1. Introduction

There is no secret that the world has never been wealthier than it is today. Between 2000’s and 2020, we have seen the global balance sheet almost tripling, rising from just 150 trillion to 500 trillion, and consequently the global gross domestic product (GDP) grew 6 times during this period. Despite this generally being a good thing, the regions with the most expansive economic growth rates, US and China, are also the ones that have over two-thirds of their wealth in the hands of only 10% of its households. The general population has also been increasingly more aware of how the traditional financial systems have continuously managed to consolidate the wealth of the richer and impose more and more restrictions on the middle and lower class households. As such, we have started to see a dramatic shift from the centralised power structures to decentralised networks of people and devices around the world. Among others, corruption, unethical behaviour, ridiculous fees and hidden fine prints are the most quoted to have sowed distrust among the people that have begun to turn their back on traditional banks and governments.

From the corner coffee shop to huge corporations, all rely on one thing to thrive - technology. Like everything else, money is also becoming a digital resource and by the looks of it, during our own lifetime. Blockchain, cryptocurrencies and decentralised finance finally stand a chance to disrupt the status quo. Crypto was envisioned as a fair and equitable financial system, one in which everyone could transact fairly and safely with confidence in the stability and viability of that system. However, the ultra-secure consensus protocol boasted by Bitcoin has ultimately turned out to be its Achilles heel over time. As the majority of the crypto industry is based around Bitcoin, everyone is bound to the same range of issues, governance problems and contradictions of claimed benefits. Moreover, if at the beginning of the journey the environment was consisting of tech enthusiasts and dreamers, nowadays, Bitcoin is mostly concentrated amongst large miners, institutional investors and corporations, and mirrors our current inequitable wealth system. High net-worth individuals are once again the beneficiary of the world’s most popular cryptocurrency, as more than 75% of all wallet addresses hold less than 0.01 in Bitcoin.

The decentralised finance ecosystem has grown tremendously over the past few years, becoming a massive global industry. Unfortunately, the fast rate of expansion of the DeFi market also meant that some of the popular DeFi platforms had significant privacy problems, vulnerabilities or unwillingness to continue developing and updating their systems. Currently, there are a few flavours of crypto apps on the market but picking the right one, analysing its features and making sure that it has its user’s privacy in mind is not as easy as it might seem. That’s exactly why we are really excited to introduce you to BEE Lite Network, the next-generation DeFi.

For most people, the crypto industry may seem like it has already taken off and they have missed the opportunity to jump onboard. However, innovation in the crypto sector means there are always opportunities in this budding industry, and the users always determine what truly is worth being successful. As such, we can either bury our heads in sand and hope things will get better or we can take matters into our own hands and create a better future for ourselves.

2. What is BEE Lite Network

BEE Lite Network is a groundbreaking project focusing on enabling individuals to diversify their portfolio into digital currencies and assets and reach financial independence without the risk of losing their investments. It has been conceived with the technical expertise of a dedicated development team, aligned on the vision that everyone should be able to enter the exciting world of crypto, safeguard their assets and partake in a truly democratic and fair ecosystem.

BEE Lite Network is innovative and privacy-oriented, starting with a single NFT collection and a utility token mining app as an initial reward system. Unlike standard NFT’s, the collection created by BEE Lite has a clearly projected, intrinsic value on top of its scarcity. Although we may be at the early stages for NFTs, this provides the opportunity for value accrual and limitless opportunities for visionary enthusiasts.

3. How does mining work?

BEE Lite Network presents a new form of digital currency that enables mining on mobile phones, allowing everyone to earn cryptocurrency free of the complexities of regular mining and resource-intensive processes. The best part about the platform is how easy it is to use. You no longer have to invest in expensive hardware or learn how to connect a variety of services in order to mine crypto. Just start your BEE Lite Network app every 24 hours, and simply restart your mining cycle.

Alongside NFTs, the BEE Lite tokens are at the core of our platform and serve many other purposes outside of the fact that they are in themselves assets with value. Token holders are able to vote on proposals that help determine the future of the platform and the more tokens one holds the more voting power it has. Once mined, BEE Lite tokens can be traded, bought and sold via BEE Lite pay, the wallet feature built directly within the app.

The system is created with impartiality in mind and token allocations are strictly tied to each specific user based on a variety of factors. Let’s delve deeper into the features that make BEE Lite Network the most advanced mining platform ever made:

3.1 Network Strength

The network strength is a factor that is directly tied with our current NFT collection. Any user that activates an NFT in the app, permanently increases the rate of every miner by one point. Once the entire collection is either sold out or activated, the multiplier is maxed out. This feature is a balancing force to the expected rate cuts set in place when the app reaches its critical mass.

3.2 Reputation

Everyone can mine BEE Lite tokens right from the get-go but the mining rate is not going to be the same for everyone in perpetuity. The reputation module is a complex rating system that takes the long-term performance, reliability and app interaction of a miner into account in order to award a trust rating, and with it, extra benefits. The more beneficial actions a user takes, such as mining cycles completed, user invites, pings or NFT activations, the higher their reputation will go and their mining rate along with it. As a user you will be able to see exactly what goes into your reputation rating, how many of each action type you have performed and how they improved your mining rate.

3.3 Mining Kit and Epic boost

The mining kit is a special reward awarded to users that believe in our vision and want to be able to support us towards achieving it. The developers involved in the creation of this platform do not get any special treatment in the app and as such, we as creators, are also dependent on the platform’s success to be able to make our dream of an impartial, inclusive and monetarily beneficial virtual economy for our users a reality. A mining kit can be redeemed every 30 minutes and rewards you with a mining rate increase for the current cycle or directly with tokens.

Alongside the mining kit there is one more tool that users have in their arsenal in order to begin a mining cycle on the right foot and gain a significant advantage throughout. The Epic boost is a feature that can only be activated when a new mining cycle starts and it effectively doubles the base rate at which a user mines.

3.4 Mining Cluster

The mining cluster consists of every member that joined through your personal referral code. Alongside boosting your own reputation score and inherently your mining rate, the mining cluster also creates an internal trust network that helps with the validation of transactions via the BEE Lite pay wallet. Rather than simply relying on computer processing power to dictate the creation of new blocks, our algorithm relies on a combination of reputation and other factors in determining how much effort is required for validation. This is a strictly mathematical quality that accumulates through consistent and honest mining over long periods of time.

3.5 NFT activation reward

When you purchase a BEE Lite Network NFT on OpenSea, you receive a one-time activation code directly attached to it. The code can be redeemed in-app in order to receive a permanent multiplier that applies at the end of the current mining cycle. For each activated NFT you get +1 to your mining cycle multiplier and up to 10 NFTs can be added to your multiplier in total. Alongside, redeeming NFT’s also grants you a one time token injection for up to 10.000 tokens, regardless of how many NFTs you have in total.

4. Why are NFTs a core part of the platform?

Non-fungible tokens use blockchain technology in order to digitally signify ownership. They are being thought as the change makers of the crypto industry through making each token irreplaceable and unique. Whether you are a collector, a trader or an investor, thanks to the blockchain technology now you can become the immutable owner of an unique asset that you can use for both within the platform and make money from its appreciation.

The ownership of BEE Lite NFT’s is tokenized and as such you can enjoy the additional benefits associated with your NFTs. A unique fusion of mining and an NFT collection that can earn you more mining and token rewards in the long run.

Once all initial NFT’s are sold (5000 in total) a new smart contract is released that pays all NFTs holders through the 5% secondary sale revenue pool. Users will have to connect the wallet that owns the NFTs to the app in order to partake in the payment redistribution. If the network reaches 2 million active users before all NFTs are sold out, the smart contract is released sooner leaving a larger pay share for each holder.

With the Smart contract and crypto wallet integration are released, the mining stops and no new coins will be issued. Only the coins minted before this period will remain in circulation. Following this release, the app will be converted into a dashboard that lets users monitor the secondary sales pool and view NFTs by binding their crypto wallet to their BEE Lite account. The new NFT collection will be launched on OpenSea and NFT holders will be able to vote or amend some of the base protocols of the platform, smart contract designs, and further operating use-cases of their tokens.

Redeeming the NFT in-app does not affect in any way your ownership of the asset. It still belongs to you and you are free to resell or trade it as you wish. Majority token holders will as well be given rights on the platform and community ecosystem such as determining outcomes of crucial development initiatives, adjustments of rates and community-based initiatives.

5. Our values and how BEE Lite Network serves them:

Transparency in operations and privacy in data

Bitcoin, the first crypto coin, was founded on the principle of giving the masses full control over their money. It also promises anonymity when conducting transactions. However, Bitcoin and other major coins do not offer true anonymity. Many experts have described the anonymity offered by BTC as pseudo-anonymity. With the right resources, every BTC transaction can be traced to a specific wallet address. Consequently, powerful centralised organisations are still able to keep a close watch over people’s transactions.

Our smartphones hold an immense amount of private information, and protecting it is of tremendous importance. In order to truly make blockchain and crypto widespread, we focus on the user’s right to fully control their digital footprint and identity. In other words, we aim to take decentralisation to the next level. While other blockchains are only concerned with enabling people to regain control over their financial assets, we strive to empower our users to take back full control of their private data as well.

BEE Lite plans to change all that with an innovative privacy-focused model. The model ensures that all users of the network have total control over all the data they generate within the BEE Lite Network. We will never share any of your personal information with anyone without your consent. If any data needs to be shared, it is always with your consent, and only for the purposes of complying with laws, providing you with services, fulfilling business obligations, or protecting your rights.

6. Know Your Customer (KYC) and Anti-Money laundering (AML) procedures:

We have adopted rigorous procedures to verify every account and only those users which have successfully identified themselves in the KYC procedure will be able to make use of the app's features. Strict compliance with these procedures protects both you and us from criminal elements such as money laundering activities and terorism financing. These were put in place based on the current market practices and in accordance with all applicable EU legislation.

KYC applies to all sectors of activity but it is especially sensitive in sectors such as those related to finance and wealth. Our eKYC process is designed as such to offer a straightforward and comfortable experience to our users and ensure they are able to use the app from the first moments of contact. This process meets the same safety standards as traditional forms of identification and offers a high level of safety and reliability by ensuring that only legitimate users can join the network while helping to screen for malicious participants.

The KYC is not only important for us to maintain a safe environment for our users but it also plays a major role in improving crypto’s public image throughout the economy. Stronger compliance could help crypto shed some of its perceived association with money laundering and other criminal enterprises which would further encourage wider adoption and interest.

7. Innovative Consensus Algorithm

The consensus algorithm used by most of the major cryptocurrencies is the Proof of Work algorithm. However, this consensus mechanism has its drawbacks. One of the main issues is that the network transactions can slow down during times of high traffic. In some cases, it can take up to an hour to confirm a transaction. Besides that, the PoW consensus mechanism can at times drive transaction fees up. The result is that it has made it impractical to conduct small, everyday transactions.

Running a Bitcoin node or an Ethereum node requires you to have a computer with a dedicated hard drive connected to the Internet 24/7. The BEE Lite Network app, on the other hand, can be run on any Android device, allowing anyone in the world to enjoy the benefits of blockchain technology and decentralised finance. Unlike the competitive model of hashing, used in popular blockchains such as Bitcoin or Ethereum, collaborative hashing implemented by BEE Lite is much more efficient, accessible and inclusive.

In the current year, people use their mobile devices all the time, and never leave home without them. All of the most popular social media platforms such as Facebook, Instagram or Twitter are fully usable on smartphones. Meanwhile, all of the largest blockchains on the market still require a powerful PC to operate, which is a massive obstacle on the road to global crypto adoption. By employing our collaborative hashing algorithm, we allow anyone, anywhere in the world to fully enjoy blockchain technology. The innovative consensus mechanism employed here ensures that even during times of high traffic, the processing time is near-instant and transaction fees remain insignificant.

An Opportunity to Join the Crypto Sector

For those who missed out on the massive opportunities for growth provided by BTC since its launch a decade ago, the BEE Lite Network’s digital asset is an opportunity to get in early. Our feature packed and easy to use app provides you with a wide range of safe and profitable applications in today’s world. A real chance of accelerating the global crypto adoption by making decentralised finance more accessible and more private than ever before.

Perfect for those who want to get started with cryptocurrency but don't have time or interest in investing in expensive hardware. In the world of crypto, the coin with the maximum benefits carries the most audience. To reclaim those numerous benefits, joining BEE Lite Network is the way to go. Match the needs of the fast-paced, modern-day world of today by joining in early in the virtual economy.

We pursue our goals relentlessly, getting closer to success