This isn’t really an iBeacon device other than using the name beacon. This is a typical Finder tile. There are a bunch of these using different protocols. There are some community members currently using the brand “wireless tags” for this.
There are also a number of community members, myself included, who are using actual IBeacons.
The main advantage of true ibeacons is the region concept. You can define both the main area like “home” and a smaller area with in that main area like a particular room. This gives you a lot of interesting options.
And it doesn’t have to have Bluetooth in the hub obviously since so many of us are using it with the V one hub. For more information on how people are using ibeacons right now with smartthings see the following topic: