Unfortunately, the preview of the Bee Token ICO must start with a warning. Just like many popular token sale events, this one became the target of a scammer. Just as the sale started, an unofficial wallet address was circulated, and scammers managed to divert $1 million's worth of funds.
Just to be clear, this ICO isn't a crypto scam, but it's name was hijacked by scammers.
— Beenest (@thebeetoken) January 31, 2018
The warning about scam URLs is common, even among more mainstream coins like Monero, and it speaks nothing of the quality of the project itself.
The ICO sold out quickly, but the scam happened just during the phase when small-scale investors were moving in to buy the token, after big-ticket backers and private pre-sale participants had secured their share of the project.
Otherwise, the Bee Token ICO can be summed up as AirBnb on the blockchain, tokenizing the efficient use of living space.
Table of Contents
What is Bee Token?
- Bee Token
- Bee Token White Paper
- Country of origin: USA
- Ticker: BEE
- ICO Dates: 31 January – 28 February
- Hard Cap: $15 million
- Funds raised: $15 million
- Industry: Real Estate/Rentals
- Funds accepted: Ethereum
- My Rating: 2/5
Bee Token Social Media
Bee Token Overview
The Bee Token ICO turned out to have luck, despite the problems with faked credentials. While the ICO period was given to be one month, in reality, the ICO was over within days. This is rare since a lot of new projects end up underfunded. But the Bee Token, with its modest funding cap of $5 million, managed to attract just the right attention to ensure funding.
Now, the ball is in the court of exchanges, and the BEE digital asset may be acquired on the secondary market, once trading starts.
In total, the Bee Token ICO has collected $15 million in three rounds of financing. The first round was for strategic partners who backed the project with $5 million. The public pre-sale was open to US-based accredited investors, with a minimum individual investment of 30 ETH. The public sale was open for international backers, and to ensure maximum spreading of the tokens, the minimum participation was 0.1ETH.
After the funding phase ended, the Bee Token project would start delivering results toward the end of 2018, with the first cities in the network of shared accommodation achieved in 2019. The targeting of big high-traffic cities like London, Singapore and cities in Korea is planned for 2020.
The Bee Token Team
The most notable thing about this blockchain project is, it takes its founders and lead developers from the leaders in the current Internet – Google and Facebook. Some of the team members have experience with Uber, and must have been influenced by the economy of sharing resources.
Jonathan Chou, the co-founder of the project, comes in from Uber, along with Tony Tran. The lead engineer Ali Ayyash formerly worked at Google, and Jordan Org, also part of the group of founders and chief of product, has experience from Facebook.
The team of advisors brings in names from various blockchain and general IT projects, as well as investment and growth experts. This ICO has been well-publicized, and even the latest round managed to collect funds very quickly.
The team is the least concern about this project, and perhaps the highlight for the Bee Token ICO.
About the BEE Token
The BEE token is unique in that it has a relatively low number of tokens outstanding, around 500,000. A large part of those tokens would be locked in various reserves and funds, and some would go toward the founders.
The BEE token would supposedly have a role in running the Bee network. One of the potential uses would be in settling claims, where opening issues of arbitrations would require a token payment. The other use of the token would be for incentives and rewards.
One of the needs for a blockchain solution would be the feature of immutable reviews, stored on the blockchain.
Investing in Bee Token: The Pros
Bee Token has been a very successful ICO, at least when it comes to fulfilling the funding goals. There is a talented, dedicated team, which would probably not tarry at all in building the technical side of things as promised. A lot of ICO projects suffer from lack of developers or a sluggish pace, but Bee Token seems revved up to go.
The other benefit is the realistic estimation of the project, not going for an all-out Ethereum grab. Bee Token seems like a project that would “beeline” (hehe) directly to its chief area of business. So in case the token trades much lower compared to the ICO price, it may be a fair bet to own some, for speculation or later use within whatever platform they end up being use on.
The Risk of Bee Token
The biggest risk is that Bee Token will try to compete directly with none other than Air Bnb, an already established network of rentals, reputation management, and a payment system. There is also talk that the shared space platform, along with Uber, may be interested in older, more established cryptocurrencies for payment.
The Bee Token project has taken up a big task, and it may be too slow in adding cities, as the competitors in this niche expand. The world of the internet is fast, and cryptocurrencies are even faster – in the years which Bee Token would take to unroll its network, users may end up paying in crypto. There is no telling where the value of BEE may end up.
There has been rumors of Uber and probably Air Bnb adopting currencies like Ripple, or older coins like Litecoin, so the adoption and popularization of a brand-new token out of thousands may be problematic.
And without a listing on an suitable exchange, taking hold of any BEE tokens by the participants in the ecosystem may be a hassle. Even if listed, going on an exchange to buy an obscure token to hold just in case may be a major headache for both hosts and guests.
Final Thoughts on Bee Token
Here is one ICO with a surprisingly user-friendly image, bringing a truly understandable idea which may belong to Silicon Valley, rather than the more confusing, niche world of crypto. And yet, My Rating for this token is 2/5. It is worth investing a small sum to test returns, but not a project that is destined to take off easily.
There is no telling if the Bee Token project would easily be accepted by crypto enthusiasts. Bee Token too obviously copies an already existing business model, which has established companies that can use established cryptos. And while the ICO promotion was very well-targeted and successful, the project will face great logistical challenges, much greater compared to purely blockchain-based ideas where the only challenges are the limitations of technology.