The Differences Between The Bee Token and CryptoBNB
Differences Between The Bee Token and CryptoBNB
Home Sharing Market Has New Players Though Some Are More Promising Than Others
Though Airbnb owns the largest share of the home-sharing market, there are inherent issues with their centralized business model. Therefore, new startups are entering the market aiming to disrupt that model. We at Beenest are offering a platform very different and more promising than other players.
The Bee Token not only has a blockchain-based platform that solves major issues with centralized models like Airbnb, we are building the protocols for future decentralized sharing economy applications. By contrast, one new entrant, CryptoBNB offers a platform that has limitations and doesn’t appear to solve some key issues with the current centralized home-sharing business.
Based on their description, CryptoBNB matches homeowners with temporary tenants, using blockchain technology, artificial intelligence and big data. But a closer look suggests the CryptoBNB online home-sharing platform is limited to enabling users to pay for their couch-surfing stays using digital currency.
Similar Goals Between The Bee Token and CryptoBNB But The Bee Token Has Robust Protocols
The Bee Token and CryptoBNB both aim to use the power of blockchain to remove the need of a middleman such as Airbnb to facilitate the transactions between landlords and guests. By doing that, both models can cut large intermediary fees that Airbnb charges guests and hosts.
Fair and Transparent Reputation Protocol
A critical pillar missing from CryptoBNB is a reputation protocol or scoring model with clear criteria and incentives to align goals of guests and hosts. It’s unclear from their whitepaper how reputation scoring is backed by smart contracts or prevents malicious actors: “..individual’s transactions, which will allow a proper rating system to take hold. This individual-based rating system will draw on the user’s actual transactions and reviews received during that transaction to create the rating.”
By contrast, The Bee Token offers The Reputation Protocol which manages reputation scores for all users in the sharing economy application. It allows any current or future application to grab the reputation of verified entities from the Ethereum blockchain. The reputation scoring algorithm ensures that scoring is fair and transparent while preventing bad actors from gaming the system. Unlike traditional credit models, the Reputation Protocol is backed by transparent algorithms as defined in smart contracts.
Output from the scoring algorithm feeds into a star user review system. As one scenario, hosts with positive reviews and no cancellations would receive a higher score than hosts with negative reviews and multiple cancellations. The simple star rating serves as a useful decision guide for hosts to either approve or deny guests based on past guest participation on the platform. Meanwhile, guests have an incentive to maintain better reputation scores which can lower their security deposits.
Decentralized Arbitration Protocol With Timely Resolution
Another important pillar that appears to be absent from the CryptoBNB platform is a decentralized protocol to resolve disputes in a fair, accountable, and timely manner. Here the Bee Arbitration Protocol is designed to solve disputes through a trustless voting mechanism known as Proof of Judging.
In the event of a dispute after a rental service, funds are sent from the Bee payment contracts to arbitration. Arbiters stake Bee Tokens to the arbitration protocol contract. The pool of arbiters vote on a sliding scale determining the percentage of the disputed amount that should be paid out to the plaintiff. Results from the arbitration would update reputation scores of the arbiters.
In exchange for arbitrating cases, arbiters earn additional tokens. Tokens are sent back to arbiters after arbitration is done. If arbiters fail to make a decision, tokens are partially burned and sent back to Beenest for reserves. With this decentralized arbitration process, guests will see time savings, as well as orderly and timely refunds from cancelled booking.
Token → The Bee Token
Token → CBnB
Reputation → Reputation Protocol
Reputation → ?
Arbitration — Arbitration Protocol (Proof of Judging)
Arbitration → ?
Target users → millennials, cryptocurrency adopters, home sharing users
Target users → short term rentals and home-sharing users
Identity verification → 3rd party vendor(s)
Identity verification → uPort
Blockchain — Ethereum; protocols accommodate side chains
Blockchain — Ethereum
Commission Charge — 0%
Commission Charge — 2%-3%
The Bee Token: So Much More Than Home Sharing Network
Our three protocols, the “P-A-R” protocols (Payment, Arbitration, and Reputation protocols) used in tandem will help dApps and 3rd parties to increase revenues, decrease costs, and save time. With these protocols, our engineers aim squarely at the problem of identity, security, and conflict resolution.
New second layer protocols on the Ethereum network are pushing it to become more suitable for building complex sharing economy applications like Beenest. The Bee Protocols will greatly benefit Ethereum by providing solutions for trustless decentralized payments and the inherent problems of any network: conflicts and malicious users.
Our protocols are designed so that existing centralized sharing economy applications like Couchsurfing or Airbnb can hook into our protocols to tokenize their offerings if they choose — giving them access to a larger and untapped market of crypto-enthusiasts.
Compared to CryptoBNB, the Bee Protocols offer a more reliable path towards network growth by following Metcalfe’s Law. Metcalfe’s law states that the growth in value and utility of a network is a function of the number of shared nodes in the network. Given that the P-A-R Protocols are meant to be used as a bundle, the value of all the protocols increases quadratically with the number of dApps built on top of them.
The bottom line: among new entrants in the home sharing market, we’re confident The Bee Token is in a strong position to capture the benefits from future market innovations in home-sharing and cryptocurrency, as well as the sharing economy.