What are the differences between mining crypto using Pi Network and Bee Network? When you want to mine crypto coins via your mobile phone you will not only need to worry about the safety aspect but also consider the amount of battery that the process will drain out from the device.
However, these problems are somewhat resolved by two specific networks namely, the Pi Network and the Bee Network. Both these networks have proved to be very useful for mining crypto coins.
The best thing about them is that when you use them, they will not only allow mining easily but will also transform your perspective regarding digital currency perpetually.
You simply need a strong internet connection for that matter.
The Pi Network, on the other hand, is also very useful software to use for crypto mining and allows the users to contribute to the network in ways more than one.
It is also quite safe and comes with sophisticated technology. However, there are some differences between these two networks.
If only you know them you will be able to choose and use the right kind of software to mine crypto. If you are unaware of them, do not fret.
Here is an article that will let you know about the differences between them along with a few similarities.
Mining Crypto Using Pi Network vs Bee Network – The Differences
The Bee Network is supposed to be a clone of the Pi Network.
The mining process of both is somewhat similar just as the roles the users can play while using them as well as their halving schedule.
However, the differences between these two networks are much more and here are some of the major ones that you should know.
This knowledge will surely help you to choose the right software to use in your mobile phone, iOS or Android, for mining crypto.
The Pi Network adopts a consensus algorithm based on the SCP or Stellar Consensus Protocol and its Federated Byzantine Agreement or FBA.
This SCP and FBA integration solves different problems faced by the Byzantine Fault Tolerance or BFT algorithm regarding centralization.
This helps in making mining much more non-energy intensive. The algorithm is run by the node software network to handle the trust graph information and the network relies on it heavily.
It does not have to rely on a quorum determined via centralized means but on the decision of the nodes on whom to trust. It includes it in its decision-making group to create a decentralized quorum by forming several quorum slices.
The validators can accept incoming transactions only when these nodes decide to accept a specific transaction at a particular proportion.
On the other hand, there is not much info available about the technical details of the Bee Network from its whitepaper which consists of only the basic details of the project along with its introduction and vision.
Therefore, nothing much can be said about how exactly the network maintains consensus. However, it is presumed that it uses an algorithm that is similar to that of the Pi Network being a clone of it.
Remember, this is just a deduction from the terms ‘security circle’ used in its whitepaper.
The roles played by the users are also quite different in these two networks and depend on their functionalities and features.
For example, on the Pi Network, the users can contribute to the network in four different ways such as:
- Pioneers – They are the regular users who sign in, mine, and confirm their presence.
- Contributors – They are the ones who provide a list of trusted pioneers. A pioneer can become a contributor after completing 3 mining sessions and including 3 to 5 different users in their security circle.
- Ambassadors – They are the ones who bring new users to the network. For every new user invited, they can earn up to 25% more on their base mining rate.
- Nodes – These are the users who are either pioneers or contributors using the mobile app and running the node software of the network on their computers.
On the other hand, the users of the Bee Network play three different roles to contribute to the network such as:
- Pioneers – They are the same as those of the Pi Network and sign in to mine crypto.
- Ambassadors – They are also the same as those of the Pi Network and invite new users to their team to complete their missions with them in future in-app functions and add them to the network.
- Verifiers – They are the same as the contributors in the Pi Network. They verify the identity of the users and confirm that they are not fraudulent.
However, the Bee Network plans to launch the role of the verifier for everyone in the future where everyone will have to complete the KYC or Know Your Customer verification before they can use the complete functionality of the network.
Development Team Identity
It is not very difficult to know the identity of the development team of the Pi Network. This is because they have a known team dedicated to their development. The team includes Nicolas Kokkalis and Chengdiao Fan.
They are both Stanford graduates and holders of doctor’s degrees. Though Vince McPhilip, a Stanford MBA, was also in the team but has left the network to move on to other projects.
On the other hand, the development team of the Bee Network is not identifiable and assuring because it is anonymous.
When you consider the plans of the project for the future as well as its roadmap, the Pi Network seems to have one that is very clear and precise.
Their deployment plan includes all of the different phases of the project such as the launch of their testnet and mainnet.
However, the release of these phases is mainly based on the community and not on any concrete figures. It is released only when the community feels that the software is ready.
On the other hand, the project roadmap of the Bee Network includes only the milestones that it intends to achieve before moving through the different development phases of it.
For example, as said earlier, the project intends to launch the Know Your Customer verification process once the number of users of the network reaches anywhere between 1 million and 10 million. It also plans to introduce the dApp ecosystem and nodes then.
For example, on iOS, the Pi Network collects contact information that includes the numbers as well as identity information such as the personal email addresses of the users.
On Android, it collects the same contact information along with some other quite perilous permissions by which they can change the settings of a system as and when they deem it fit for any particular user.
On the other hand, The Bee Network on iOS only collects the contact information. As for the Android app, the requirement of the network seems to be much more intrusive.
Here the network needs permissions from the users to their contacts, phone, location, camera, notifications, storage and even the apps running on it.
This makes the network less privacy friendly without any doubt, though you can certainly choose not to give these permissions.
Number of Users and Mining Rate
According to a report, the number of users on the Pi Network crossed 20 million as on July 21, 2021.
This number however includes only community members who are actively engaged with the network all over the world and not the users who have simply joined it.
The mining rate of this network is expected to be 0.2 tokens per hour since it still has to announce its fourth halving.
On the other hand, the total number of active users on the Bee Network is reported to have crossed 10 million, which is half of the number of users of the Pi Network. However, the mining rate offered by this app is 0.2 tokens per hour as of now.
Some Other Differences
Here are a couple of smaller yet noteworthy differences between the Bee Network and Pi network.
Date of Launch
The Bee Network was launched in December 2020 while the Pi Network was launched more than a year earlier in March 2019.
Both these networks award the users for their contribution to it with their native token which is BEE for the Bee Network and PI for the Pi Network.
Which is Better – Mining Crypto Using Pi Network or Bee Network?
Though the majority of the differences between these two networks may make you think that the Pi Network is better than the Bee Network, there is a lot more that you should know in order to decide which is really better and which you should choose to use. Here they are.
Ideally, the Bee Network downloaded from the Google App Store allows an average user to mine as many as 5000 coins in a year or about 14 coins a day.
However, there is one thing that you should remember at this point.
The native token of this network is not worth much but the users think that it will be valued at over $2 for each coin or anywhere close to the value of the Tether USDT which ranges between $1 and $2.
Based on this assumption of the value of the token of this network this means that if you mine that many coins you will have a balance of $5000 in your account. This is quite a handsome annual return.
The Pi Network is also quite useful as it allows mining digital currency using a phone without using a large amount of electricity to solve complex mathematical puzzles like you need to solve the computational problems in Bitcoin.
The network also ensures safety during the process with proper security circles that are created when the participants in the network vouch for the trustworthiness of each other.
These security circles are created by three to five trusted users of the Pi Network.
They create a global trust graph to secure the cryptocurrency of the network which helps in differentiating the malicious actors from the trusted ones and in the process it prevents making any fraudulent transactions.
In return, the network rewards the users with its native token for making such a contribution to it.
These two networks typically solve one common and significant issue faced by Bitcoin. It is the ease of access.
As you may know, Bitcoin has grown in popularity over the years significantly and the price of each coin increased from less than $0.10 a coin in July 2010 to nearly $45,000 each in September 2021.
This signifies that the early miners are benefitted more since they now control the major part of the network.
According to an estimate, 71.5% of the entire supply of Bitcoin is owned by just 2% of network users which does not include the crypto exchanges and miners.
The report also says that several institutional investors and ‘whales’ are amassing more Bitcoin.
Add to that, there are several companies and major corporations that are building their own Bitcoin mining farms and operating their own coins.
All these made it quite impossible for any average user and network contributor to mine and contribute to the network in order to get block rewards.
It is because it is very challenging for them to get the significant amount of capital required for mining new coins.
This is what both the Pi Network and the Bee Network have solved and helped the users from all over the world by making crypto mining more convenient, easily accessible, and obtainable, that too by using their mobile devices.
In addition to this, there are a few specific similarities that you should also know about these two networks in order to make a wise decision and productive choice in the end.
As said earlier, the Bee Network is a clone of the Pi Network and therefore, apart from the similar consensus algorithm, there are a few other significant similarities.
In terms of the token value of these mobile apps, both PI and BEE do not have much as of now since both are not listed yet on any crypto exchanges, whether centralized or decentralized.
However, both are planning to enlist their tokens very soon.
In terms of functionalities of the two networks, both allow mining crypto using their software and also act as a digital wallet to hold the mined coins.
In terms of the features, both these apps come with a dedicated chat section that allows the users to communicate.
Their features also include a team management section which helps the users to manage the new users they invite to their team.
Both these networks also offer referral bonuses to their users when they invite other users to join the network and start mining crypto coins.
These users need a referral code available in the review section of the iOS App Store or Android Play Store.
The two networks also use a common model for multilevel marketing and pyramid schemes.
According to this model, the users are offered bonuses to the mining rate.
The process followed and the mining equipment required for both Bee and Pi users are also the same.
They only need a mobile phone with a low-end processor.
To mine the tokens they need to download and install the app from the proper store, follow the identity verification process, and sign up to create their account along with a referral code.
They need to log in once in 24 hours to mine new tokens.
As for the halving schedule, both these networks offer a mining rate of 1.6 tokens per hour initially.
However, when the number of users reaches up to 100,000, it is reduced to 0.8 tokens per hour.
It is halved again to 0.4 tokens per hour when the number of users reaches up to 1 million and continues to be halved when it reaches 10 million, 100 million, and 1 billion when it is finally reduced to 0.05 tokens per hour.
However, at this point, you should note that the mining rate of the Pi Network may soon be as low as 0.1 tokens per hour since it has more users as compared to the number of users on the Bee Network.
Therefore, in the end, it can be said that both the Pi Network and Bee Network are quite similar projects that allow users to mine new tokens easily by using their smartphones comfortably.
However, which one of them will be more suitable for you will depend on the type of your device and operating system.
Now, after knowing all the differences, similarities as well as some other valuable information about Pi network and Bee Network, you should make your final decision based on your convenience and preferences. Happy crypto mining!
If you do not know the differences between the Pi Network and the Bee Network you will not be able to choose the one that will be most suitable for you since the latter is a clone of the former. This article will make things much easier for you.