With the recent partnership of a pair of small, but rapidly growing startups, it looks like San Franciso is well on its way to becoming a hub for integrating blockchain technology aimed at the goal of achieving economic decentralization. Bee Token and WeTrust have decided to partner together to accomplish their shared decentralization targets in a move that truly embodies the expression two heads are better than one.
The objective is a “decentralized insurance layer based on crowdsourced security deposits.” Through their partnership, useful info about trustworthiness and creditworthiness will be shared in order to reduce damage and liabilities for hosts renting their homes.
Bee Token is a young company that essentially offers a decentralized home-sharing network, backed by its Bee Token platform and BEE tokens.
The company has gained more followers since the launch of its BEE token presale which generated support from over 100,000 investors around the world, reaching the $10 million goal in only a matter of minutes—the sale is scheduled to kick off on January 31, 2018, at 12:00 p.m. PST. Its no commission short-term rentals are made possible via its effective Payment, Arbitration, Reputation (P-A-R) protocols.
WeTrust’s vision of using digital technology to update and broaden access to financial services is expressed clearly in its mission statement: “Digital technology has enabled revolutionary changes, yet billions of people around the world remain unbanked, without access to the savings and credit that drives the modern economy. Decentralized money has been created, and Blockchain technology holds untapped promise of providing fair, efficient financial services on a global scale.”
WeTrust is proud to announce our partnership with @TheBeeToken!— WeTrustTeam (@WeTrustPlatform) January 26, 2018
We'll provide a #decentralized insurance layer to enhance user safety and security. #blockchain #crypto https://t.co/safXjbvwDP pic.twitter.com/LjAQfG3pnj
CEO George Li shared his enthusiasm about the new Bee Token venture: “We couldn’t be happier about this partnership with Bee Token. This collaboration is exactly the sort of innovative use case that we believe will demonstrate the advantages of our platform in managing the complex processes involved with decentralized insurance and insurance-like products across diverse industries.”
Blockchain Startups Are a Step in the Right Direction
Bee Token and WeTrust are filling an important gap in blockchain technology services that larger companies simply cannot fill. These young companies possess the combination of passion, dedication and risk-taking that are necessary to drive the broad integration of digital currency in more diverse areas. Both companies, for instance, have pulled off successful token crowdsale campaigns. And it is this area of broad integration that will both win the support of government regulators and traditional financial institutions which are still regarding bitcoin, ethereum, and all things cryptocurrency-related with a strong degree of skepticism.
Bee Token Co-founder Johnathon Chou emphasizes that for now the company is targeting those who are already aware of the benefits of virtual currency but are looking for a broader range of options: “We cater heavily to the cryptocurrency audience to start; it’s not as intuitive to mainstream users,” he said, adding directly, “We think the new need is for people to be able to spend bitcoin currency.” This is a wise strategy. The more skeptics see people involved in cryptocurrencies utilizing services that enter the mainstream, the more they will begin to see the merits of investing.