Hello, and welcome back to another installment in our Passive Machine blog! Today, we're looking at something that has been making waves and tides for quite a while in the crypto space. That is the Bee Network, which seems to be a derivative of the infamous Pi Network.
But before we dive into whether it's a waste of time or not, let's look at what it posits as a cryptocurrency, and what it aims to achieve.
What's the Bee Network?
Simply put, the Bee Network is an application available to both iOS/Android app stores, wherein you can collect its namesake cryptocurrency, BEE. In the app, you can press a button to begin collecting (or mining) BEEs for a fixed period of 24-hours, which does not consume any sort of power from your device. In order to join the network, you require a referral code, use the code: ooder
Its aim as a cryptocurrency is quite simple, with the purpose of it being to expose itself along with the cryptocurrency industry to the average Joe. The steps taken towards achieving that is characterized by the fact they are freely distributing BEEs in such huge amounts everywhere around the globe, as well as an aggressive marketing campaigns.
As of the time of writing, you cannot withdraw or deposit BEE, the only thing you can do right now is collect it manually by pressing the bee button every 24 hours. But in the near future, many phases, as detailed out comprehensively and in detail in the white paper, will take place during the infancy of BEE, including a dedicated marketplace inside the application itself for selling services and goods and, with the BEEs you collected at the beginning, you'll be able to purchase whatever is sold on this marketplace, with the final phase bringing about the exchange listings and withdrawal/deposit capability.
In addition, there is a deflationary measure to this cryptocurrency, with the halving event taking place every time the user base's number hits a milestone at a factor of 10. At ten million users, the third halving event will take place, and so on.
Well.. is it a scam?
Seeing how rapidly this new and creative platform has been growing since its inception back in august of 2020, it's still unclear to everyone whether it's a legitimate service or not. It's just simply too early to tell, since we can't do anything with the BEEs yet, but I'm faithful that the developers behind this innovative application aren't going to ditch us out. That being said, if it turns out to be a bogus app, then I don't think anyone would be annoyed at the fact they wasted 5 seconds of their time clicking a button once every 24 hours.
Thank you for reading! Gamble, earn interest and bet on sporting events at FreeBitco.in!