The Bee Token is the cryptocurrency that fuels the Beenest platform and the Bee Protocols.The Beenest dApp and the Bee Protocols are powered by the ERC-20 utility token called the BEE token. The Bee Protocols are open Ethereum protocols that can power other future sharing economy dApps. These protocols provide the Beenest network with three essential systems:
1. A secure payment system that allows two authenticated P2P entities to send and receive money that gets held in Bee Tokens until after a successful exchange of services between the two entities.
2. A decentralized arbitration system that resolves user disputes , providing positive incentives to grow a network of genuine arbiters and negative incentives to deter scammers.
3. A reputation system that couples a valid identity, which is obtained by a trusted digital fingerprint protocol on the Ethereum blockchain, with a rating determined by transparent, immutable review and scoring interchange between P2P entities (such as guests and hosts).
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By Shalanka De Mel