My son is just gone 13 and I would consider him financially aware for his age. As I have an interest in cryptocurrency, blockchain, and web3, much of this has filtered down and he is very aware of this space.
Yet I was still surprised when he came to me rather excited asking if I knew of this Bee Coin. He had been sent a link from his friends in school and he said they were all mining it and wanted to know if it was for real.
Before I get into Bee and explain what I have found out, let's first talk about adoption. Irish school kids are mining this coin with their phones and sharing it like crazy. The youngest I know is only 10 years of age. These kids are digital currency kids anyway. They have grown up buying skins and other in-game purchases using in-game coins and currencies like Robux in Roblox. This is nothing new to them. Many have heard of bitcoin, although not necessarily blockchain. It's just another digital coin. That has value, just like the in-game purchase gave them whatever value they're perceived at the time.
The rate this is being shared by the kids is outstanding. What my son was told by his friends was that it was like bitcoin and its money. This thing only launched at the end of November and is boasting 1m users already. Kids have the ability to make things go viral really quickly and this is bringing the concept of mining, blockchain, and crypto to the kids of today.
So, let’s talk about bee and the bee network. From what I understand it’s similar, if not a copy of Pi. The idea is, using your mobile phone the more you invite to the network, the greater the influence you have and the faster you mine new bee. I did a bit of digging around and feel if the team can pull this off, they might just have a winner, based on the way Irish kids are sharing it.
However, I could not find a blockchain or a smart contract. Although the white paper explains blockchain, there is no mention of embedding this within Bee. The future hope is to list it on exchanges. Which there must be a blockchain requirement at that stage. Yet the information available from Bee is very vague. It's super early days with this project, and from reading the whitepaper and timelines, they are only expecting 3m users by Q3 of 2022. Almost 2 years away. At the current adoption rate, they will hit that figure much sooner than expected. But can they deliver a blockchain and cryptocurrency?
And if they do deliver, will the coin or token have any value? Well, there is going to be some scarcity that’s for sure. Halving happens based on the number of users, which we know is ahead of the project timeline and no new tokens will be minted once the platform reaches 1b users. The project will require KYC to use the token, so how long will coins be locked away for while these kids that are making it go viral wait to come of age.
I am glad my son came across this, if nothing else it reinforces the message that digital money is here to stay, and adoption is for sure on the way. It gives him more curiosity and he is happily mining away his bee tokens. And I hope you will help me encourage him. As this is a network app, the more peeps that sign up with his referral the more he mines. So, go download the app and start mining bee, sure you have nothing to lose. And use the referral dylanglynch to boost his mining power. It will for sure motivate him some more.