The majority knows crypto, minority grasped its growth. Majority burns energy, minority mines the fruits. Majority invests, minority cashes out. Majority gambles, minority manipulates.
An era which majority has missed the cryptocurrency revolution, yet an era for majority to participate in the game in a new way.
What is Bee Network App
Bee Network is a new blockchain innovation for users to earn Bee, a cryptocurrency that you can mine on your mobile phone. By playing the roles of Miner, Referrer, and Verifier, Bee Network players will earn rewards in Bees.
In order to make Bee valuable, Bee Network is specially designed as a network consisting of genuine people which fosters players to exchange goods, service and in real life with their Bee balance and eventually list Bee on major cryptocurrency exchanges for trading Bee with fiat money.
The Bee Network economic model is built upon the following principle,
- The new supply of Bee becomes 0 when the total user base has grown to 1 billion worldwide
- Earlier joiner should be rewarded better than late joiners
- Users with more contribution to the community should be rewarded better
- The contribution made by Bee Network‘s core development team should be recognized and rewarded
- The total supply of Bee is dependent on the number of users.
The total supply of Bee = M + R + V + C when Bee Network ceases Bee supply when it hits the 1-billion-user mark. M, R, and V refer to the total Bee earned by all miners, referrers, and verifiers before supply ceases. C refers to Bee rewarded to Bee Network’s core development team, which is 25% of (M + R + V).
Hence, the actual amount of total supply of Bee is dependent on the total user’s activity before Bee Network hits the 1-billion-user mark.
As cryptocurrencies and blockchain are still relatively new technologies with vast potential yet unknown to the mass public, Bee Network hopes their application serves as a useful tool to educate everyone on cryptocurrencies.
Bee Network is free to download and play, so while learning about cryptocurrencies, players also have the opportunity to be rewarded in a growing asset without investing from their own pockets.
How Does Bee Network Works
There are three main roles in Bee Network – Miner, Referrer, and Verifier. Once you have pressed the thunder button to kick start your 24-hour mining session, you will earn Bee with a formula of (base rate) + (base rate) x 25% x (number of active miners in your earning team) in the next 24 hours until your mining session ends.
Base rate as miner starts at 1.6 Bee per hour, and will be down 50% to 0.8 Bee per hour when total user base has grown to 100,000 users worldwide, a further 50% cut to 0.4 Bee per hour when it grows to 1 million users worldwide, another 50% cut to 0.2 Bee per hour when it hits the 10 million, another 50% cut to 0.1 Bee per hour when it hits 100 million and eventually no new supply when Bee Network has reached 1 billion users worldwide.
So the keys to earning more Bee is to mine and refer new users to join your earning team as much as possible when the base rate remains high.
A Miner can earn the base rate of 1.6 Bee per hour (as mentioned above, it will be cut to 0.8, 0.4, 0.2, 0.1 and 0 according to the growth of user base) by logging into application every 24 hours and clicking the mining button. Unlike mining companies, you do not need a vast amount of energy to mine Bees on your Smartphone as you will automatically earn hourly mining rate after clicking the mining button.
Each mining session will automatically end after 24 hours, and all you have to do is open the application and click the mining button again to keep earning Bees.
A Referrer is someone who helps build a bustling gaming community with trusted members. The value of Bees increase as the community grows larger and more members conduct transactions of goods and services with their Bees. A Referrer can refer new miners to join your earning team.
For each active member in your team, you will earn an extra 25% base rate as your referral bonus. If you have 10 members in your earning team and all of them are actively mining, you will earn an extra 10 x 25% = 250% Bees of your base rate.
Therefore, the key to earn more Bees is to refer more new miners to join your mining division and remind them to login daily for mining.
For example, given your base rate is 1.6 Bee per hour, you have referred 10 new miners to join your mining team, yourself and 7 of them are actively mining today, you will earn at 1.6 (base rate) + 1.6 x 7 x 25% (referral bonus) = 4.4 Bees per hour today.
Please note that there is no cap in number of new users that you can refer to your earning team.
Therefore there is no ceiling in referral bonus. You can imagine the difference in earning when you have built up an earning team of 200 users versus mining alone.
The role of Verifier will only be launched since Bee Network has entered Phase 2. A Verifier’s main objective is verify the identity of members in their network to ensure that the Bee Network ecosystem is fully transparent and trustworthy.
A Verifier will add verified users in their earning team to his security circle. When Bee Network has entered Phase 2, there will be a KYC (Know Your Customer) process, all members within your security circle should pass the KYC process before you can trade Bee with other users’ goods & service via Bee Marketplace.
Hence, a Verifier shall only verify pending members they know in person and have enough trust to corroborate their authenticity to prevent any unethical or fraudulent activities on the network.
Verifiers can earn extra 0.2 Bees x number of verified people per hour to their base mining rate. If a Verifier believes that any members in their network are no longer trustworthy, they can report the suspected members by clicking the “no longer trusted” button.
Verifiers who have reported members who are confirmed to be involved in fraudulent activities will be rewarded with extra Bees, with the amount varying depending on a case by case basis.
Early Bee Network players will have the advantage to earn more Bees as the base rate as a Miner will be reduced by 50% from 1.6 -> 0.8 -> 0.4 -> 0.2 -> 0 Bee per hour when the total user base is grown to 100,000, 1 million, 10 million, 100 million and 1 billion. Hence, it is always important to get started now before the base rate is halved.
Bee Network Project Timeline
Phase 1: Building a trusted and verified network of players
This is the most crucial part in developing and building Bee Network’s community by spreading awareness and marketing Bee Network on major social networks.
The testnet period will be included in this phase as well, which will consist of the core development team and a selected group of invited users to rigorously examine and evaluate the product for any bugs and errors.
Testing is paramount in the development of Bee Network as it ensures that our players can fully enjoy Bee Network’s features without running into any issues that may negatively affect their experiences.
The rigorous testing will take roughly three months to ensure that all systems are fully functional and failproof. During the testing phase, Bee Network will also carry out extensive marketing strategies to boost the popularity and build a vast network of verified players.
This phase will take approximately a year to complete and will move onto Phase 2 upon completion, i.e. Q3 2021.
Phase 2: Launching Bee Network marketplace (Targeted in Q3 2021)
The second phase will take place after Bee Network has reached at least a million users on the network.
To accommodate the strong growth and provide the best security and privacy in the network, Bee Network will implement a proper account validation system compliant with know your customer (KYC) guidelines to ensure that Bee Network complies with the Anti-Money Laundering and Countering Financing of Terrorism Act (AMLA/CFTA).
Initially, users can register with just their phone number verified via SMS. However as the community grows and Bee Network’s goal in attaining listings on major cryptocurrency exchanges get closer, it is strongly imperative that proper security measures be taken to ensure that all members registered on Bee Network are verified and proven not to be suspicious that could pose a major risk on the network.
At the milestone of a million users on Bee Network, there is a steady flow of daily active users to keep Bee Network’s system actively running with a vibrant and interactive community.
Phase 3: Listing Bee Network on major cryptocurrency exchanges (Targeted Q3 2022)
The final stage of Bee Network’s cryptocurrency roadmap is the listing of Bee Network on major cryptocurrency exchanges to allow players to utilize the Bees earned from Bee Network to trade and sell.
This phase will take place approximately a year after the conclusion of Phase 2 and when Bee Network has reached the stage of building a large enough user base as well as a healthy and sustainable ecosystem, which the core development team forecast that listing on the exchange is possible when Bee Network has grown to at least 3 million registered users.
By listing Bee Network Coin on the most widely used crypto exchanges, players can utilise their Bees earned from Bee Network to trade and sell on the market.
The core team will strive to meet the projected timeline of listing on Q3 2022, depending on the engagement level of Bee Network users.
Is Bee Network Legit
Bee’s value will be backed by the population of Bee Network, transaction volume services or goods exchange between Bee Network’s, liquidity in the exchange market, and time.
Just like Bitcoin, its value was $0 back to its launch in 2008, but when its popularity grows and as time goes by, 1 Bitcoin is now trading at US$ 37,000 as of the time of writing.
As it takes time and a collaborative effort to build the value of Bee and the ecosystem of Bee Network, if you are looking to win a lottery overnight, please look elsewhere.
Bee Network Reviews
Can I Withdraw my Bee Network Coin Now?
No, you cannot withdraw Bee yet in stages 1 & 2. The final stage (stage 3) of Bee Network’s roadmap is the listing of Bee Network on major cryptocurrency exchanges to allow players to utilize the Bees earned from Bee Network to trade and sell which is targeted in Q3 2022, depending on user growth and the community dynamics.
Why is Bee Network a Referral Only Community
To foster its value growth and to ensure secure transactions between players, the Bee Network community should only be composed of real people with verified identities.
Bee network counts on existing players to only bring trusted people whom you know them in real life to join Bee Network.
This is the reason why new players would only be able to join Bee Network by a referral code sent from an existing player. In addition, Bee Network further incentivizes players to constantly verify the trust level of their referee by earning an extra mining rate (please note that this feature as Verifier will only be open in the next phases).
By adopting these measures we strive to make Bee Network safe from both technical and interpersonal perspectives.