What is Bee Network?
The project runs as a decentralized autonomous organization (DAO) with an anonymous development team and aims to incubate projects to build out a network ecosystem. The name comes from the concept of individuals in a beehive collaborating for a complete organization.
According to its website:
“To make Bee valuable, we strive to make Bee Network a real-life social network and to guide players to use Bee as a medium of exchange for goods and service in real life, with the long-term goal of listing Bee Network on an exchange.”
How Does Bee Network Work?
Bee Network comprises a mobile app on which users can mine BEE tokens and a Web3 portal where users can find a range of crypto-related applications, games, news sites, and more. The Bee Wallet allows users to transfer cryptocurrencies and non-fungible tokens (NFTs) on the Ethereum, Polygon, and Binance blockchains.
A user can earn BEE as:
- A Pioneer by running 24-hour mining sessions on the mobile app;
- An Ambassador by introducing new users, or
- A Verifier by verifying the identity of users they have introduced through the Know Your Customer (KYC) compliance process.
The project announced in September 2023 that it would gradually open KYC to 100,000 users each week until 20 May 2024.
KYC is gradually open to every Beelievers. 100k/week, until 20th May 2024. https://t.co/fhzWk1xIhL
— Bee Network Official (@Beenetworkintl) September 20, 2023
The earning rate for pioneer users started at 1.6 BEE per hour and was reduced by half to 0.8 BEE when the network reached 100,000 users. The rate halved again at 1 million and 10 million users, so it is now 0.1 BEE.
Bee Network has more than 27 million users, according to its website, and the rate would reach zero at 1 billion users.
The platform operates on an invitation-only basis, with the aim that authenticated users invite people they know in real life to join to support the network’s security and reliability.
How Does Bee Network Make Money?
The initial development of the Bee Network was primarily funded by anonymous sponsors. The mobile app and web portal generate advertising revenue, and the project has formed various partnerships.
In July 2023, it launched its BeeFunds to reward ecosystem project developers. It is accepting donations of funds from investors.
When Will BEE Token Be Worth Money?
Its approach is similar to Pi Network, which has also yet to finally launch.
In the meantime, Bee Network has begun offering rewards for contests in USDT, other cryptocurrencies, including ether (ETH), and prizes such as iPhones.
Bee Network is a blockchain project in the early stages of development that has yet to fully launch its native cryptocurrency coin.
As with any crypto project, it’s important to conduct thorough research and understand the risks involved before submitting personal data or investing funds.