Today’s review is on Bee Network, a newly launched cryptocurrency mining app.
This network rewards users with Bee coin when they log on the app daily.
At the moment, there is no monetary value attached to the coin but there are plans to change that in the future.
Amazingly, the Bee network has 7 million users in less than 4 months of existence.
That’s huge, don’t you think?
Keep reading to learn more about the Bee network and its Bee coin.
This review is divided into these subheadings:
- Bee Network Overview
- How The Bee Network Operates
- Bee Coin Supply
- Development Plan Of The Bee Network
- Support Channels And Public Opinion
- How To Get Started On Bee Network
- Bee Network Future Plans
Click on any item above to read its contents immediately.
1. Bee Network Overview
Bee network is a cryptocurrency mining app where users are rewarded with Bee coins daily.
It was founded by an anonymous team in December, 2020.
The Bee network mimics a bee hive where every member has a role and an accompanying reward.
Also, the economic model of the platform is designed in a manner that early adopters will earn higher than late adopters.
This is possible because the mining rate of Bee coin halves with every exponential increase in the number of users.
Additionally, the platform will also reward sponsors and developers in due time.
Moreover, Bee Network educates the public on cryptocurrency and blockchain technology via its News channel.
As mentioned, the Bee coin does not have a monetary value at the moment.
Right now, the idea is to attract as many users to the platform as possible such that when the coin is eventually worth something, many folks will have enough to exchange for money and other products.
Later in this article, you will find when Bee coin is most likely to have a monetary value. For now, let’s see how the platform works.
2. How the Bee Network Operates
Mining Bee coins comes at a zero cost and the app is super easy to use.
If you are already a Pi user, the Bee network will not be difficult to navigate.
All there is to do is to download the app, register with an invitation code (judeumeano) and log in once every 24hours to mine coins.
On Bee network, the roles of users influence the amount of coins they earn daily.
These roles are:
a. Visioner/Miner – A user that logs in daily to mine the coin.
He earns at the base rate of the network which is 0.4 Bee presently (9/03/21).
b. Ambassador/Referrer – This is a user that invites people to the platform. His invitees become his team members.
Together they can complete missions as the app advances.
His reward = (base rate) + (base rate) x 25% x (number of active miners in his earning team).
Assuming a user has 10 miners on his team, his reward will be:
- (base rate) + (base rate) = 0.4 + 0.4 = 0.8
- 25% x 10 active miners = 25/100 x 10 = 2.5
- 0.8 x 2.5 = 2
Therefore, he will receive 2Bee in addition to what he mines daily.
c. Verifier – verifies the users in his security circle. Members of each circle must have completed KYC.
By adding a user to your circle, you confirm that you know him personally as a trustworthy fellow.
This role is not functional now.
Next, we’ll look at the coin supply of this network.
3. Bee Coin Supply
The number of network users determine the supply of Bee coin.
When the network was first launched, the coin was mined at 1.6 Bee/hr.
By the time the user base increased to 100,000, the mining rate halved to 0.8 Bee/hr.
It further halved to 0.4 Bee/hr. at 1 million users (which is where we are now).
When the user base increases to 10 million, the mining rate will halve to 0.2Bee/hr., 0.1bee/hr. when there are 100 million users, and finally 0Bee/hr. when the user base reaches 1 billion.
The total supply of Bee Coin will be calculated when the network attains 1 billion users.
All the coins owned by miners, referrers, verifiers, and the core development team make up the total supply.
This team receives 25% of the total coins owned by miners, referrers, and verifiers as development reward.
Some of this reward will also be allocated to the sponsors of the network.
Now, let’s take a look at the development plan of this network.
4. Development Plan Of The Bee Network
The table below represents what this network intends to achieve. Have a look:
These plans look great but not convincing enough as there are no dates attached.
It appears that every progress in the network is dependent on the number of users.
Early adopters like Conor Kenny predict that the network will hit phase 3 by the 3rd quarter of 2022.
5. Support Channels and Public Opinion
Bee Network has an FAQ page where users can find answers to their queries.
There is also a News channel that enlightens users on events of the cryptocurrency space.
Other available channels are:
- [email protected]
- [email protected]
I checked Bee Network on TrustPilot, it had an excellent rating with 130 reviews.
Then on Reddit, the platform has an active group with over 2,000 members.
Next, I’ll show you how to get started on Bee Network.
6. How To Get Started On Bee Network
i. First, download and install the Bee Network app from PlayStore or AppStore
ii. Open the app and select your preferred means of identification.
I tried registering with my phone number but it was reported as an “invalid number” (I reached out to the team to find a solution but there is no response yet).
Then I used Facebook and it went through.
iii. Provide your Facebook login details. Then confirm your ‘name’ and ‘username
iv. Now, input judeumeano as your invitation code and click on the orange button.
v. Hit the Bee icon to start mining. Come back every 24 hours to do likewise. Enjoy!
*If you prefer, you can invite your friends right away to increase your earning
Note: You cannot change your phone number, invitation code, and username after registration. So, ensure you are providing the correct information.
Also, the username/invitation code is case sensitive. Only lowercase letters are acceptable.
Peradventure you sign out before a mining session ends, you will not be rewarded for that incomplete session.
There’s more. Keep reading!
7. Bee Network Future Plans
This network plans to form a formidable force with its genuine and active users.
Following how quickly the user base is increasing, the network is well on its way to achieve this goal.
Also, developers of this network have plans of establishing Bee Network Foundation after which the list of core team members, sponsors, and advisors will be published.
Additionally, the network plans to build an ecosystem of DApps that will host mobile games, social networks, e-commerce, and lifestyle services.
And when the Bee coin is finally listed on crypto exchanges, users can convert their coins to cash.
Let’s answer some frequently asked questions and then we can call it a wrap.
There is no way to know how much the worth of this coin when it finally gets listed on exchanges.
Also, the fact that the network has no dates attached to its goals makes the concept appear like a joke.
Plus, resting every step on the increase of user-base gives it the feature of a pyramid scheme, which we do not like.
However, since it cost nothing to own the app, you might as well download it and hope that the coin hits big.
No, only one of the options is enough.
No. just one phone number is accepted.
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Bee Network gives users the opportunity to mine Bee coins for free until there are 1 billion users on board.
While this number looks outrageous, we have seen crazy things happen on this space.
But how profitable this coin will be by then is something we will have to sit out.
And that’s it for this review. Now, over to you.
What do you think of this network and its coin?
Do you think the 1 billion users goal is attainable?
Let me hear your thoughts in the comments section right now.
Also, share this post with your friends, thank you!