The global sharing economy is currently overrun with a growing user base that is dissatisfied, not to mention companies that offer misaligned incentives. Peer-to-peer companies such as Airbnb and Uber have achieved great success while extracting high commission fees from users. However,only a very small percentage of the profits trickle down to the drivers and guests or hosts.
For this reason, Bee hopes to bring about a blockchain approach that will revolutionize the peer-to-peer home sharing economy with Ethereum smart contracts that allow for beneficial community incentives even as the platform grows.
Tokenization and Lower Transaction Fees
It is no secret that existing centralized platforms rely heavily on multiple transactions. Simply put, each guest and host pays transactional fees ranging from 10 percent to 22 percent. Most of the cost goes to platform fees and commissions, foreign transaction fees and currency conversion. As a result, the guests and hosts end up paying for most of the expenses while assuming most of the risk.
Beenest takes advantage of smart contracts to offer a platform that charges zero percent commission to hosts and guests. Yes that’s right; Beenest takes the middle man out of the picture by using the Bee token to settle transactions. As a result, users of the platform will easily bypass currency conversion fees or foreign transaction fees that are common with commission based platforms.
Trust and Security
Beenest users will also enjoy a trust-based user experience that is secured through blockchain. Basically, users will be authenticated during sign-up, and since the Beenest is designed to integrate with 3rd party authentication platforms, the utmost privacy and security will be enabled thanks to the Bee Reputation Protocol. Furthermore, the Bee token will provide users with the freedom to interact on a private and secure platform
After the checkout date, the Beenest platform encourages guests to leave a review. But how does Beenest overcome the problem of non-transparent reviews, as are experienced on most centralized platforms? After all, a review is meant to represent an honest critique of a service or product. It is easy for feedback credibility to be compromised, but Beenest uses blockchain tech to store reviews that are then linked to hosts and guests through the Bee Reputation Protocol. This enables immutability and keeps the reviews transparent.
Do you think Bee has the potential to improve the peer-to-peer home sharing economy? Talk to use and let us know your thoughts!