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. In order 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.
Q1. What is Bee Network and Bee?
Q2. What‘s in it for me to join Bee Network and earn Bee?
Firstly, Bee Network is a well designed online game which offers you pleasant gaming experience. In addition to having fun, as time goes by your accumulated Bee balance could be exchanged for other player’s expertise, services, goods and fiat money in real life when Bee Network ‘s development matures. As the value growth of Bee, like the value growth of Bitcoin, will be backed by the population of Bee Network, transaction volume of expertises, services or goods exchange, liquidity in exchange market, time and other factors, a high balance of Bee could be rewarding to our players in real life.
Q3. Is Bee another Bitcoin?
Yes and no.
No, because Bitcoin is a cryptocurrency that adopts “Proof of work” consensus algorithm in which all bitcoin nodes are competing against each other in solving a cryptographic puzzle. In simple words, with the fierce competition among professional Bitcoin miners, the huge consumption of energy and computation power has made the chances of a normal person nowadays to mine a new bitcoin at absolute minimal. You may refer to <here> for a detailed explanation in the theory of blockchain, Bitcoin and cryptocurrency. Comparatively, Bee is the reward for your active participation in the game of Bee Network and it is a game for the vast majority of people with mobile phone and internet access.
Yes, when the community of Bee Network has grown large enough, players will exchange their expertise, services or goods in real life with Bee balance. Similar to a currency, when the population starts to use Bee for value exchange, Bee will be an asset with purchasing power in real life and exchangeability with other fiat money like US dollars. Hence, both Bee and Bitcoin are an online asset with true value.
Q4. What is the growth potential in Bee’s value?
Bee’s value will be backed by the population of Bee Network, transaction volume of expertises, services or goods exchange between Bee Network’s, liquidity in exchange market and time. Just like Bitcoin, its value was $0 back to its launch in 2008, but when its popularity grows and as time goes by, 1 Bitcoin is now trading at US$ 9,500 as of the time of writing. As it takes time and a collaborated effort to build the value of Bee and the ecosystem of Bee Network, if you are looking to win a lottery overnight, please look elsewhere.
Q5. How do I earn Bee?
You earn Bee in 3 ways. Firstly, you earn as a Miner by logging in daily to activate your next 24-hour mining session. Once you have clicked the thunder button on home screen, your Bee balance will grow at a rate of 1.6 Bee/hour (or 0.8 Bee/hour when total users exceed 100,000, 0.4 Bee/hour when exceed 1 million, 0.2 Bee / hour when exceed 10 million, 0.1 Bee / hour when exceed 100 million and 0 Bee / hour when exceed 1 billion) continuously in the next 24 hours by your hourly base rate. Secondly you earn extra Bee at 25% x your base rate x number of active miner in your team as a Referrer by referring new members to join your earning team and keeping them active. Thirdly, you earn an extra base rate as a Verifier by verifying the trustworthiness of members in your mining division. The role of Verifier will only be launched in Phase 2. For details of the 3 roles, please refer to here
Q6. What does it cost to earn Bee? Do I need to pay any money?
You do not have to pay any money to join Bee Network and earn Bee. However, it does not mean Bee is given for free. To make Bee Network’s gaming experience fun and rewarding , we strive to build a network of genuine people, foster interaction between players in real life and encourage players to exchange expertise, services or goods in real life with Bee balance. Hence it takes your consistent commitment to make contributions to the community and Bee is your reward. The least you can do is to log in on a daily basis and activate a new mining session.
Q7. Does Bee Network drain my battery or data? Do I need to keep the app open all time?
No to both, as Bee Network is different from Bitcoin. You will only consume insignificant battery and data when you open the Bee Network app and activate your data mining session which the entire session can be done within 10 seconds. You do not need to have the app open once you have clicked to activate a new mining session. Bee Network app will not run in background and consume any of your phone battery and data after you have closed the app. This is due to the difference between the consensus algorithm between Bee Network and Bitcoin. For technical details, please refer here in our white paper.
Q8. When will I be able to trade Bee for other player’s goods and services? When will I be able to trade Bee on exchange markets for fiat money?
Bee was launched on 8 August 2020. We are now at Stage 1 where we are building a trusted and verified network of players. When we enter Stage 2, we will introduce the Bee Network Exchange which players are able to offer your expertise, services or goods in real life in exchange of another player’s Bee. We shall enter Stage 2 when we have reached the one-million-user milestone which is forecasted to be done within 18 months, depending on how active our players are participating in the game. The listing of Bee on major exchange markets remarks our development entering Stage 3 where players can trade your Bee balance for fiat money. We forecast to enter stage 3 after 12 more months of development from stage 2. You may refer to details of our forecasted roadmap in our white paper.
Q9. How do I know Bee Network is not a scam?
Blockchain theory is well proven. Real-life applications are seen on assets like Bitcoin, Etherum, Tether which people today are trading for goods, services and fiat money like US dollars. The backbone of the gaming community of Bee Network rides on blockchain technology. You may refer to our white paper. To ensure Bee Network is not a scam and will not be exploited by frauds, Bee Network does not accept payment of any kind directly from players. Exchange of Bee for fiat money is also prohibited until Bee Network’s development has entered phase III.
Q10. Why is Bee Network a Referral-only Community?
Bee is nothing but just a score of an online game if there are no interaction and value exchange between players in real life. To foster its value growth and to ensure secure transactions between players, Bee Network community should only be composed of real people with verified identities. Bee network counts on existing players to only bring trusted people whom you know them in real life to join Bee Network. This is the reason why new players would only be able to join Bee Network by a referral code sent from an existing player. In addition, Bee Network further incentivizes players to constantly verify the trust level of their referee by earning extra mining rate. By adopting these measures we strive to make Bee Network safe from both technical and interpersonal perspectives.