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1. What is Bee Network and Bee?
Bee Network is a new blockchain innovation 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 in real life with their Bee balance and eventually list Bee on major cryptocurrency exchanges for trading Bee with fiat money.
2. Can I withdraw my Bee now? What is the timeline for withdrawals?
No, you cannot withdraw Bee yet in stage 1 & 2. The final stage (stage 3) 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 which is targeted in Q3 2022, depending on user growth and the community dynamics. Please refer to our project road map in the White papers 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.
3. What is the growth potential in Bee’s value?
Bee’s value will be backed by the population of Bee Network, transaction volume services or goods exchange between Bee Network’s, liquidity in the exchange market and time. Just like Bitcoin, its value was $0 back to its launch in 2008, but when its popularity grows and as time goes by, 1 Bitcoin is now trading at US$ 37,000 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.
4. 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 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 , 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.
5. Why is the mining rate reduced?
In order to ensure the stability of the price of Bee and prevent any negative fluctuation common among cryptocurrencies, cutting supply (or known as ‘halving’ in the cryptosphere) is imperative to maintain the supply and demand chain of Bee. By reducing the Bee supply, Bee Network can maintain the scarcity of Bee tokens to secure the value held by our Bee Network users – including you. Take Bitcoin for an example. Halving is a common occurrence that happens roughly every four years to the world’s biggest and most valuable cryptocurrencies, and the price of Bitcoin actually rises with each halving event that has occurred. In simpler words, cutting the supply of Bee for each major user milestone safeguards the price of Bee while protecting it from price inflation.
According to our project roadmap, there will be a total of 4 rate halving in the entire project roadmap. The 1st rate halving (-> 0.8 Bee / Hour) is done on 8 Dec 2020 when we have reached 100k users worldwide. The 2nd, 3rd and 4th rate halving happen when the entire Bee population has grown to 1 million (-> 0.4 Bee / Hour), 10 million (-> 0.2 Bee / Hour), 100 million (-> 0.1 Bee / Hour) and eventually there will be 0 new supply of Bee when the user base is 1 billion worldwide.
While it might feel not very comfortable when you realize the rate of earning is not as fast as the old time, it is an extremely important measure to create and grow the value of Bee by rate halving. For details, you may refer to the section of “Why is Cutting Supply Important at Bee Network” in our newsletter published on 8 Dec 2020.
6. What is the total supply of Bee?
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 the 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.
7. Why is there a difference in bee balance?
The balance on the main page of the application is an indicator of your “temporary” earning in the current session. However, the actual eligible balance will be transferred to your account after a mining session of 24 hours completed according to the formula. For example, given your base rate is 0.8 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 0.8 (base rate) + 0.8 x 7 x 25% (referral bonus) = 2.2 Bees per hour today. If you have signed out before a session ends, your earning of that incomplete session will be forfeited and therefore you will see the difference between the indicator and your actual earnings.
8. Why is the application not starting on a reload screen?
You should press the “Try Again” button. If the application still can’t proceed, we recommend you uninstall the application and delete the relevant data on your phone, and download the latest version on App Store or Google Play and launch again. This shall not affect your Bee balance given you have not signed out before a 24-hour session ends.
9. Is Bee Network 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 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.
Bee Network has invested significant financial resources to acquire website domain Bee.com. We have also invested heavily in hiring blockchain scientists, IT specialists, community managers and other staff around the world to ensure we deliver a good level of service to all users. The fact that Bee Network has achieved a rapid growth of 800k+ users within 5 weeks of the global launch is a recognition by the public.
After all, Bee Network is a mobile application listed on App Store and Google Play free of charge.
10. 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 an extra Bee at 25% x your base rate x number of active miners 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.
11. 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.
12. 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 ‘s test launch was on 8 August 2020 and launched officially to the global market on 3 Dec 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 Marketplace in which players are able to offer your services or goods in real life in exchange for another player’s Bee. We shall enter Stage 2 when we have built a large enough community, which is forecasted to be done within 18 months. 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.
13. Do I need to verify all Facebook accounts, Apple ID and Phone number?
No, you are only required to verify one of your Facebook accounts, or phone number, or Apple ID at stage 1. Bee Network will require further verification from you when the project has entered next phases.
14. Can I change my username?
No, the user name (i.e. referral code) cannot be changed as this is your unique ID registered with Bee Network.
15. Can I change my name?
Yes, we will very soon introduce the feature of letting users change their name in the app, please wait for our next app update. Secondly, we will do KYC in the next phases, so you still have time to change it later.
16. Can I change the referral code who invited me to join Bee Network?
No, It is unfortunate that we cannot change the one who invited you to the application because we will have to respect and honor our referral system.
17. Can I change my phone number if I used phone verification for the first sign-in?
No. Once you have chosen to use a phone number as your signup method, you can only login your Bee account by SMS verification to that phone number. Therefore, if your SIM card is not a fixed mobile phone for some reasons, we suggest you use Facebook or Apple ID as your sign-in method.
18. Why is Bee Network a Referral-only Community?
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 (please note that this feature as Verifier will only be open in next phases). By adopting these measures we strive to make Bee Network safe from both technical and interpersonal perspectives.
19. Why can’t I set up my security circle?
Security Circle & Verifier role will be launched in phase 2.
Please refer to the White paper, Point 3 & Phase 2 about Security Circle: https://bee.com/white-paper
20. What are Bee’s official social media channels and email address?
Please follow our channel below: