Bee Network is a Phone-based Digital Currency owned by Decentralized Autonomous Organization (DAO) organization whose essential operations are automated agreeing to rules and principles assigned in code without human involvement.
The naming of Bee Network is inspired by the concept of Hive Mind taken from the reputable publication Out of Control: Hive is taken as the metaphor of Hive Mind given its structure: there is a clear division of labor in which each individual honey bee has its own role and responsibility, and they all work together systematically and spontaneously to ensure the smooth operation of the Hive in the absence of a central authority. This ecosystem is also known as a distributed system whose productivity relies on thousands of individual input.
Facts About Bee Network
Bee is a new digital currency. It is a clone of the Pi Network concept with adequate transparency. Bee Network is the app for you to hold and grow your Bee balance as well as your digital assets – completely free, with no battery & data drainage. The Cryptocurrency app is designed to provide gamified experience to its user and it currently has over 4 Million user registration within 10 weeks of its global launch. Other facts are:
- The coin is a long-term investment and holds no set value yet but in the future, there will be (just like how Bitcoin (BTC) started off). Also, you can mine this cryptocurrency easily from your smartphone and can earn bee coins.
- It’s a completely free environmentally-friendly crypto mining app, that requires little effort to mine. It can be done entirely on your mobile phone and continuously mines crypto with your phone even closed and doesn’t drain your phone’s battery or increase data usage.
- It is advisable to join early and start mining at a high rate because the rate of mining speed will be decreased as more and more people join this network.
- To join and earn bee coins is very easy, all you have to do is to visit their official site or download the bee network android/ios app from your play or app stores and make an account.
- Referral code is very important and compulsory because without it you can’t join this network. The code will help you to join this network. Though it’s free to get started, you must use a referral code, since it is a trusted community of users with real identities (bots are eliminated from this app). My referral code is ashkoncepts.
Overview of Bee Network
Bee Network is committed to utilizing blockchain technology to establish an open internet platform and an ecosystem of Dapp (decentralized application). The Network core team is composed of top-tier experts with a specialism in internet & blockchain technology, mathematics & cryptography experts, and community volunteers. If you have the interest to join the Bee Network team or become a community volunteer, you can email your resume at firstname.lastname@example.org
The Project Details
Bee Network is a new blockchain innovation that provides gamified experience 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. To make Bee valuable, Bee Network is specially designed as a network consisting of genuine people which fosters players to exchange goods, service, and expertise 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 on the fact that earlier joiners should be rewarded better than late joiners and the users with more contribution to the community would be rewarded better.
As cryptocurrencies and blockchain are still relatively new technologies with vast potential yet unknown to the mass public, Bee Network hopes the 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 work?
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 in the next 24 hours until your mining session ends. Base rate as miner starts at 1.6 Bee per hour and will 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 by logging into the 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 an 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 increases as the community grows and 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 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. There is no cap on the number of new users that you can refer to your earning team.
Therefore there is no ceiling in referral bonuses. You can imagine the difference in earning when you have built up an earning team of 200 users versus mining alone.
A Verifier’s main objective is to 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 & services via 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.
Bee Network is like a Pi network which is a new form of cryptocurrency. For now, it has no exchange rate and has no value yet. But in the future, there will be value for it. You can mine this cryptocurrency easily on your smartphone. All you need is to join with the referral code ashkoncepts. And you’ll be on the earning train.