Table of Contents
2. What is blockchain and decentralisation
3. How does Bee Network work?
4. Project Timeline
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.
The total supply of Bee = M + R + V + C when Bee Network ceases Bee supply when it hits the 1-billion-user mark. M, R and V refers to total Bee earned by all miners, referrers and verifiers before supply ceases. C refers to Bee rewarded to Bee Network’s core development team, which is 25% of (M + R + V). Hence, the actual amount of total supply of Bee is dependent on the total users activity before Bee Network hits the 1-billion-user mark.
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 play, so while learning about cryptocurrencies, players also have the opportunity to be rewarded in a growing asset without investing from their own pockets.
2. What is blockchain and cryptocurrency
Blockchain is used to describe a technological system based on a distributed ledger that records data in blocks. Its most popular utility is as the cryptographic ledger that powers up the Bitcoin network, and since then various industries worldwide have taken note of the practicality and viability of blockchain. While blockchain is widely associated with cryptocurrencies, this emerging technology is starting to flourish as many sectors outside of finance and technology have utilised blockchain for record and track data. Due to the highly secured, transparent, efficient, and near immutability nature of blockchain, it is embraced by many firms to track and trace logistics, protecting artist rights, and even boosting philanthropic projects. Blockchain is the future of financial technology as it’s a practical tool to store monetary assets and conduct transfers. Giant technology firms like IBM have explored the possibilities of utilising blockchain to provide the people with the financial freedom they deserve. As with 1.7 billion unbanked people globally with no access to financial services, blockchain technology is crucial in providing financial relief and solutions to the needy population.
Cryptocurrencies is a form of digital asset that functions just like fiat money. The main difference between cryptocurrencies like Bitcoin and fiat money like the US Dollar is that the value of fiat money is tied to the governing body that controls its worth, thus giving it no intrinsic value. Like many other cryptocurrencies, Bitcoin initially started with very little value. In March 2010, a man named Laszlo Hanyecz paid 10,000 Bitcoins for two pizzas from Papa John's Pizza, and the vast amount of BTC at that point only cost $41, which is a drastic difference from its current price at $109 million as of September 2020.
Naturally like fiat currencies, cryptocurrencies are not free from criticisms and downsides as well. Price fluctuations and the relatively new concept of cryptocurrencies are among the most common barriers that separate society from learning and mastering cryptocurrency usage. During the heydays of Bitcoin, it is extremely lucrative to mine for cryptocurrencies, but as time goes by, such businesses are no longer profitable due to various factors, including new laws imposed by government on limiting power supply on mining factories, the increasing Bitcoin hashrate, and equipment cost makes it exceedingly difficult for mining companies to profit during the recent years.
Bee Network aims to bridge the gap between the mass public (which includes YOU!) and cryptocurrencies in general. Despite the common stereotype that cryptocurrencies are only for tech experts, the truth is that cryptocurrencies are created with the people in mind. With smartphones becoming a cheaper and common communication platform accessible to everyone, the Bee Network is a game created to make cryptocurrency mining easy and free for everyone regardless of their socioeconomic status. All you have to do is download and run the application, and you will be earning Bees in no time!
3. 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.
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.
Early Bee Network players will have an advantage to earn more Bees as the base rate as a Miner will be reduced by 50% from 1.6 -> 0.8 -> 0.4 -> 0.2 -> 0 Bee per hour when the total user base is grown to 100,000, 1 million, 10 million, 100 million and 1 billion. Hence, it is always important to get started now before the base rate is halved.
4. Project Timeline
Phase 1: Building a trusted and verified network of players
This is the most crucial part in developing and building Bee Network’s community by spreading awareness and marketing Bee Network on major social networks. The testnet period will be included in this phase as well, which will consist of the core development team and a selected group of invited users to rigorously examine and evaluate the product for any bugs and errors. Testing is paramount in the development of Bee Network as it ensures that our players can fully enjoy Bee Network’s features without running into any issues that may negatively affect their experiences. The rigorous testing will take roughly three months to ensure that all systems are fully functional and failproof. During the testing phase, Bee Network will also carry out extensive marketing strategies to boost the popularity and build a vast network of verified players.This phase will take approximately a year to complete and will move onto Phase 2 upon completion, i.e. Q3 2021.
Phase 2: Launching Bee Network marketplace (Targeted in Q3 2021)
The second phase will take place after Bee Network has reached at least a million users on the network. 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. However as the community grows and Bee Network’s goal in attaining listings on major cryptocurrency exchanges get closer, it is strongly imperative that proper security measures be taken to ensure that all members registered on Bee Network are verified and proven to be suspicious behaviour that could pose as a major risk on the network. 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.
Phase 3: Listing Bee Network on major cryptocurrency exchanges (Targeted Q3 2022)
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 stage of building a large-enough user base as well as a healthy and sustainable ecosystem, which the core development team forecast that listing on exchange is possible when Bee Network has grown to at least 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. The core team will strive to meet the projected timeline of listing on Q3 2022, depending on the engagement level of Bee Network users.