Despite ICO Phishing Problem, Blockchain’s Bee Token Still Aims At AirBNB

Blockchain, ICO News, Investing, News | February 1, 2018 By:

The Bee Token initial coin offering began with bright promise The company had already raised $10 million USD in its pre-ICO phase, and had a large number of white-listed investors ready to join the public offering.

Somehow, hackers managed to get that investment list, and sent out authentic-looking emails in the early stages of the public ICO, promising massive bonuses for jumping on the train early. Of course the address to send the ETH was not the actual Bee Token address, and a reported $1 million has been misdirected.

Bee Token, which handles its PR in-house, confirmed the phishing attacks on its official Twitter and Medium accounts. It has warned users that any emails and/or Telegram messages directly encouraging users to send funds are likely fraudulent. Bee Token had been extremely active on social media, making it a prime target for the phishing attacks.

“Please note that we will NEVER EVER communicate an ethereum address through an email or Direct Message to you via Telegram,” the company said in a statement. One version of the phishing email touts a phony partnership with Microsoft.

Today, Ali ​Ayyash, company co-founder ​and ​lead ​engineer, told Block Tribune that Bee Token “had a really successful ICO. We’re closing it very soon. We are writing an article showing all the numbers.”

Late on Friday, Bee Token issued an updated bulletin on their ICO.

On Tuesday, Bee Token again communicated its status on the ICO hack.

EARLIER: Bee Token is a decentralized AirBNB, offering apartment and housing rentals with a zero percent commission and lower fees.

The ethereum blockchain platform is spotlighting its first offering, Beenest, and just announced a partnership with WeTrust, a blockchain-based platform that will  provide a decentralized insurance layer based on crowdsourced security deposits for Bee Token users, and improve risk assessment capabilities by integrating user history on the Beenest platform.

Bee Token and WeTrust will collaborate to incentivize good behavior among users by sharing information around trustworthiness and creditworthiness, thus minimizing risks associated with property damage to hosts’ rentals at cheaper insurance rates that cover both property and/or furniture damage.

Bee Token has just completed an oversubscribed token presale that raised $5 million in just five minutes to complete a total $10 million private and public presale raise. The public token sale began yesterday.

Block Tribune talked with Bee Token CEO Jon Chou about the platform.

BLOCK TRIBUNE: Is this going to be strictly a smart phone thing or is it also going to be a web interface? Walk me through how you envision this finally coming together.

JON CHOU:  Our overall vision is to make blockchain as integrated into the real world as possible just for mainstream users. So that includes the web interface. That includes the mobile interface. We’re starting with web because blockchain, inherently, is a little bit more best [inaudible 00:03:09] computer based than the everyday application. So we’re moving to mainstream. We’re moving to mobile in about half a year.

BLOCK TRIBUNE: So someone will go to a website, and what will happen? Will they fill in some forms, sort of indicating what they’re looking for, where they’re looking for etc., etc.?

JON CHOU: Yeah, exactly. So we have a search engine. It’s definitely not as mature as some other platforms that you can search for what you’re looking for. It’ll have a relevance ranking. And then from there, you see an option. That options and filters where you can choose where you want to stay. And then it will tell you to send your coins to a certain address. And then once you send your coins to a certain address, and that’s been confirmed, that locks in your sale.

BLOCK TRIBUNE: What countries is this going to be available in at launch?

JON CHOU: So we’re going to be releasing our alpha in just San Francisco because San Francisco and the Bay area is a community that we understand well, and we want to have some quality control on it. And after that, we’ll be expanding to New York and L.A. and then continuously from there.

BLOCK TRIBUNE: AirBNB is dealing with hotel tax issues in a number of cities including San Francisco. How are you going to handle that problem?

JON CHOU: So, for us, we’re actually just following the footsteps of Airbnb in that case. We consult with some ex-Airbnb people as well as other home sharing platforms. And we’re just implementing careful regulations.

BLOCK TRIBUNE: Okay. And if the rental’s a disaster for the token holders, what’s your arbitration process?

JON CHOU: So if the process is a disaster, then what happens is instead of filing your claim through a traditional centralized call center, you’ll be filing your complaint to a panel of judges, which can be everyday users. And they will be incentivized by tokens to review this case. And then they’ll make a vote and the majority decision will be what happens to this case.

BLOCK TRIBUNE: How many judges will be on the panel?

JON CHOU: So there will be five to start.

BLOCK TRIBUNE: Okay, fine. So what information will be available on the prospective renter?

JON CHOU: Yeah, so all of the typical information that other home sharing platforms have, such as what is in the district? How far away is everything? What is the description of this place? Some pictures. A little bit about the host. I think all of that natural information should be there. As much information as we can provide.

BLOCK TRIBUNE: What about the renter?

JON CHOU: So the renter, in order for them to participate in our platform, they have to go through a know-your-customer process. Which means they need verification and all that. So I think that will be … They can still have their profile, but the most important part is that we take in their identity and log it.

BLOCK TRIBUNE:  Airbnb has had some problems with folks discriminating based on race, how are you going to deal with that?

JON CHOU: Yeah, so for this, we’re still looking into this issue. We’ve seen this issue pretty early along, but we haven’t found any concrete steps that were willing to disclose to the public yet on exactly our steps. So we’re looking into it.

BLOCK TRIBUNE:: Okay. Several communities have cracked down on Airbnb rentals. Do you have any plans on dealing with that beyond what Airbnb has already done?

JON CHOU: Currently we don’t have any plans. I think our main priority right now is to prove the feasibility of our concept. Which means is what we’re going to be starting with about 50 Airbnb super-hosts in San Francisco. And I think as we scale, we’ll definitely tackle these problems more directly.

BLOCK TRIBUNE: Tell me about your ICO plans. 

JON CHOU:  So we have token sale on January 31. And right now, we’re just trying to make sure that it runs smoothly. Our servers don’t crash, and we’re able to take in the large amount of traffic. We’re not going to crash the ethereum network. So working through all of these cases for now and then after token sale, we’ll be able to revisit a lot of the fundamental project parts.

BLOCK TRIBUNE: Do you have a stop date in mind for this, or is it a cap on amount raised?

JON CHOU: It’s going to be a cap on the amount raised. So we’re going to be raising 5 million in this token sale. And it will in total, we’ll raise 15, including the presale. And for us, what we’re going to do, is we’re going to allow about 30,000 people to come in and each purchase a set maximum contribution of our token. I think, and then if it’s not fully filled out, it will go to a second day, which they can buy up to double their initial contribution they made.

BLOCK TRIBUNE: If all goes well, what’s your timeline for actually launching the first rentals on this?

JON CHOU: Yeah, so after this, we’re going to be releasing our ethereum test mat version so the entire public can play with it. And then in two months we’ll be releasing the live version.

Read more about this and other ICOs at BlockTribune’s ICO Wiki

Bee Token
Start DateJan 30, 2018
End DateFeb 1, 2018
Offering TypeN/A