This is the second episode of a five-part series on the best free to claim cryptocurrency projects on the market right now. The projects we will be researching and answering all the questions to finally decide on which of these projects have the brightest future in episode five are Pi Network, Bee.com, GoodDollar and Idena. This episode is an initial intro and micro deep-dive into what Bee.com is, some stats and general information and then my thoughts or concerns on the token at hand. I will be providing some opinions that may not be suitable to fanboy or fangirl ears. I think it is important to discuss topics of concern that would be important for a general user to know and understand. So, let’s get into Bee.com and see what they are offering.
Intro to Bee.com
Bee Network is a Decentralized Autonomous Organization (DAO) organization whose essential operations are automated agreeing to rules and principles assigned in code without human involvement.
What is the problem that Bee.com is trying to solve?
They are trying to solve the centralization problem inherent to many traditional financial services by opening up a user-run and operated DAO based on the idea of a hive of bees where each bee has its own purpose and goal in life, while still contributing to the greater Hive. The Hive Mind concept is based on Kevin Kelly’s 1995 book Out of Control: The New Biology of Machines, Social Systems, and the Economic World. In a Kelly Hive Mind, “there is a clear division of labour in which each individual honey bee has its own role and responsibility, and they all work together systematically and spontaneously to ensure the smooth operation of the Hive in the absence of a central authority. This ecosystem is also known as a distributed system which its productivity relies on thousands of individual input.”
How is Bee Network going to solve this problem?
They are going to be leaning on the self-sufficient model of governance which is popular in critical theory solutions to collective action problems globally. The Bee.com Whitepaper explains the three functions users play in the network like this:
This self-sufficient ecosystem has the following characteristics:
- Recognition in the existence of individuals and modules within the organization: Individuals and modules own a high degree of independence yet maintain close contact with each other. Independence means that each module has its own division of labour and close contact means a convenient way of communication between related parties.
- Powerful accommodation ability within each module: Each module is able to maintain its equilibrium by accommodation in the absence of a central authority.
- Unified objective and unique capability of individuals and modules: in order to fulfill the characteristics stated above, each individual and modules share the same objective and each of them would contribute to the objective in their own way, for example, some independently extract honey, while some independently work as pathfinders.
How does Bee.com reward its users?
Users on Bee Network can fulfill 2 roles currently, with a third to come in Phase 2 of the project.
- Visioner: A verified user who logs in daily to receive 0.4 Bee/Hour
- Ambassadors: A Ambassador can refer new Visioners to join your team which you will be able to interact with your team members and accomplish missions together in the upcoming in-app functions to be launched when the Bee Network project has entered the next phases.
- Verifier: verify the identity of members & bring them into your verified network. By doing so, you confirm: You know the person whom you have verified in-person & You trust they are ethical and not fraudulent.
However, please note that you will need everyone in your security circle to successfully complete the KYC (Know Your Customer) compliance process before you can utilize the full functions in the next phases.
Bee Network Development Phases.
Start of Phase 1: 1 Million Users, Referral system
Start of Phase 2: 10 Million Users, Core Team will be launching KYC to validate users. Contribution and Proposal System. Later in Phase 2 Dapps and Node System
Start of Phase 3: 100 Million Users, Establish a Network Exchange,
End of Phase 3: 1 Billion Users, end of mining.
Is there value in using the Bee.com App?
If you watched my previous episode on the Pi Network, you will know that I tend to err on the side of giving an organization the benefit of the doubt. It is also important to know that in comparison to Pi, Bee.com is relatively new as well.
Whereas Pi Network has a blockchain plan, and test net up and running, Bee.com has none of these things, at least not publicly available. I am currently using Bee.com as an Ambassador, not because I think it will have immense value down the road but because on Bee.com they effectively promote general crypto news as well. I could see Bee, bee-ing a social hub on whatever network it eventually ends up launching on. And there is some value in that.
Notably, like Pi Network, there is currently no way for users to cash out to another currency. I made a joke in the previous episode about how sad it is to log in every day just to see a number go up and a timer run down, but at the moment, that is what Bee.com’s app is.
A few concerns….
- Bee.com is being funded by anonymous donors, this is only disclosed once in their official documentation.
- Bee.com is likely in the same situation, only worse, as Pi Network as far as the likelihood of establishment of a token on-chain. Growing too large without a plan, and no way to fund the building of the tech, servers etc without taking onerous money from shady sources.
- Bee.com is a news app at the moment. The log-in to claim feature and the invite function are there but seem to be slowly being pushed back for more general crypto news. This is fine, and actually a selling feature in some cases, but it feels the focus is on producing content, not getting a token to market as advertised.
- Bee.com uses in-app advertising that cannot be opted out of, unlike Pi Network.
- They seem unwilling to commit to issuing a token to users. Unlike Pi Network who has already claimed they are operating on the Stellar Network, Bee has no such claims. Leaving open the question, why not?
- I would not recommend fulfilling the KYC on Phase 2 Launch unless you are 100% clear that your personal data could be potentially given or sold to interested, invested, third parties.
- This is either one of the largest marketing scams in modern history or has just boomed with the crypto surge of recent months to a place that the Core Team did not expect this quickly.
- I want to believe that this is a project that just took off before it was ready, but, I still advise strong caution, especially if you live in a location that access to crypto is restricted by law.
Conclusion
Bee.com has a noble stated goal that makes sense to most people involved in the crypto space, especially those who have experience with mining and earning other cryptocurrencies. It has borrowed the referral and ambassador program from Pi Network and I think looking at both network’s verified user statistics, it has proven to be successful. The problem is that Bee.com is even further behind Pi in the real-world implementation of their currency. I thought that Pi had a 50-50 chance of being a token that is tradable in 2021. And probably slightly higher if we expand the timeline a bit. Bee.com seems to not even be working in that direction.
One of the main issues with Bee.com is the level of transparency, and because this is a comparison to the other tokens we will be discussing, Bee.com simply Fails on this issue, right now. I am personally involved with this because I think the potential is there, and I don’t value my internet privacy as highly as other people do. I am a public figure for the most part and most of the information on me is already public. For those who are not in that situation, I would advise caution. This project very much reminds me of a classic influencer-pushed scam. Get a few notable people on board who may not be experienced in the space, have them push this project to their users, and grow through nefarious actions. This is specifically why I will not be providing my invite code to this project.
After doing in-depth research on this project, I would say it is far too early and far too secretive for me to recommend using this app to people I personally know. When I said Pi was 50-50 on releasing a token this year, I believe Bee.com to be around 10% of listing a token, ever.
Digital Privacy is like your virginity, once its gone, you can't get it back. If you still have it, don’t give it up for Bee.com.
Thank You!
Thank you for taking the time to read my analysis and thoughts on the Bee.com Network/App. If you want to support me even further, I have posted a drop on Atomic Hub here. https://wax.atomichub.io/drops/12170
They are only 1 Wax each and all proceeds go towards the CAIT project on WAX. You can read more about the CAIT Token here.
