The home-sharing tech giant Airbnb is up for some competition. Blockchain startup Beenest is looking to gain market share in the sharing economy.









With the recent boom of the sharing economy, Airbnb took a leadership role in the industry. Airbnb acts as a intermediary, connecting hosts renting out their homes to traveling guests. In 2017, Airbnb reported it generated over $2.6 billion in revenue. Airbnb charges a 10-20% commission fee for homes booked. Yet, listing a home on the platform does not always guarantee bookings. Beenest CEO Jonathan Chou says he wants to cut out the middle-man and provide passive earning if no one books a home on their platform.





"We want to reward people for their time. Imagine a token that is held by people all across the world - users, hosts, guests. We want to incentivize people to put their homes to make the network better. Every week, you're earning Bee Tokens even if no one is renting it, depending on your availability."





Bookings made on Beenest allows payment entirely in cryptocurrency. The home-sharing site accepts stable coins like bitcoin, ethereum, and USDT - as well as fiat currency. Every booking is also charged with an additional 4-5% service fee. With the commission fee Airbnb charges, Beenest's competitive advantage come from their 0% commission fee for hosts. CEO Chou says they are targeting fellow blockchain and cryptocurrency users first.





Jonathan Chou, Beenest CEO







"We're partnering with crypto projects, conferences, and media that hold their assets in crypto. We want to provide a boutique service. We book all the accommodations for you and get your tickets. We can get revenue sharing with the conference. All these components can make a sustainable business. It solves a core need."





Chou says he expects the blockchain home-sharing project will take two years before it goes mainstream in the US. The CEO already sees countries like South Korea going mainstream.





"In order to be considered mainstream, we need 10% of 7 billion people in the world. As a whole, it would take five years to go global mainstream. But certain regions, mainstream will come quicker."



