Ever since the introduction of Bitcoin to the world, literally thousands of new cryptocurrencies are emerging with their own set of specific technological solutions to the different problems. Like the Ethereum with their solution to build apps on their blockchain. Cardano with the more power efficient and improved transaction speed over Ethereum.
Similarly, Pi Network with their innovative idea of mining crypto using cell phone and having the objective of providing crypto to regular people worldwide. Likewise, Bee Network objective is to improve blockchain gaming technology.
What is Bee Network?
Bee Network is the new form of a cryptocurrency network that uses the idea of mobile device coin mining without utilizing additional phone data. It is very similar to the Pi Network, with the priority on blockchain games. After being introduced at the tail end of 2020, The Bee network swiftly achieved the million-follower threshold.
Bee Network describe themselves as an innovative blockchain technology that offers players a gamified experience to earn Bee, a cryptocurrency that can be mined on a mobile device. Basically, they are working on blockchain games.
Players on the Bee Network can earn Bees by taking on the roles of Miner, Referrer, and Verifier. In order to increase the value of Bee, the Bee Network was specifically created as a network of real people that encourages players to exchange goods, services, and in-person interactions with their Bee balance before listing Bee on significant cryptocurrency exchanges for trading Bee with fiat currency.
Bee Network Background
The name Bee Network is derived from Kevin Kelly’s well-known book Out of Control: The New Biology of Machines, Social Systems, and the Economic World, which introduced the idea of Hive Mind. Given its structure, the hive is used as a metaphor for the hive mind.
There is a distinct division of labor, and each honey bee has a specific role and responsibility. They all corporate systematic way and intuitively to ensure the efficient functioning of the hive in the absence of a centralized authority. The productivity of this ecosystem, which is also known as a distributed system, depends on the input of thousands of different individuals.
What makes Bee Network different?
Bee Network is a Decentralized Autonomous Organization (DAO), meaning that all of its core functions are automated and adhere to predetermined rules and guidelines provided in code without the intervention of humans.
Recognizing that certain people and modules exist within the organization:
Despite their considerable freedom, people and modules continue to communicate constantly. Independent denotes that each module has its own set of duties, while close contact denotes that related parties may easily communicate with one another.
Strong ability to accommodate inside each module
Each module has a strong capacity for accommodation, which allows it to maintain balance in the absence of a centralized authority.
Common goal and distinctive skill of people and modules
To satisfy the aforementioned attributes, each person and module must work toward the same objective, and each would contribute in their own special way. For instance, some modules harvest honey on their own, while others work as scouting on their own.
A hive’s organizational structure consists of a queen bee and a large number of worker bees. Bees communicate by dancing to pass along information, such as the location of a honey source. The other bees will all join the conflict when one bee indicates that the hive is being attacked and when the signal is received. The bees’ collaboration allows the hive to develop into a complete system.
The bee colony needs every individual’s genuine contribution to survive. Even if each person’s power is quite modest, the combination of these combined powers might be incredibly powerful.
Bee Network’s Economic model
The following idea serves as the foundation for the Bee Network economic model.
- When there are 1 billion users worldwide, the supply of new Bee drops to 0.
- An earlier joiner should receive better compensation than a late joiner.
- Users who contribute more to the community should receive better rewards.
- It is important to acknowledge and thank Bee Network’s core development team’s contributions.
- Bee’s overall supply is based on the user base.
After Bee Network stops supplying Bee when it reaches 1 billion users, the total supply of Bee is equal to M + R + V + C. Before supply runs out, M, R, and V refer to the total Bee that all Pioneers, Ambassadors, and Verifiers have earned. And C refers to the Bee Network’s core development team, which comprises 25% of (M + R + V). Therefore, before Bee Network reaches the 1-billion-user threshold, the real amount of total supply of Bee will depend on the overall user activity.
As blockchain and cryptocurrencies are still quite new technologies with enormous potential but are mostly unknown to the public, Bee Network think that their application will be valuable in educating everyone about cryptocurrencies. In addition to learning about cryptocurrencies, players of Bee Network have the chance to be paid in a rising asset without having to spend their own money.
How does Bee Network work?
The Pioneer, Ambassador, and Verifier are the three primary positions in Bee Network. When you press the thunder button to begin your 24-hour earning session, you will start earning Bee immediately. For the following 24 hours, up until the end of your earning session, you will earn Bee using the following formula: (base rate) + (base rate) x 25% x (number of active Pioneers in your earning team).
Beginning at 1.6 Bee per hour as a pioneer, the base rate will be reduced by 50% to 0.8 Bee per hour when the total user base has increased to 100,000 users globally, by another 50% to 0.4 Bee per hour when it reaches 1 million users globally, by another 50% to 0.2 Bee per hour when it reaches 10 million, by another 50% to 0.1 Bee per hour when it reaches 100 million, and by a final 50% reduction to no new supply when the Bee Network has reached 1 billion users globally.
The best way to increase your Bee earnings is to recommend as many new users to your earning team as you can while the basic rate is still high.
By login into the app every 24 hours and pressing the bee button, every player will receive the base rate of 1.6 bee per hour. After pressing the bee button, you don’t need to keep the app open because the hourly fee will be displayed automatically. Until you press the bee button to begin a new 24-hour session, you will cease after 24 hours.
Please take note that the base rate for Pioneer will be cut by 50% every time the number of users increases, up until the point at which Bee Network stops producing Bee when there are 1 billion users worldwide.
When the number of users reaches 100,000, the base rate as Pioneer will drop from 1.6 to 0.8, then to 0.4 when the number of users reaches 1 million, then to 0.2 when the number of users reaches 100 million, and finally to 0.1 when the number of users reaches 1 billion.
An ambassador can recommend a new Pioneer to join your team. You will be able to connect with your team members and achieve missions together in these new in-app features.
The goal of Bee Network is to create a Web3 interactive platform with reliable members. So, in order to validate the identity of recently recruited users and add them to the verified network, they need Verifiers. By doing this, you attest to:
- The individual you personally confirmed is someone you know.
- You have faith that they are honest and sincere.
Please take notice, though, that before you can fully exploit the features in the following phases, everyone in your security circle must successfully accomplish the KYC (Know Your Customer) compliance process.
Bee Network’s Core Team
It seems like the core team of Bee Network remains anonymous. Although their official website claims that the core team is made up of eminent specialists with expertise in internet and blockchain technologies, mathematicians and cryptography experts, and volunteers from the local community. The Bee Network’s original development was mostly supported by anonymous sponsors, and they will continue to fund the initiative.
According to their White paper, their core team are currently developing the Bee Network Foundation. Once the foundation is established, they will make a list of the core team members, sponsors, and advisers public.
These Bee will also be distributed to project sponsors and will be invested in the continued growth of the Bee Network ecosystem because the Foundation and the core team at present holds 25% of the total issued Bees as core team rewards.
Bee Network’s Users Development Phases
This phase is from 0 to 1 million users. The Network has already reached this objective. The millionth user mark has already been achieved.
This phase begins from 1 to 10 million users. Launching a KYC (Know Your Customer) practice to verify the legitimacy of users will be the primary development goal of phase 2 in order to maintain the security and privacy of Bee Network and its users. In addition to KYC, they will also construct community service, which will let members of the community offer their suggestions for identifying the main goal of the following phase.
Additionally, Phase 2 will see the introduction of the Node and Dapp ecosystem, allowing Bee Network to operate steadily thanks to user interactions in this vibrant neighborhood.
This phase will begin once the network hits 10 to 100 million users. When the development of the Bee Network ecosystem is well established and is quite sustainable, they will introduce a value exchange marketplace during phase 3. Their blockchain technology will be used to promote the use of transactions via an open internet platform.
Also read about: 2022 Bee Network Football Carnival
Is Bee Network real or fake?
It is very hard to say at this point whether Bee Network is real or not. Their anonymous core team also makes it tricky to predict. Bee Network somewhat follows the Pi Network model of mobile mining. But at least Pi Network core team are public and have been witnessing major development in Pi Network ecosystem over current years. Bee Network on the other hand has yet to make any major progress in their ecosystem.
Is Bee Network real money?
The Bee that users earn by mining on their phone is not real money yet. Once the Bee Network Mainnet goes live and its Bees gets listed onto the crypto exchange market, those Bees doesn’t hold any value.
How much will Bee Network be worth?
It is not possible to determine the Bee worth at this point, since the project is still in its development phase. Once the Bee Network’s Mainnet goes live and based upon its token use cases, its future price can be predicted. But until then, it’s not possible to predict what the Bee will be worth in the future.
What is Bee Network used for?
Bee Network’s main goal is to create an innovative blockchain gaming platform. It is the biggest blockchain-based Web3 interactive platform in the world and aspires to make it easier for users to earn Bees in a variety of game environments on the site.
Also read about: Bee Network added new features on their latest version 1.9.0 update
Can we trust Bee Network?
In my opinion, not yet. Until and unless the core team make themselves public or give a significant and compelling reason for them being anonymous, there is always going to be a trust issue. Besides, Bee Network app always asks for different permissions to operate the app like storage, camera, location, contacts and apps that we use.
If you are using their app to mine Bees, then I would recommend you to deny all the app permissions while mining just to remain in the safe side.
How to use Bee Network to earn Bee?
To earn bee using Bee Network is simple. You will need to download the Bee Network app from play store if you are an android user and from app store if you are an iPhone user. Once you download the app, you have to sign up using your email or phone number.
After you sign up, simply log into your account and then just tap the Bee icon in the middle of the screen to start your earning season of 24 hrs. Once your 24 hrs. earning season is over, you have to again open the app and tap on the Bee icon in the middle of the screen to repeat the process.