What is the BEE network cryptocurrency? The mobile mining app for BEE.
Bee Network ‘s objective is to build a gaming community. With trusted members which every member can complete safe transactions of goods and services by exchange of Bee coin.
Currently the app is invite only. If you do not already have a sponsor, then you are more than welcome to use my refer code “Panky555” and can download the app here.
Phone based crypto mining
What is the BEE network?
The launch of this new app came about on the 3rd of December 2020
BEE is a cryptocurrency mined by your mobile phones. BEE network is a is currently an app for mining BEE , however, looking at the apps ‘white paper‘ it has the purpose of the user being able to use BEE for transactions for goods and services.
The Bee network allows its users (players) to mine the BEE coin or (BEE Token) by simply downloading the app and clicking the mine button!
Similar to the Pi digital currency, it mines with a simple click of a button. The way to increase mining capability is to refer people. The more people in your security circle, the more BEE you will be able to mine per day.
With over 100 thousand downloads in literally 1 week, the app has a promising future!
Can i use BEE?
Currently the app is in it’s first stages where people are inviting and mining. The intention for phase 1 is building trust and verified network of users. spreading awareness of BEE is crucial for growing the network. This phase also allows the developers time to work out any kinks in the system from the amount of new users coming in.
Phase 2, they have predicted to be mid to end of 2021. This is where the BEE network intends to launch their BEE network marketplace.
BEE Network Game Rules
Although they call the BEE netowrk a “game” i don’t really understand how it’s a game as such… To me this is exactly like the Pi token where the entire game is to click one button every 24 hours… Not much of a game to me?
Nevertheless, the rules are simple…
Base rate + Base rate x 25% x Number of Active miners in your earning team.
So basically, the game is that you click the button each 24 hours, you invite people to your circle to increase your capacity. If your circle do not log in, you do not gain the revenue boost.
So for example, if you have invited 7 people to your team. Your base rate is 1.20 BEE per hour. 7 x 25% + 100% = 3.3 Bees per hour.
Name of the game at the start is to invite as many people as possible.
As with most blockchain cryptocurrencies, when BEE reaches certain milestones, the BEE mining rate will half.
- Less than 100k users – 1.6 BEE/Hour
- 100k – 1mil users – 0.8 BEE/Hour
- 1mil – 10mil – users 0.4 BEE/Hour
- 10mil – 100mil users – 0.2 BEE/ Hour
- 100mil – 1bil users – 0.1 BEE/Hour
- More than 1 billion users, there will be no more available BEE to mine.
Is Bee Network a scam?
To be honest, considering it has only been launced for a few weeks, nobody can say for sure! However, there are plenty of points looking towards the app is safe to use.
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. 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.
The fact that the app has been accepted by both the Apple store and the Android play stores should show some level of regulation. Generally these stores will not allow harmful apps to be downloaded.
However, i am slightly skeptical at the lack of knowledge about who created this app and the fact that the company Bee Games Ltd have only produced one product. The Bee Network.
Bee Network Phases
This is merely the introduction phase. The app needs to gain awareness by giving the users maximum incentives such as the higher rate of mining and the big referral gains.
They predict this phase will continue until roughly Q3 of 2021 which they predict around 1 million users.
firstly, they’re goal is that after reaching their goal of 1 million users, they will be able to then both increase security of verifying the users. They then will look at introducing an internal marketplace, whereby, users will be able to use their BEE to purchase products & services. (Kinda sounds a bit like the Pi network eh?)
Listing Bee Network on major cryptocurrency exchanges where they are targeting to be reached by Q3 2021
The final stage of Bee Network’s roadmap is the listing of Bee Network on major cryptocurrency exchanges to allow players to utilise 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 milestone of 3 million registered users. By listing Bee Network on the most widely used crypto exchanges, players can utilise their Bees earned from Bee Network to trade and sell on the market.
I mean, the entire thing looks like a kind of copycat version of the Pi network. However, not having any information about the developers and seeing that the only languages available are English and Chinese, does make it look even more like a copycat from Asia.
However, the points of being accepted by Google and Apple to be available in their stores does make it look slightly more trustworthy.
Also the fact that i did not need any personal information was reasurring.
If you are worried about the Chinese doing some weird things on your phone, then i’d probably stay away. However, if you’re not overly fussed, you want to be at the forefront of a potential goldmine. Then clicking a button once every 24 hours is not going to make you sweat too much.
I am mining myself and will continue to do so, as i feel, realistically, there is nothing to lose, but everything to gain!