Bee Network Overview: Is It Trustworthy?

What is Bee Network?

Bee Network is a system that can be downloaded from Google Play and the App Store, and its working method is similar to Pi Network. After downloading the application, user can sign up for the application with his/her e-mail address or phone number and can do “BEE” mining with just one click per day. This application, where you can increase your mining speed by bringing reference members, has more than 1 million members according to January 9, 2021.

So is this app safe? Is the foundation of the project trustworthy? Will the "BEE" coins earned now have a financial equivalent in the future? I read the Whitepaper of the project for you and used the application for a week. If you ask my opinion, I think that the foundations of the project are not trustworthy and you will only waste your time by using this application. In the remainder of my article, I'll explain the factors that made me think that way with subtitles.

Bee Games Ltd.

The company that published the application, Bee Games Ltd. , is seeming as game company in App Store and Google Play Store. App was released as a game. When we visit Bee Games Ltd.'s web page, we see "Earn a Bee in the game, win in a new way in life." slogan. First discrepancy is exactly beginning from this point.

"BEE" Does Not Have A Blockchain Yet

"BEE" coins can only be held in a constant stiuation in the application balance. The system does not have a blockchain system to "BEE" or buy "BEE" to others yet.

Irrelevant Definitions and BTC Samplings In The Whitepaper

When we look at the Whitepaper, we come across with descriptions that are irrelevant between the items. For example, blockchain and decentralization definition is given in the second article. While Whitepaper needs to define the project itself in the best way, redefining the concepts already known in the cryptocurrency world and giving BTC example in each item may be an effort to create a perception to the users that this project is similar to BTC. It is unreasonable.

The Roadmap Is Not Innovative, Almost As Same As Bitcoin

For a project to be adopted by users, the project must be inovative and determined. Considering to proceed very similar to Bitcoin as a road map, Bee Network could not add any innovation to the process. At the same time, “When the total user base increases to 100,000, 1 million, 10 million, 100 million and 1 billion, the base rate will be reduced by 50% from 1.6 -> 0.8 -> 0.4 -> 0.2 -> 0 per hour for a Miner, so early Bee Network players more Bee will have the advantage of winning. " As mentioned in the statement; Depending on the number of users, it will continue as 1/2 times over time, just like BTC.

Will Request KYC In The Future Without Stock Exchange

Most people in this sector know that crypto money exchanges require KYC (identity verification) from their new members for various security reasons, especially to prevent money laundering. According to the Bee Network's roadmap, the application will request KYC from its users in the following period. The fact that it will make such a request even though it is not an exchange website will create question marks in the minds of users. It is absolutely confusing for them to take such a step, with almost zero crypto wallet applications requesting KYC in the market.

They Will Face With Problems When Listing "BEE"

Many exchanges require that a certain percentage of the supply of that cryptocurrency as pledged as collateral in order for a coin to be listed in itself. No exchange will ever list a cryptocurrency without making a profit. Bee Network claims that it will be listed on cryptocurrency exchanges by 2023, on average, according to the roadmap. There is no data proving that they will be able to gain the financial resources to provide these listings within two years.

As a result, you are "the product" in this application. The application that you will enter and use every day for two years in the hope that it will be listed on "BEE" exchanges will generate its own income by placing advertisements for you, marketing your phone number and your personal data to other institutions in the future. Throughout this process, it will earn money from your hope. I personally do not see this project as a grounded and promising project. I am not a supporter of using or letting them be used. Of course, you are the ones who will make the final decision for yourself. We will see that what will happen in the future.

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