the aforementioned whitepaper. The next milestone to look out for will be for Beenest Alpha to go live in San Francisco and for the Bee Protocols to launch on Testnet. In 2019, the Bee Token aims to have expanded its platform to five American cities. Back to the Airbnb lead, the company charges a host service fee of 3% and a guest service fee of up to 15%.