Tokenized Hives with Honey Payouts, Beehive: what’s not to like!
Beehive, the crowdfunded apiary project from Romania shows where crypto can really make a buzz.
2017 was all about the big ICOs: multi-million-dollar token sales for massively ambitious projects – some of which have since floundered. At the other end of the scale are a handful of projects that make humble use of crypto on a smaller scale. One of those is Beehive (formerly APIS) that used an ICO as a boost to get properly funded.
It’s a simple idea. Build an apiary by selling tokens, each of which denotes ownership of part of a hive. When a buyer has enough tokens, they actually ‘own’ a hive – based in Romania – that is fully managed for them. Hive owners receive periodic payouts of honey, posted to their home address, all paid for by the profit margins the beekeepers enjoy, thanks to being able to operate at scale. (Alternatively, token holders can receive a cash equivalent in crypto.) Tokens trade on the open market and so hives can be transferred to new owners, with administration through the Beehive platform. This kind of use case would be virtually impossible without blockchain and an internet community underpinning it.
It’s a fun but serious project, since these are professional beekeepers with an eye to the long term. The driving force behind Beehive is that bees are under threat from human pollution and farming methods, but they are absolutely essential to our environment and current way of life. The team are tech-savvy, using all kinds of sensors and software, not only to ensure the wellbeing of their hives but to report to their token holders and provide the maximum possible transparency.
The Beehive team are expanding their project, with applications for EU grants and new features being added to the platform. At this point, they are targeting 2,000 hives.
Beehive is one of those rare gems in crypto: a legitimate case for tokenized that delivered immediately, and is run with competence and transparency. At present, crypto adoption is driven by the big platforms and speculation so we wanted to take a moment to focus on this little known use case. The returns are far more tangible and enjoyable than many other projects. As crypto matures, we can only hope to see more like this.
Disclaimer: The author holds APIS tokens.