Bee Network International introduces an easy and simple way of mining cryptocurrency for free. In reality, who doesn’t want free cryptos on their mobile phones? Through the Bee Network app, Bee tokens can be mined daily. Accordingly, let us take a look at how this specialized online game encourages users to join the Bee Network.
Did You Know?
Bee Network registered 500,000+ users worldwide within the first month of Bee Network’s global launch!
What is Bee Network?
Bee Network is a new blockchain gaming app that provides users a way to earn Bee tokens, an altcoin you can mine on your mobile. In particular, Bee Network participants can earn rewards in Bees through the Bee Network app. These are the Miners (M), Referrers (R), and Verifiers (V).
A large team of blockchain and cryptocurrency enthusiasts established the Bee Network. As a matter of fact, the creation of Bitcoin inspired its vision. Its philosophy also focuses on making blockchain and cryptocurrency available to everyone.
If you have a smartphone and internet access, then you can have Bee and enjoy all benefits that it can bring you financially.
In order to make the Bee Network and Bee tokens valuable in the future, the online game is designed to build a network that consists of genuine people. In reality, once Bee has been listed on cryptocurrency exchanges and the Bee marketplace begins, the usability of Bee will become more known to the public.
Bee Network Overview
Undoubtedly, Bee Network is a decentralized infrastructure. Blockchain technology and its native token Bee certainly powers the platform. For this reason, its growth potential will depend mainly on its users. In light of this, the Bee Network targets 1 billion users. These users will support Bee’s value in terms of transaction volume and liquidity. Hence, when its popularity grows, so does its value.
Those who want to join the Bee Network community must have a referral. The team specifically implements the rule to ensure that only real people can join. Following this, it holds the existing Bee Network players responsible to bring trusted people they know into the network.
In addition, the Bee Network greatly appreciates the community for following the referral-only protocol. Thus, they further incentivize those players who successfully invite new users as well as those who will verify the identity of players. As a result of an exclusive scheme, the Bee Network strives to maintain transparency, security, and authenticity for everyone.
Bee Network Roles
To enable an interesting and meaningful game, the Bee Network players primarily have three roles:
Basically, every player within the Bee Network is a miner. Those who successfully joined the app can mine the Bee Network crypto token at a specified base rate. When the app was launched in August, the mining rate was set at 1.6 bee/hour.
By logging into the app every 24 hours and clicking the mining button, miners can accumulate their Bee tokens automatically. Miners can also earn more by referring new users and expanding their earning team.
You are officially a Referrer once you referred new miners to join your earning team. For each active member in your team, you will earn an extra 25% base rate as a referral bonus. Besides, the Bee Network app will detect an active member if they log in daily for mining.
As a Referrer, you must remind your team members to log in daily. Not only will they earn Bee tokens more, but you will also benefit from their mining activity. Furthermore, there are no limits for referrals. You can certainly build an earning team of over 100 users and see how it can be profitable in the long-term.
Verifiers are the ones who verify the identity of Bee Network players. Thus, they have to confirm if they know the person they are verifying and if they trust that person to be ethical and honest. You can extra 0.2 bee/hour per verified miner on your team.
You can add verified miners to your security circle. However, to utilize Bee tokens for transactions in the Bee Marketplace, verified users must submit know-your-customer (KYC) documents. Additionally, if a Verifier believes that any members in their network are no longer trustworthy, they can also report it and receive rewards once the Bee Network confirms involvement in fraudulent activities.
Bee Network Mining Session
Through the Bee Network App, the players can mine the Bee Network crypto regularly. The mining rate depends on the growth of the user base while the mining rewards rely on the growth of active miners within a user’s earning team.
Each mining session particularly ends in 24 hours. Therefore, to continue mining the Bee Network crypto token, you must log in and tap the mining button daily.
You will automatically earn Bee tokens in the following manner:
Base Rate + (Base Rate x 25%) x Number of Active Miners in Your Earning Team
Let’s break it down into three.
The base rate is initially fixed at 1.6 bee/hour. But this will be reduced to 50% (like how bitcoin halving works) depending on the growth of the user base.
The base rate x 25% is the referral bonus given to miners who referred new users to the Bee Network. It can further be multiplied by the number of active miners within your earning team. So, keep in mind that if your referee is not actively mining, it will also affect your mining rewards.
Mining Rewards and Halving
In detail, the Bee Network economic model is built upon the following principles:
- New supply of Bee becomes 0 upon reaching 1 billion users
- Earlier joiners should get better rewards than late joiners
- Users with more contribution to the community should get better rewards
- The core development team should also get rewards and recognition
- Total supply of Bee is dependent on the number of users
With this in mind, the base rate is set to be reduced by 50% four times. It will depend on the growth of the Bee Network community. At the time of writing, the base rate first halving already happened.
|Less than 100k users||1.6 Bee/hour (completed)|
|100,000 to 1 million||0.8 Bee/ hour|
|1 million to 10 million||0.4 Bee/hour|
|10 million to 100 million||0.2 Bee/hour|
|100 million to 1 billion||0.1 Bee/hour|
|More than 1 billion users||0|
To illustrate, the calculation of the Bee Network crypto total supply is:
Bee = M + R + V + C
M, R, and V specifically refer to the total Bee tokens earned by all miners, referrers, and verifiers before the Bee supply distribution stops. While C refers to Bee rewarded to the Bee Network’s core development team, which is 25% of (M + R + V).
Bee Network Project Timeline
According to the Bee Network’s official whitepaper, the project is anticipated to succeed by 2024. Within a four-year roadmap, the Bee Network will undergo three phases.
Launching the global crypto mining app on test mode on August 8, 2020, the Bee Network’s community has grown massively with over 500,000 users in four months. Alongside spreading brand awareness and building credibility on major social networks, the Bee Network core development team continuously ensures that the app is fully functional and fail-proof.
This phase will take approximately a year to complete and will move onto Phase 2 upon completion.
The second phase will commence after the Bee Network app has reached at least a million users. To maintain the security and privacy within the network, a proper account validation system will be implemented. This is necessary to ensure that all members registered on the Bee Network are verified and trustworthy. Moreover, the Bee Marketplace where users can utilize their mined Bee tokens in exchange for goods and services can take place.
This phase is expected to kickstart from Q3 2021.
The final phase of Bee Network’s development is the listing of Bee on major cryptocurrency exchanges. This will allow players to utilize their Bees for trading and selling. At this point, the Bee Network expects to reach a massive user base as well as a healthy and sustainable ecosystem.
The team forecasted entering stage 12 months after stage 2’s completion. The projected timeline of Bee listing is set for Q3 2022, depending on the engagement level of Bee Network users.
Bee Network App
The Bee Network App is available for both Apple and Android users. Other than that, it has a very minimalist and user-friendly interface, leading to a quick surge of interested users.
How to use the Bee Network App?
- Download the Bee Network App from the official app store of your device.
- Upon app launching, choose to connect with a phone number or Facebook account.
- For SMS verification, you just need to enter the code.
- Enter the referral code to complete registration.
- On the dashboard, you can see your balance, the number of team members, and the mining rate.
- By clicking the Balance section on the top, you can see your current earning breakdown. Your referral rate, number of active miners on the team, and verifier bonus are displayed here.
- Remember, the Bee Network is a referral-only community. Invite a new user by sharing your referral code.
- Earn more by mining regularly, referring more friends, and urging them to mine daily!
Bee is the native token of the Bee Network platform. It can be used in the future in the Bee Marketplace and partner crypto exchanges. As of the moment, Bee has no real-time value.
How do I earn Bees?
Earning the Bee Network crypto token is easy!
Firstly, you earn as a Miner by activating your 24-hour mining session. Once you have clicked the green bee button on the dashboard, your Bee balance will grow at your current mining rate.
Secondly, you can earn extra Bees by getting 25% of your base rate multiplied by the number of active miners in your team. This is your incentive upon referring new members to join your earning team and keeping them active.
Thirdly, you can earn an extra-base rate by verifying the trustworthiness of your mining division. In the meantime, this is unavailable as the role of Verifier will only be launched in Phase 2.
Is Bee Network a Scam?
As it takes time and a collaborative effort to build the value of the Bee Network, some may think that it can be a scam. Taking into consideration that it still in its early stage of development, calling it a scam might be unfitting.
Moreover, the Bee Network app can be downloaded for free. The Bee Network does not accept payment of any kind directly from players. Thus, there are no losses from the users’ side. By allotting a few seconds of your time a day to mine Bee tokens, the value of Bee will be determined in time.
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Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.