San Francisco-based short-term housing rental startup Bee Token has announced establishing partnership with financial services platform WeTrust. The aim of this cooperation is to provide a decentralized insurance layer based on crowdsourced security deposits for Bee Token users as well as to improve risk assessment capabilities via integrating user history on the Beenest platform.
Bee Token is a decentralized ecosystem for the sharing economy powered by the BEE token. Being the first application in this ecosystem, Beenest is a home-sharing network built on top of a set of Bee Protocols that connects hosts with guests without taking any charges.
A new partner of the startup – WeTrust – is an inclusive, decentralized platform that enables fair and equitable financial services, including savings, lending, insurance products, to be built on the blockchain without the need for involvement of a traditional intermediary.
For achieving the set goals, the two startups are planning to organize an informational exchange with one another to share data about their users, including creditworthiness and trustworthiness of tenants and hosts. This move will also reduce risks associated with property damage to hosts’ rentals at cheaper insurance rates.
CEO of WeTrust George Li said that they “couldn’t be happier about this partnership with Bee Token”. “This collaboration is exactly the sort of innovative use case that we believe will demonstrate the advantages of our platform in managing the complex processes involved with decentralized insurance and insurance-like products across diverse industries”, he added.
The announcement of the newly established partnership followed Bee Token’s token presale that had raised $5 million in just five minutes to complete the total $10 million private and public presale raise and attracted enormous attention from the side of hundreds of investors from all corners of the world.
The public token sale begins on January 31, 2018 with more than 100 thousand investors registered to take part in. It’s also worth mentioning that organized in spring 2017, WeTrust’s own token crowdsale raised a total of $5 million.
Due to removing the intermediary and implementing a decentralized, automated sharing economy platform, Beenest will exclude the concentrated distribution of ownership, double-digit transaction fees, and prevent security breaches as well as data manipulation of the existing short-term housing marketplaces.
Bee Token co-founder Jonathan Chou explained that “Bee Token is bringing the community back to the sharing economy with a decentralized solution that benefits both guests and hosts by using the automation made available through Ethereum smart contracts to offer zero commission fees”.
Bee Token is built on three protocols called the “P-A-R” protocols which stands for “Payment, Arbitration, and Reputation.” The Payment protocol lets users send and receive tokens. The Arbitration Protocol is used for solving disputes via trustless voting, ensuring transparent and unbiased conflict resolution. And the Reputation Protocol manages reputation scores on the base of transparent algorithms. Moreover, these protocols can be applied not only for decentralized platforms but also for centralized sharing economy applications, which opens wider access for users interested in cryptocurrency industry.
Skyrocketing social interest to Beenest has resulted in startup’s becoming one of the top five largest Telegram groups with 50 thousand users and one of the fastest growing Twitter channels with nearly 48 thousand followers.