The sharing economy is one of the fastest growing business trends in modern history. It’s already having massive impact on our society. In the very simplest term, it is based on an economic principle that uses technology as the underlying infrastructure to facilitate the exchanged access of goods or services between two or more parties. Currently, the sharing economy spans many industries ranging from hotels, cars, media and entertainment to retail and traditional consumer good, with companies such as Airbnb, Uber, Zipcar, Lyft, and Kickstarter leading the way.
According to forecast, the market is set to expand 20 times over the next 10 years, up to $300 billion. In fact, in 2016, Japanese sharing economy was valued at $4.5 billion, Chinese’s was $152.8 billion, US market was $463.9 billion.
Even with its massive size, the sharing economy is constantly evolving. Future growth will be driven by many factors, most especially trust and convenience. The trend also points to increased trust in sharing platforms run by the community and peer systems. According to a Nielsen survey, more than 90% of consumers in most countries say they make decisions based on recommendations from their friends and family in all other forms of advertising.
Just like with any new technology, the current sharing economy platforms are faced with many challenges. For example, the current leaders of peer-to-peer sharing services like Airbnb are struggling with their fraud list and fighting their dispute settlement systems, limiting direct value exchange between parties related to the platform. As trusted intermediaries for guests and hosts, these companies charge high commissions. In addition, there are practical issues related to currency exchange, visa card or transaction fee and more, for all parties involved.
Existing home sharing platforms are also faced with other major concerns such as: leaking customer information, unsustainable income of the parties is not sustainable, price surges and inconsistency, complex management network, and lack of economy and multi-dimensional incentives. These challenges present opportunities for technology startups in the blockchain and IoT space to come up with efficient and innovative solutions.
One of these startups is Bestay, a blockchain technology application platform with the goal of building an ecosystem full of utilities to bring partners, hosts, and customers a great difference experience in the bookings industry. Unlike the existing sharing platforms like Airbnb and others, Bestay (BSY) is a decentralized home-sharing platform.
Bestay is creating an ecosystem that guides IoT for a sharing economy. Bestay offers the following advantages over traditional home sharing platforms. It empower users by allowing the community to adjust itself transparently. It offers lower fees: Low booking fee and commission. There are no transaction fees for financial institutions (such as credit card companies and banks if they are paid in cryptocurrencies). There are no extra fees for cross currency transactions (foreign transaction fees, currency exchange costs, etc.).
Using blockchain as its underlying technology, Bestay also comes with trust provided by blockchain and smart contracts. It also has inbuilt advanced security features so no one can change the system or data easily. Easy arbitration and dispute resolution in case of problems between guests and hosts, and one-stop solution directly for guests and hosts.
Blockchain fits perfectly with a sharing economy because it ensures reliable exchange of values among peers, which will make a big change to the home sharing market exclusively by Airbnb.
Bestay will be the first platform to have an existing service, apply blockchain. Bestay can emerge as a game changer to break Airbnb’s monopoly in 2019.
Led by a team of domain experts, Bestay takes advantage of existing resources:server networks, lists, platforms and strategic partnerships. Bestay plans to implement a strong platform and service. Starting from Vietnam and Indonesia, Bestay will target the Asian market and then expand globally. Bestay will penetrate the global market with travelers cooperating with Airbnb superhosts.
Bestay serves as a global home sharing platform, which will account for 10% of the market by 2025. Bestay will participate in the hotel booking market with a market size of $500 billion to expand the Network of codes. Report BSY. After acquiring the core market in the home sharing market, Bestay will apply sharing services to take advantage of the blockchain experience.
The current home sharing booking platform allows hosts to publish free online listings while charging commissions from hosts and guests for each transaction on the platform. They also put pressure on guests to set their platforms to protect against any possible incidents. This issuance fee ranges from 10% to 20%.
OTA platforms are currently spending a large amount of their revenue generated for marketing, sales and brand advertising. Commission fees for hotels/property owners pay from 10% to 25% depending on the platform.
As the next generation room sharing platform with complete asset management services using blockchain technology, Bestay aims to rebuild the value exchange system between hosts and guests restructure properties, managed by AI, IoT and blockchain technology. This results in higher margins and lower operating costs for owners, while ensuring a better and cheaper experience for customers.
Bestay only holds 1.5% of the booking fee for each transaction. In order for the owner to list their assets on our platform, they must meet certain listing criteria and meet our strict short-term legal regulation for rent by KYP (Know Your Property). Bestay provides activities through the integration of third-party services in a decentralized manner. Below are some examples:
In the first phase of the project, Bestay’s focus will be on hotels and apartments for short-term rental, they are also dealing with peer-to-peer asset management. The platform takes advantage of advanced technologies from distributed and decentralized computing, blockchain, IoT and information and data system security.
Providing an effective and automated solution in which hosts provide values and customers will be able to exchange values directly, efficiently and seamlessly. Therefore, Bestay can provide products of the same quality but at a lower price, while still controlling strict requirements: know your product (KYP) and know yours customers (KYC) before being accepted into Bestay system platform.
Bestay will launch Token of Bestay (BSY), a utility notification token operating as a currency on its platform. BSY will be used to make a stay payment, rewarding friends to join the ecosystem and much more. Bestay currently has a total of 1 billon BSY tokens. Commencing October 2019, for one time only, Bestay is scheduled to have a PRE-SALE of 60 million BSY at an introductory price of USD $0.02. IEO will follow in March 2020 with 540 million BSY at the rate of USD $0.035.
At the conclusion of the Token Sale, those wanting to use the platform but don’t yet have BSY token will need to acquire them through the open market. Funds raised will be used to continue the adoption of the App, the development of the product roadmap and enable BSY to expand into other countries.
To learn more about the upcoming Bestay Token Sale head to bestay.io
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