According to the company’s press release, Beenest is planning to launch its Initial Coin Offering for its digital currency, Bee token on January 31 this year.
Industry sources confirmed that the company has been careful about complying with SEC guidelines to ensure that the ICO takes off successfully. 500 million tokens are to be issued in this ICO, which have a market value of about $15 million. Presales opened on January 2, in which there was a minimum contribution requirement of 50 Ethers (ETH), which is about $40,000.
Presales had to be shut down within 5 minutes of opening due to the extreme demand for the ICO tokens.
Beenest is the first decentralized home-sharing network that connects hosts to guests without ask for any commissions. The Beenest network is powered by its cryptocurrency, which is called the Bee Token, and is built on the Ethereum blockchain.
The company was co-founded by two ex-Uber employees – Jonathan Chou, previously a Lead at Uber, and Tony Tran who used to be an engineer with Uber. In the first week of January this year, Jay Eum, the Managing Director of TransLink Capital, was roped in to be an advisor for Beenest.
Beenest works along the lines of Airbnb, but additionally rewards its users with network incentives and security. The key feature being offered by the company is that there will be no transaction fees levied; hosts as well as guests pay no commissions to use this platform.
The Beenest protocols are designed in such a way that already centralized apps such as Airbnb and Couchsurfing can enter Beenest and “tokenize” their offerings.
The ICO offerings are available to all outside China, the US and a few other regions on January 31. The minimum contribution to participate will be 0.1ETH.
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