Pi Network VS Bee Network - What's What and Which is Better?
Since the early days of Bitcoin, mining has been a central aspect of many cryptocurrencies. This power-intensive, time-consuming, space-taking, hardware-damaging proof-of-work process originally intended to decentralize the digital world has unfortunately resulted in some groups and people controlling massive swathes of the currency and left others in the dust. In recent days, cloud-mined mobile-based cryptocurrencies have begun popping up, aiming to allow more people to have access to cryptocurrencies and helping prevent a small fraction of the users from hoarding a massive fraction of the total supply. These cryptocurrencies do not need equipment of massive amounts of data or electricity to mine
Today, we will be looking at and comparing two seemingly similar mobile-based cryptocurrencies known as the Pi Network and the Bee Network. Which one is better? Which one should you look into?
The Pi Network
The Pi Network is a mobile-based cryptocurrency project that was initiated by a group of professors and graduates from the Stanford University in California, the United States of America, in July 2019. The group claims to be the world's first digital currency that can be mined through the phone (Even though Electroneum was once mineable remotely via phones too) and says that along with a cryptocurrency, the Pi Network aims to be a smart contract platform "secured and operated by everyday people".
Pi coins can be obtained by downloading the Android or iOS Pi Network app, signing up, and pressing "Start Mining" once a day to receive some coins. Currently, Pi is by invite only, so if you want to, please feel free to use my referral code: AverageVancouverite to create an account. You can also increase your earning rate by inviting other people to your "mining team". While this probably sounds like one of those ponzi schemes or referral schemes, it's not all that risky as the app is free to download and use, and any app on the Apple App Store is likely not malicious or damaging (The company/project must provide proof it exists like providing a valid DUNS number, and the app will be taken down if it breaches any of Apple's rules). At this point, it appears that the Pi Network is simply trying to rapidly increase its userbase.
Each "mining" session is active for 24 hours, and users must open the app once a day to keep on mining. However, you're probably thinking "How is free money possible? Nothing is every free, even if it's worth pretty much nothing!". In some sense, you're right. Since Pi is a newer coin, any "mined" coins cannot actually be traded, meaning the coins are currently worthless. The team aims to have the coin tradeable and listed on exchanges sometime in 2021, but until then, it is still unclear what a single coin is worth, of it they're worth anything to begin with. In a worst case scenario, coins are absolutely worthless.
Personally, I believe that participating in the Pi Network is relatively risk-free, as you don't need to buy any app, don't need to provide much personal information, and can download it from reputable app stores. Even if Pi coins never successfully reach the market or the coins are worth next to nothing, you at most wasted a couple seconds a day. I'm personally very interested to see where Pi goes in the future, as it seems like a very low-risk thing to join in for those looking to get into another cryptocurrency.
The Bee Network
So, for those people who have used the Pi Network or familiar with what it is, the Bee Network will look and seem suspiciously similar to the Pi Network. Even the interface shows a lot of resemblance alongside the roadmap and objectives. The Bee Network developers also say that their cryptocurrency aims at bringing cryptocurrencies to the masses though mobile (iOS and Android) cloud-mining. Similarly, users of the Bee Network will also have to open the app once a day to mine (The Bee Network is also Invite-Only. Please feel free to use by referral code: ryanruan to sign up!). The Bee Network was launched in December of 2020, and many people online have been criticizing the platform of simply copying the Pi Network, making minor adjustments, and advertising it as an original idea.
Like the Pi Network, the Bee Network also uses a system where user mining rates are halved each time the total number of users passes a certain set point, and also uses "Mining Teams" as a referral-based way to increase mining rates. Additionally, Bee coins are currently not worth anything, though the roadmap suggests that the developers aim to fully launch the cryptocurrency and have the coin possess market value by 2024. Just like Pi, Bee could end up being worth a lot, a little, or even nothing at all.
So... What's the Advantages and Disadvantages of each?
First off, it's important to look at the developer teams. While the Pi Network does have a relatively small development team, the members are professors and graduates of a reputable University, and have their names and information publicly listed on the website. On the other hand, the Bee Network's website does not reveal anything about the developers for the moment. Personally, I think that a faceless team is less trustworthy than one with names and stories, especially because the Pi Network came first. In regards to trustworthiness, I would have to give the point to the Pi Network.
Next, let's take a look at User Interface. Both apps are quite simple, though Pi Network has a few extra applications within the larger app. However, the Bee Network app looks a lot cleaner, feels more intuitive, and looks more polished up. While I would give the aesthetics point to the Bee Network, the Pi Network has more functionality (User chats, FeverIQ, and several other apps in development).
Finally, let's quickly compare the whitepapers and roadmaps. For the most part, the Pi Network's whitepaper is quite basic compared to many other cryptocurrencies, tokens and projects, but lacks a clear roadmap. Rather than have concrete dates set of when new features are released, when mining rates change, or when the coin goes into the market, the Pi Network uses "Phases". making it unclear when anything will take place, if they even happen in the first place. Meanwhile, the Bee Network has an even shorter whitepaper and the middle third of the paper isn't really even relevant to the coin itself since it just talks about what cryptocurrencies are, how they work, and discusses the 10,000 BTC pizza incident (I'm not joking... Look at the screenshot below...) Their timeline seems to be a copy of the Pi Network's timeline, and also isn't totally clear...
All in all, the Pi Network seems to have more advantages over the Bee Network, boasting a more developed app, more transparency, and a much more original idea. However, this does not mean that the Bee Network is definitely a clone/scam or not worth your time. It simply means that someone out there saw the Pi Network's potential, thought it could do better, and decided to keep some aspects while changing other things. On the other hand, because the Bee Network is much newer, it might be rewarding to be an early adopter of the technology!
Neither coin have value right now, and both are free to download and use. Both are listed on both the iOS App Store and the Android Google Play Store, so they are not as likely to be malicious. Both require daily checkins to keep cloud mining, and both have referral systems. In the worst case scenario, the coins are worth nothing, and all you lose it a bit of time and a bit of hope. If you're curious about cryptocurrencies or want to get in on another project, these networks may be for you!
Disclaimer: I am NOT a financial advisor, and my reviews/overviews of cryptocurrencies, platforms, projects, and miners are based on my own personal experience. Everyone has different experiences. I am not affiliated with the Bee Network or Pi Network team, and am simply writing an article about an interesting application/cryptocurrency I found. I am not recommending people to download the apps, nor recommending people to stay away. The referral code is simply there so that if you support my content and what to find out a little more about the Bee Network (ryanruan) and the Pi Network (AverageVancouverite), you're free to do so. No investment is a guarantee. Remember, whether is stocks, real estate, or cryptocurrencies, only invest what you can afford to lose!
