For a lot of people, traveling is an essential part of life. Whether people are traveling on business, vacation, or they choose to live like digital nomads - they tend to move around the world, explore new places, take advantage of different opportunities, and more.
However, one thing that each traveler is also in dire need of is a place to stay at the end of the day. Renting rooms in hotels can be expensive, and a lot of locals tend to have more than enough of free space that they could rent and earn some money for themselves.
This is called sharing economy, and it goes way beyond just homes, at least in concept. However, house and room renting for travelers managed to develop into a major economy. According to some estimates, this economy is around $150 billion-large, which makes it more than worthy of exploring and coming up with new solutions to some of the persistent problems.
Blockchain technology already managed to find its way into this economy, with a promise to address some of its issues. This is, actually, what the project called Bestay is already working on.
Bestay is a blockchain-based project that realizes that renting a house or a room when traveling is always an essential need, whether for groups or individuals. With traveling to pretty much every place in the world gaining more popularity with each year, demand for platforms that would allow people to share houses is surging rather rapidly, as well.
This is what inspired Bestay to develop advanced technologies and offer its users not only adventures, but homes to come to at the end of the day. Bestay's home-sharing platform comes with advantages over traditional platforms of similar type. As a blockchain-based platform, it is fully decentralized, and the first of its kind, as well. It can become a real game-changer and finally break the monopoly that Airbnb has in the sector.
As you might have expected, the project will use a smart contract to manage and secure agreements between members. Bestay's platform will connect property, booking, reviews,, arbitration, services, and members, thus allowing numerous options and features at the same place, and completely decentralized. All that Bestay needs to begin operating properly is its own native cryptocurrency, and the project is just about ready to start selling it.
Bestay ICO is not happening in some time yet. In fact, it is scheduled to start on March 3rd, 2020, and last until June 11th, 2020. Even its preICO period is still a month away, expected to start on September 12th, 2019, and last until October 9th. However, the project is about to start its private sale tomorrow, August 17th, and end it on September 10th so that the next year will be filled with events for this project.
Bestay will sell its token. BSY, which is a utility token developed on Ethereum's platform. As such, it will accept Ethereum, although the price of each token will change a bit over time. Each ETH coin will be enough to buy 10,250 BSY during the private sale. However, when the ICO arrives, 1 ETH will only be enough for 10,000. Minimum contribution during the private sale will be $25,000, although that number will drop to $20 during the ICO itself.
The project has set up a soft cap of $612,000, and a hard cap of $1,836,000. It was registered in Singapore, and it will have a few restricted areas, including North Korea, Lao People's Democratic Republic, and the US. Others can participate, although a KYC procedure will be necessary.
|Start||August 1, 2019|
|End||October 29, 2019|
Bestay didn't impress me at all. The overall description of their solution is fine, though it doesn't contain any unique selling points. Dozens of other projects are also working on getting the accommodation industry on blockchain, but most of them do it to no avail. I don't think that Bestay would follow a different path. They are beginning their operation on the Vietnamese and Australian markets, which could be considered as a weak opening. Besides, their team consists of specialists from the banking space, but the accommodation one.
Emperatus_Cryptonatus October 17, 2019 Reply
It seems that people have finally realized the benefits of applying blockchain when trying to find the solution to the persisting problems in supply chain management. I like the fact that Bestay created a series of mobile applications, designed to heed the particular needs, such as the booking of hotel, restaurant, or private accommodations. I am not particularly impressed with the team, though, as it appears to be lacking in reputable blockchain developers and business managers. All in all, I think that Bestay will do okay in Asia, which is the project's primary market, but won't be able to scale up any higher.
one2three September 9, 2019 Reply
The project has an interesting vision in a rich, untapped industry. Traveling has grown to become very popular since online jobs became possible, and so far, it seems that only Airbnb managed to take advantage over travelers' need to sleep and have a roof over their head. Providing a decentralized alternative could be a great thing for travelers, as well as the crypto/blockchain industry.
$allyr1chh August 19, 2019 Reply
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