Bee Network is a new blockchain innovation that allows users to earn Bees a new cryptocurrency, earning these Bees on you mobile phone by activating the mining button once every 24 hours through a simple press of a button. The app does not need to stay on or run for the next 24 hours, your mining will carry on regardless. It's a very easy and convenient way to earn this new token.
Currently as I checked some charts the value sits just around .01 USD. It may seem worthless now, but from what I have learned these values can break out with the right execution. And I feel this team has a nice plan and the potential to be a nice freebie.
Charts provided by coingeko.com
The Plan
Bee Network set forth this ingenious plan, they opened up the program mining at a set rate of 1.6 Bee's per hour for all users. At certain milestones of userbase the rate would be cut by 50%. As more people would join the mining rate would be adjusted like so:
- 100,000 users / Mining rate 0.8 Bees per hour
- 1,000,000 users / Mining rate 0.4 Bees per hour
- 10,000,000 users / Mining rate 0.2 Bees per hour
- 100,000,000 users / Mining rate 0.1 Bees per hour
This will be a flat base rate for all current users at that point. At 1 billion users there will be no more Bees that can be mined. The first phase of their plan will have been executed.
- 12/03 opened program.
- 12/12 they hit the 100k mark.
- 12/15 they hit the 200k mark.
The Beginning
In the beginning there are two ways to increase your earnings, mining and referring. As mentioned earlier, mining is done through simply pressing the mining button. Each session automatically ending in 24 hours, you simply reactivate to become active again for another 24 hours. Nothing else is required but to log in and activate that button. According to the mining rates stated above, you earn more when you are active early in the program. The other part of earning is referring. The value of Bees mined per hour are increased by 25% for every active referral you have. As long as they are actively mining you will receive 25% boost to your mining. There are no cap or limit to the amount of referrals you can have. If your interested in checking it out please use my referral code below, I would really appreciate it a lot!!
Referral code: kanacrypto
Phase 1
This phase will be the building and developing stage, spreading awareness and marketing on social networks (Like here). Testnet will be included in this phase, they will be examining and evaluating the product for any bugs and errors ensuring that players may enjoy Bee Networks Features without running into negative experiences. Bee Network also plans to carry out extensive marketing strategies in order to boost its popularity during this early phase.
Phase 2
This will be the unique part, Launching Bee Network Marketplace. This is targeted in Q3 of 2021. Phase 2 will be taking place once the network has hit 1 million users. To accommodate such strong growth and to provide the best type of security and privacy, they will be implementing a proper account validation system with KYC guidelines to ensure compliance with Anti-Money Laundering and Countering Finance of Terrorism Act (AMLA/CFTA). This is critical to verify legit users, and that proven to be suspicious behavior can be dealt with accordingly as the user base continues to grow.
Phase 3
The final stage will be the listing of Bee network on major cryptocurrency exchanges to allow players to use the Bees to trade and sell in the market. The core team strives to reach this by Q3 of 2022 saying they believe it is possible once they hit 3 million users.
What do I think?
I love the idea, although I am not a fan of KYC. But its not that big of a deal especially with the reason they had behind requiring it. They also have a really cool principle vision:
- New supply of Bees become 0 when the total userbase hits 1 billion users
- Those that join early have an advantage to benefit more than those that join later.
- Contributing to the community should be rewarded.
- Contribution by core development team should be recognized.
- Total supply of Bees depend on the number of users.
This is a new project that I feel has potential at little if any risk at all. Its free, no obligations but to log on once a day. Let me know your thoughts, how do you feel about a project like this?