Bee Network: Phone-based Crypto Full Review
Please read the conclusion of the article to get the full summary and a bonus if you are quite busy.
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 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.
The Bee Network economic model is built upon the following principle,
i) New supply of Bee becomes 0 when the total user base has grown to 1 billion worldwide
ii) Earlier joiner should be rewarded better than late joiners
iii) Users with more contribution to the community should be rewarded better
iv) Contribution made by Bee Network ‘s core development team should be recognized and rewarded
v) Total supply of Bee is dependent on number of users.
As cryptocurrencies and blockchain are still relatively new technologies with vast potential yet unknown to the mass public, we at Bee Network hope our application serves as a useful tool to educate everyone on cryptocurrencies. Bee Network is free to download and use, so while learning about cryptocurrencies, players also have the opportunity to be rewarded in a growing asset without investing from their own pockets.
How does Bee Network work?
There are three main roles in Bee Network — Miner, Referrer, and Verifier. Once you have pressed the thunder button to kick start your 24-hour mining session, you will earn Bee with formula of (base rate) + (base rate) x 25% x (number of active miners in your earning team) in the next 24 hours until your mining session ends. Base rate as miner starts at 1.6 Bee per hour, and will be down 50% to 0.8 Bee per hour when total user base has grown to 100,000 user worldwide, a further 50% cut to 0.4 Bee per hour when it grows to 1 million users worldwide, another 50% cut to 0.2 Bee per hour when it hits the 10 million, another 50% cut to 0.1 Bee per hour when it hits 100 million and eventually no new supply when Bee Network has reached 1 billion users worldwide. So the keys to earning more Bee is to mine and refer new users to join your earning team as much as possible when the base rate remains high. You can only enter in Bee network if you have a referral code. You can use this code: harshcrypto2 and get $1 for free.
A Miner can earn the base rate of 1.6 Bee per hour (as mentioned above, it will be cut to 0.8, 0.4, 0.2, 0.1 and 0 according to the growth of user base) by logging into application every 24 hours and clicking the mining button. Unlike mining companies, you do not need a vast amount of energy to mine Bees on your smartphone as you will automatically earn hourly mining rate after clicking the mining button. Each mining session will automatically end after 24 hours, and all you have to do is open the application and click the mining button again to keep earning Bees.
A Referrer is someone who helps build a bustling gaming community with trusted members. The value of Bees increase as the community grows larger and more members conduct transactions of goods and services with their Bees. A Referrer can refer new miners to join your earning team. For each active member in your team, you will earn an extra 25% base rate as your referral bonus. If you have 10 members in your earning team and all of them are actively mining, you will earn an extra 10 x 25% = 250% Bees of your base rate. Therefore, the key to earn more Bees is to refer more new miners to join your mining division and remind them to login daily for mining. For example, given your base rate is 1.6 Bee per hour, you have referred 10 new miners to join your mining team, yourself and 7 of them are actively mining today, you will earn at 1.6 (base rate) + 1.6 x 7 x 25% (referral bonus) = 4.4 Bees per hour today. Please note that there is no cap in number of new users that you can refer to your earning team.
Therefore there is no ceiling in referral bonus. You can imagine the difference in earning when you have built up an earning team of 200 users versus mining alone.
The role of Verifier will only be launched since Bee Network has entered Phase 2. A Verifier’s main objective is verify the identity of members in their network to ensure that the Bee Network ecosystem is fully transparent and trustworthy. A Verifier will add verified users in their earning team to his security circle. When Bee Network has entered Phase 2, there will be a KYC (Know Your Customer) process, all members within your security circle should pass the KYC process before you can trade Bee with other users’ goods & service via Bee Marketplace. Hence, a Verifier shall only verify pending members they know in person and have enough trust to corroborate their authenticity to prevent any unethical or fraudulent activities on the network. Verifiers can earn extra 0.2 Bees x number of verified people per hour to their base mining rate. If a Verifier believes that any members in their network are no longer trustworthy, they can report the suspected members by clicking the “no longer trusted” button.
Verifiers who have reported members who are confirmed to be involved in fraudulent activities will be rewarded with extra Bees, with the amount varying depending on a case by case basis.
This is an another opportunity for those people who have missed the mining of Bitcoin, PI and Timestope cryptocurrencies. You can download the app from google play store or app store, sign up from Facebook or your mobile number( I recommend you to signup from Facebook) and enter the code harshcrypto2 to start miming it and get $1 for free. This app it totally safe and legit as it doesn't require any type of permissions. If you are one of the earlier miner like me, you can get a very good mining speed up to $2 per hour. If you use my code, you will get a golden chance to have a place in my personal security circle. So, best of the luck. If you want to be with us and learn more, join our telegram channel and Instagram page.
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