CRYPTOCURRENCY

*#1*

Hello Pioneers!

I Want to Educate you how Blockchain work and I'll Like To Briefly Discuss About
Some *Basic CryptoCurrency Blockchain Terms* That We Hear And Read Everyday, A Lot
Of Us Are Familiar With This Terms But Doesn't Really Understand The Real
Meaning ,While Most People Are Yet To Hear And Know About This Terms.

I'm Yet To Still Explain some More Familiar Terms, The Meaning, The Differences
And The Similarities.

1. Types Of Consensus Algorithm

2. The Type Consensus Algorithm Used On bee Network And How It Works
3. Why People Criticize bee Network , Due To Formal Knowledge And Ignorant Of How
The Blockchain Network System Operates
4. Failure To Understand bee Network's Algorithm
5. Bee Network's Protocol, The Security Circle, Truth Graph, Quorum And Slices All
Explained
6. Also Help You To Understand The Process Of Earning CryptoCurrency On The bee
Network, That Many People See It As *Mining*.

I'm Very Very Sure You Wouldn't Like To Miss That Topic???
After You're Able To Understand This Topic About *Blockchain Mining , Algorithmic
Mechanism You'll Realise How *Lucky And Fortunate* You Are To Be A *Pioneer*
Participating As An *Engager* On bee Network

Alright, First Let's Help Prepare Ourselves For The Big Discussion By
Understanding Few CryptoCurrency Blockchain Terms.

*1.Crypto Currency*
It Is A *Digital Form* Of Money That Can't Be Seen, But It Exist *Virtually* As A
*Computer Money* And Also Accepted As A Medium Of Exchange.
In My Own Words, I Define Crypto Currency As *A Virtual Fixed Asset* Because In
Most Cases People Invest On CryptoCurrencies To Be Used As A *Store Of Value*
Rather Than The Main Purpose Of Crypto Serving As *A Medium Of Exchange* In Buying
Goods And Services.

Crypto Currency Can Also Be Called *Digital Coin*.

The *Current Evolution Of Money* Is The *Fiat Currency*(Paper Money) That We're
Using Today
While
The Next Evolution Of Money Is *Crypto Currency*
That's Why Cryptos Its Also Known As *Future Money*
Sooner Or Later *Fiat Currency/Paper Money* Will Fade Away Just Like *Trade By
Barter* Faded Away, And Then In The Future Everyone Will Be Using *Crypto
Currencies*

*2. Digital Wallet*

A Digital Wallet Is Where Users Can Store And Manage Their Cryptos. Unlike We Have
*Banks* Where We Keep Our *Paper Money (Fiat Currency)* , We Can't Store Crypto In
Banks, That's Why We Make Use Of *Digital Crypto Wallets* Where We Keep Our Coins.
*3. Wallet Address*
Also Known As *Public Key* Is A Cryptographic Code That Allows Users To
Receive Cryptocurrencies Into Their Accounts. Its Also Used To Facilitate
Transactions Between Parties, Allowing Users To Receive Cryptocurrencies In Their
Wallets. Unlike We Use *"Bank Account Number"* To Send And Transfer Cash To Someone
In Our *Local Banks*. But Here When It Comes To CryptoCurrency We Use *Wallet
Address* (Also Known As Public Key) To Send And Receive CryptoCurrencies.

Every Crypto Has It *Wallet Address* Just As Every Bank Has It *Bank Account
Number*
Simply Put It This Way;
1. *Bank Account Number* Is For Transferring *Fiat Currency/Paper Money*
While
2. *Wallet Address* For Transfering CryptoCurrency/Virtual Money

*4. Wallet Phrase/Private Key*

This Are *Uniques Signatures* That Acts As A *Security Code* For Authenticating
Transactions On A Digital Wallet.
(Pass Phrase) And Private Key.

*5. Ledger*
It's A Book For Recording Every Day-To-Day Business Financial Transaction Of A Firm
Or Company.
Each Time A Company Buys And Sell, The Transactions Are Recorded On The Company's
*Ledger*

*6. Block/Blockchain*
Block Is A *Digital Ledger* That Contains All The Financial Records, Information
And Transactions With CryptoCurrencies. Blockchain Is The Merging Together Of More
Than One Blocks. It Stores And Records Transactions Made By Cryptos.
*Block* Is A *Single Ledger* And When More Than One(1) Block Are Joint Or Merge
Together In Order Of Number Or Time Is A Term Known As A *Blockchain*

*7. Blockchain Network*

I Would Love To Write And Explain More About The Meaning By Giving Illustration
With Examples But That Should Be Another Topic Entirely To Be Discussed Some Other
Time.
But It Refers To The *Foundation Or Host* Of A Crypto Currency.

*Blockchain Network* Simply Means Where A Particular Coin/Crypto Is Hosted Or Where

It Foundation Is. We Have Different Types Of Network Such As *ERC For Etheruem,
TRC For Tron, BEP For Binance Coin, Gochain, Pi Chain Etc*. Sometimes You've Come
Across A Coin Where It's Also Written As *ERC20, TRC20, BEP20, Heco, Gochain Etc*
This Means That They Are Not From The Same Host.
Etheruem Has It Own Host(Network) Which Is Different From Bitcoins', Trons',
Litecoins' Etc .

Almost All The Coins Has Its Own Network/Host But There Are Some Coins That
Depends On Other Crypto Currency's Host(Network) , This Type Of Coins Are Known As
*Request For Comments(RC)* Tokens

*#2*

*8. Exchange(s)*
It Simply A Digital Or Online Coin Market. Where Users Of Crypto Currency Can Buy,
Sell & Trade Their Coins.
Most Exchanges Also Function As A Wallet, But Not All Wallets Are Exchanges.
At The Exchange, You Can Buy, Sell, Trade,Convert, Swap, Send, Receive And Also
Withdraw Your Coins.
We Have Popular Exchanges Such As *Binance* ETC

*9.Tokens*
This Are Types Of Coins Which Are Dependent And Can't Operate On It Own. This Coins
Depends On Other Crypto Currency's *Host Or Shared Network Protocol*
Tokens Are Always Mistaken As Crypto Currency. Most Tokens Are *Dependent Coin*
And *Request For Comment(RC)* Tokens Such As ERC,TRC, BEP20 ETC While
CryptoCurrency Is *Independent Coin*. Its A Two Different Thing, Crypto Can Be
Seen As The Main Coin While A Token Is A *Sub-Coin* Or Call It *A Semi-Coin*. This
Is Because They Depend On Other CryptoCurrency's Network Host.

Most Tokens Are Given To Users In Form Of *Airdrops And ICO(Initial Coin Offering)*
While Most Independent CryptoCurrencies Are Earned Through The Process Of *Mining*.
The Similarities Are, Both Token And Crypto Has Value, And Can Be Traded, Buy And
Sell, ETC

I want to talk about how Digital Coins Are Developed Or Created And How Long It
Takes., Well, Any Form Of Crypto That Is Created And Hosted Through It Own *Native
Blockchain Network* Takes A Lot Of Time And Usually Between A Period Of 2-5Years
Or More Before It Launches On The *MainNet* As A Fully Developed CryptoCurrency,
But Most Tokens Takes At least *6Months* To Launch And Listed On Exchanges For
Trading, This Is Because It Depends On Other Crypto Network.

Every Crypto Has To Pass Through The *RoadMap* Also Known As The *Phases Or
Developmental Plan* Or Stages Before Its Generally Recognize As A Crypto Currency.
But Tokens Don't Take That Much Time.
Token Take Like *6Months* To Become A Coin Since Its Using A *Shared Network
Protocol* In Form Of *Request For Comment(RC)*

Bee Isn't Token, And If It Was A Token, bee Would Have Been Listed And Have Value
Already...But the Core Team Wants To Build bee Blockchain Network As It Own *Native
Host* That's Why Its Taking Much Longer Time For It To Be Launch .

*10.Airdrop*
Airdrop Is A Promotional Activity Typically Performed By Blockchain-based Startups
To Help Bootstrap A Virtual Currency Project. Its Aim Is To *Spread Awareness*
About The CryptoCurrency Project And To Get More *Engagers And People* Trading In
It When It Lists On An Exchange As An "Initial Coin Offering (ICO)"

The Airdrop Is Meant To Spread Awareness And Increase Ownership Of The Currency
Start Up.

To Break Down The Definition, Airdrops Are Types Of *"Premature"* Or Upcoming Coins
Which Are Being Distributed To People Through The Process Known As *"ICO"Initial
Coin Offering* To People.
Most Airdrop Isn't A Real Virtual Coins, We Can Say That An Airdrop Is A Premature
Or Under Developed Tokens Also Known As *Shit-Coin* Which Has No Value Yet Or Very
Little Value But Are Being Distributed To The Public Before It Launching.

Recall That Every Coin Takes Time And Also Needs Users/Engagers To Begin It
Project. Giving Airdrops To People Is A Form Of *Getting People's Attention* To
Join The Network.

Airdrops Are Newly And Under Developed Coins Which Are Yet To Be Launch Either On
Its Own Blockchain Network Host Or A Shared Network Protocol.
There's Also A Slight Different Between An Airdrop And *Premined Coin*. Though It
May Look Like bee Is An Airdrop But No, bee Is A Premined Coin. This Is Because
Most Airdrops Would Ask You To Perform A Simple Task Of Referring People Or Posting
The Airdrop To Your Social Media To Create Awareness Before The Airdrop Coin Would
Be Sent To You. And Airdrops Are Also Given Under " Pre-sale". Meaning You Can Buy
More Of The Coins At A Cheaper *Community Rate* Even When It Has No Value Yet.

.While Pre-Mined Coins Such As bee Are Coins Are Not Being Bought By Money.
Pre-Mined Coins Are Gotten By *Miners(Engagers)* On The Network While You Earn The
Coin By Simply *Mining* On The Network Through A Process Called *Proof Of
Activity(POA)*, Which Are Either By *Proof Of Work(POW) Or Proof Of Stake(POS)*
Method Of Mining

That's Why You See So Many Airdrops On Telegram, Where It Asks You To Join Their
Group, Channel And Refer Friends Before You Can Withdraw The Coin.

At The End If Most Airdrops Don't Succeed In Getting The Required Number Of Users
And Network Size Needed To Build Its Own Network Or The Requirements For A Shared
Host, That's Why The Fail To Succeed And People Regard It As A Scam Or Fake
Project. Its Not Their Fault, Most Airdrops Are *Genuine* But Would Not Succeed As
A Token Or Coin If It Didn't Get The Requirements Needed.
Few Airdrops That Succeeded And Later Become A Token Or Independent Coin Has Made
A Lot Of People Millionaires Today.

*#3*

*11. Altcoins*
It's A Two Separate Word Joined Together To Form Another Meaning "Alt For
Alternative" And "Coin For Bitcoin".

Altcoin Simply Means *Alternative To Bitcoin*.

Bitcoin Is Bitcoin And The First Ever Legitimate Crypto Currency To Ever Exist
*Since 2008*. Every Other Crypto Currency After Bitcoin Are Known As *Altcoin* Or
*Bitcoin Model*.

I'd Love To Further Explain What It Means By "Alternative" To Bitcoin But I Guess
We Should Stop There For Today.

But I'll Give You A Tip And A Brief Definition Of What That Statement "Alternative
To Bitcoin" Means.

Let's Go...
For Example If There's A Tea Company In USA That Produces Coffees.
First Company Came Out With A Name *A-Coffee* , Everyone Enjoyed Taking That Coffee
Until Someone Decides That This Coffee Gives Him Less Satisfaction And He Doesn't
Enjoy The Coffee Anymore.

Now This Person May Stop Using *A-Coffee* And Decides To Start Buying *B-Coffee*
Which Gives Him The Satisfaction He Desires. A Lot People Might Start Using *B-
Coffee* Because It Taste Better Than *A-Coffee*. While Some People Will Still Buy
And Consume Both *A-Coffee* And *B-Coffee*.

One Day, Someone Else Will Also Decide To Stop Using Either Of The Two Coffees And
Goes For *C-Coffee ,D-Coffee , E-Coffee* And So On And So Forth...
Now The Reason For People Choosing To Consume Different Coffees Is By;
1. Choice
2. Change In Taste
3. Change In Cost Of Living
4. Change In Standard Of Living
5. Change In The Income Of An Individual
6. Dissatisfaction Of Products
7. Change Of Environment
8.Weather And Climatic Condition ETC.

People Have Different Reason For Choosing Any Product Of Service The Want.

Same Way Goes To Bitcoin And Altcoin.

*A-Coffee* Being The First Ever Coffee That Existed Is Like *Bitcoin*, Everyone
Enjoyed Using Bitcoin Until One Day, The Policy, Terms And Condition Of Bitcoin Was
No More Favourable To Some Traders, Now The That's How The Creation Of Alternative
Coffees/Altcoins Was Made.

Here In Our Illustration, B, C, D, E, F-Coffee ETC Are All Known As *Alternative To

A-Coffee.*

Same Way Every Other Crypto Currency Is Known As Altcoin(Alternative To Bitcoin).

To Further Explain Reason For Altcoin.

1. Cost Of Bitcoin: Bitcoin Is Too Expensive Now And Not Easy To Acquire.
2. Max Circulating Supply
3. The Terms And Conditions Are Not More Suiting
4. Inability To Mine Bitcoin Since It Requires Costly And Expensive Mining Tools.
5. Hash Rate Of Is 10Minutes Per Block, Meanwhile Other Crypto Takes Less Than
1Minutes, And bee will Only Takes 3-5 Seconds To Validate Transactions On The
Block.
6.Etc

There Are Two(2) Types Of CryptoCurrency In The World Which Are;

1. Bitcoin & 2. Altcoin

Bee Isn't *Bitcoin* And Definitely Not An *Altcoin* .

Bee Is Different From From Bitcoin And Every Other Altcoins.
Bee Is A *Community Driven* Its First Of It Kind. This Is Why Its Not Regarded As
An Altcoin.

Now Its Safe To Say That After bee Is Launched On The *MainNet* We Will Now Have
Three(3) Types Of CryptoCurrency Namely;
1. Bitcoin
2. Altcoin &
3. Bee

Altcoin Are Also Known As *Bitcoin Model* , Meaning That The Creation Of Other
Coins Were Motivated By The Success Of *Bitcoin*, So Now Bitcoin Has Become It
Model.

Now When bee Is Fully Developed And Ready For Public Trading, It Will Allow
Connectivity With Other Blockchain Networks And Will Also Create A *Shared Protocol
Or Request For Comment(RC)* Host For Any Newly Airdrop And Tokens That Would Like
To Host It Coins On The bee Network's Blockchain Host.
Alright, I Hope This Few Definition Helps🙏, I'd Like To Move Forward To Explain
*12.Algorithm*
Thanks For Reading 🙏

*#4*

Hello Pioneers!
Let's Continue From Where We Stopped On Our Last Discussion.

But Before You Start Reading, I Have To Tell You That This Topic Discussion Is Not
Something You *Rush* While Reading It.
You Have To Read It With Understanding .So If You're In A Hurry Then Kindly Stop
Reading It, Copy And Save This Post , There You Can Read It Later Whatever You're
Less Busy.

Please Also Take Note:

*This Discussion Is Not For Everyone*, I'm Aware That About *95%* Of Our Members
Are Less Concern And Doesn't Show Interest In Whatever We Do Here.
I'm Glad That At Least *5%* Are Always Anxious And Interested In Learning More From
This Group, I Respect You!

Telegram Group Now Where All Our *Lectures And Updates Will Be Pinned*

There Are Only Two(2) Set Of People Who *Criticize* Bee By Calling It A * Most
People Call It Scam Because It's Taking Too Long To Launch.
Well Today I Want To Help You Understand Why This People Make All This *False And
Negative Statements* About Bee Network.

This Two(2) Set Of People Are;

1. People With Lack Of Basic And Insight Knowledge About How The CryptoCurrency
Blockchain Technology Works.
This Set Of People *Ignorantly* Avoids Learning And Doing Research To Acquire
Knowledge Instead They Are More Relevant In Spreading Negative Reviews And
Criticisms.

2. People With *Formal Knowledge* About How The CryptoCurrency Blockchain

Technology Works And How Mining Is Operated. This Set Of People Are Mostly *Experts
And Professionals* In The Crypto World Yet The Fail To Acknowledge One Thing About
Bee Network Which I'm About To Unveil It To You Guys Today.

This People Are Fully Aware About The Huge Computational Energy Needed To Mine
Coins And The Expensive Cost Of Being A Verified *Miner* On A Blockchain Network
And What It Takes To Mine CryptoCurrencies.
So This People Don't Believe In Such Thing As *"Mobile Phone Mining"* , Of Course ,
Technically *Phones* Are Incapable Of Mining CryptoCurrencies.

To Be Very Honest, You Can Mine CryptoCurrencies With A Mobile Phone.

There Are *Specially Made Computers*, Both Hardware And Software Programs( Also
Known As *Nodes*) Customized For Only Mining Of CryptoCurrency.
This Computer Is Known As *Mining Rig* Or *Mining Machine*.
It Requires A Lot Of Time, Computational Power, Energy, Electricity, Strong And
Steady Network And Data Connection, Huge Amount Of Money To Set Up And Own A Mining
Rig And Its A Work For *Experts And Professionals*, Not For Beginners Who Don't
Know Much About CryptoCurrency System.
Being A Verified *Miner* And Running *Node* Is Like Being A *Car Owner* And Then
Someone Who Doesn't Even Own A *Bicycle* Would Come And Tell You One Day That "He
Can Drive A Car" Better Than You Do.
Of Course That Would Sound So Funny And Lame😹😹😹🤣
Its An Act Of *Foolishness* To Think Of Such Thing As Driving Car Even Without
Learning The Basic Driving Skills.
Yes, This Is How People With *Formal Knowledge* Sees *Pioneers* Mining Bee 😹

If You Are A Car Owner I Believe You'll Understand The Cost Of *Maintaining And
Servicing* Your Car.
You Can't Compare Your Expenses And Gain With Someone Who Owns And A *Bicycle*.
This Illustration Is A Clear Example Of How This *Crypto Experts* With Formal
Knowledge Believes In CryptoCurrency Blockchain Technology And Mining.

Alright, I Don't Know How Many Of You Knows The Meaning Of *IoT (Internet Of
Things)* , I will Discussed About It later in Group But Don't Worry, I'll Do A
brief explanation

The *Internet of Things (IoT)* Is A Name For The Aggregate Collection Of

*Bluetooth, Sensor, WiFi And Network-Enabled Devices*

Such As "Smart" Appliances, Home Security Systems, Home Appliances, Computer

Peripherals, Wearable Technology, Routers, And smart speaker Devices Are *Capable
Of Mining CryptoCurrencies* If They Are Interconnected To Each Other To Contribute
Their Power And Energy As A *Computational Power* Needed To Mine CryptoCurrencies.

There's A CryptoCurrency Known As *MIOTA* That Claims It Uses *IoT* Algorithm As

It Mining Mechanism In Mining Crypto.
Although The *IoT Project* Wasn't *100% Successful* As Expected , Then How Much
More Can You Convince This Crypt Experts That CryptoCurrencies Can Be Mined With
*Mobile Phones*.
Of Course It Sounds To Stupid And Foolish To Think That You Could Use *Phone* To
Mine A CryptoCurrency.

But All Thanks To The Modern Day Advancement In Technology Today And The Inventions
Of New Ideas And Thoughts That Can Help Humans Do Difficult Things In A Very Easy
And Simple Way.

Now ,*Mobile Phone Mining* Doesn't Depend On *The Capability*(Proof Of Work) But
Depends On It *Ability(Skills Employed)* To Mine.
And The *Ability* Of *Mobile Phones* Being Capable Of Mining CryptoCurrency Is Base
On The Type Of *Consensus Algorithm* Used As It Mining Mechanism(Method).

I Mentioned The Word *"Node"* In My Text Above And I Believe Some People Might
Wonder The Actual Meaning?
Mining Rigs Are The *Computer Hardware*
While A *Node* Is The *Software System* That Does Actual Mining.
This Is To Say, Your Mobile Phone For Mining Bee Is The *Computer Hardware* Then A
*Node* Is The *Algorithmic Function* And The Software System In The Bee Network App
That Enables Your Phone To Mine.

Alright, Things Are About To Get More Interesting Now As I'll Dive Into Explaining
The Types Of Consensus Algorithm And How It Works. Then Later On I'll Also Explain
The Type Of Consensus Algorithm

Let's Go....!

*#5*
*Land And Water* Are A *Free Gift* Of Nature.
You Can Only Acquire And Own A Land By *Inheritance* Passed From Your Family To Or
You Can Buy Land From Other Land Owners
As For *Water*, You Can Drill It From The Underground Or Buy It From Those That
Sell Water.

In This Same Matter, *CryptoCurrencies* Are A *Free Gift* Of The *Blockchain

Network*.
You Can Earned And Own A CryptoCurrency By Acquiring It From The *Blockchain
Network* Through A Process Known As *Mining*, Or You Can Simply Buy It From Those
That Sell It.
Now The Method Of Acquiring CryptoCurrency Depends On The Type Of *Consensus
Algorithm*(Mining Method) Used On The Network.

Same As Saying, If You Are In Fight, There Are Different Ways Of Killing Your
Opponent.
1.Fight With Your Bare Hands
2. Use Of Weapon Like Gun Or A Knife
3. Ambush And Trap Your Opponent
4. Pay To Assassinate Your Opponent.
5. By Poisoning ETC.
So You Have To Choose Which Method(Mechanism) Is Best For You.

But Do You Know That There's Still Another Alternative Method Of Killing Your
Opponent Which Is By The Use Of *Magic Spells* To *Hypnotize* Them.
To Handle *Magic Spells* Doesn't Need Much Strength Or Energy, It Only Requires
Skill And Idea.
Even A Little Child Can Cast A Spell.

Now If It Takes *5Minutes* To Defeat *1 Opponent*, But With *Magic Spell* It Can
Take *1Second* To Defeat *10 Opponents*
This How *Bee Network* Method Of Mining Works.
Well I'm Not Trying To Say That Bee Network Uses Magic😹 No, I'm Only Using It As
An Illustration To Help Understand How It Looks Like.

This People With *Formal Knowledge* Doesn't Believe In *Magic Spell* ,They Are Used
To Fighting With *Weapons And Bare Hands* .
They Believe In The *Capability (Strength)* To Mine While Mining On *bee Network*
Requires *Ability (Idea)* .

Alright, Let's Help You Have A Clear Understanding About *Algorithmic Mechanism*.
I'd Also Love To Bring The Knowledge About Few Other *Consensus Mechanism
Algorithms* To Be Discussed Here On Our Group, Such As;.
1. Proof Of Work(PoW) Algorithm (Killing With Your Bare Hands)
Proof Of Stake(PoS) Algorithm (Paying Money To Assassinate)
Stellar Consensus Protocol(SCP) & Federated Byzantine Agreement (FBA) Algorithm

But Before That, I Need To Explain The Meaning Of *"Consensus Mechanism

Algorithm"*.

I'm Sure You See Those 3Words Appear Often But Someone Might Wonder The Real
Meaning Of This 3Words And Why Are There Being Used...

First Of All, It's A *Crypto Blockchain Term*

Every Field Has Their Own Term Or Way Of Describing Words Rather Than The Usual
Words.
Let's Begin With The Word *"Consensus"*; It Simply Means *An Agreement* That Has To
Do With *A Democratic Feature*, And Something That Follows The People's Opinion.

My English Dictionary Gives Two Meaning Below.

1.It's A Process Of Decision-Making That Seeks Widespread *Agreement* Among Group
Members.
2. The *General Agreement* Among The Members Of A Given Group Or Community, Each Of
Which Exercises Some Discretion In *Decision-Making* And Follow-up Action.

*Mechanism:* It Simply Means A Tools, Method Or Machinery That Manages And

Controls Something

*Algorithm:* I'd Like To First Share The Definition Of Algorithm The Way My
Dictionary Describes It...
1. A collection of ordered steps that solve a mathematical problem. A precise step-
by-step plan for a computational procedure that possibly begins with an input value
and yields an output value in a finite number of steps.
2. Informally, an algorithm is any well-defined computational procedure that takes
some value, or set of values, as input and produces some value, or set of values,
as output. An algorithm is thus a sequence of computational steps that transform
the input into the output.

Alright, Before Explaining Why We Have *Mathematical Calculations* And Solutions

On Blockchain Mining,
Let's Talk About The Number1 Basic And Important Feature Of A Blockchain Network
Which Is: *"Cryptocurrency Mining"*

Its Defined As The Process Of Acquiring Or Earning A Digital Coin By Solving A

*Mathematical Problem* In Order To Validate(Verify) Transactions On A Blockchain,
Which Has To Do With The Use Of _Algorithmic Function_ Of
Transforming *The Input(Proof Of Work)* Into *The Output(Reward In Coins)*.

I'm Not Sure If You Really Understand What I Just Said, So Please Read That
Definition Once Again...🙏🏽

Alright, The Act Of Mining Involves The *Algorithmic Computational Procedure* That
Takes Some *Value (Your Proof Of Work)* As *Input* And Produces Some *Value (Block
Reward/Crypto Coins)* As An *Output*.

Please If The Definition Seems Complicated, Kindly Read It Again, Until You
Understand Then Let's Proceed...

I'll Explain *Proof Of Work* Later, But Please Understand That, As The Name
Implies, It Means An Effort Of *Work/Labour* Or *The Supply Of Energy*.

Someone May Ask, *How Do We Solve* This Maths In Order To Earn(Mine) The Block
Reward(Coins).
Alright, All Thanks To The Modern Day Transformation Of Technologies Today. 🙏🏽🙏
🏽🙏🏽

We Don't Need To Do The Work Of Solving Maths By Ourselves, Your *Mining Device*
Is Programmed In Such A Way That When Your *Mining Device* Is Turned On, It Does
The Calculation For You And Gives You The *Reward(OutPut)* Which Is The Coins That
You Earn Daily.

That's Why By The Definition It Says, "It's A Computational Procedure...".Computer

Does The Work.
Your Computer , Either Your *Mobile Phone Or Mining Hardware* Does The Job Of
Solving Maths For You While You Receive The Reward(Coins) Into Your Wallet.

There's A Term Referred To As *Hash* & *Nonce* , But I Don't Want To Bring It In
Our Discussion Yet.

Now That We Understand How Mining Is Done Which Is The Process Of Inputting
Computer Energy(Mining Device Or Hardware) To Produce An *Output* (Reward/Coin).

This Draws Us Back To Why We Have Different Types Of *Consensus Mechanism

Algorithm* Used In Mining Crypto Currency On Different Blockchain Network.

By Tomorrow, We Will Move On To Discuss More...!

*#6*

In Continuation From Where We Stopped Yesterday...

Now Let's Go Back To Talk About The Reason Why *Algorithm* As In " Mathematical
Calculations" Is Concerned About Blockchain And Mining Network.

I Believe My Further Explanation Will Not Get Some People Even More Confused, Which
Is Why I Request That You Should *Relax And Carefully Read This Texts With
Understanding*. Please Don't Rush To Read It, Then You'll Get To Understand Well
Clearly As I Explain.

If You're Busy Now, Please Kindly Save Or Copy The Texts And Paste It Somewhere To
Read It Later When You're Less Busy.

Above All, I Want You All To Acknowledge That *Mining* Is Simply The *Computational
Algorithmic Procedure* Of Providing An *Input (Proof Of Work Or POS Or POA Or SCP
Or POB Etc)* To Produce An *Output(Block Reward /Crypto Currency)* On The
Blockchain Network.

But In Blockchain Terms, Mining Is Also Defined As The Process Of Validating

Transactions And Finding Valid Blocks To The Blockchain. The First Node(Miner) To
Add New Block Gets To Claim The *Block Reward*.

*Block Reward* Simply Refers To Coins Earned By Miners For Participating On The
Block.

One Has To Have Knowledge About How The Two(2) Formal & Traditional *Consensus
Algorithm* And Method Of Mining Crypto Currency Works On The Blockchain Which Are ;
*Proof Of Work(PoW)* & *Proof Of Stake(PoS)*.
I've Discussed About PoW & PoS Overtime On This Group, So I'm Not Going To Do That
Again For Now.
But For The Sake Of The Grassroot Pioneers And Crypto Beginners, I'd Like You To
Do *Me & Yourself* A Favour Of Browsing About ;
1. The Meaning Of Proof Of Work (PoW) & Proof Of Stake (Pos) Consensus Algorithm.
2. The Differences Between PoW & PoS

But In A Brief Summary, *PoW* Is A Consensus Algorithm Method Of Mining Which Is

Characterized By *High Energy Consumption Of Computational Power* In Order To
Validate Transactions On The Block And First Miner With The Fastest
*HashRate(Mining Speed)* Gets The Chance To Claim The *Block Reward(Bitcoin)* And
Creates A New Block To The Blockchain.

While *PoS* Is An Alternative To *PoW.*

In PoS , Miners(Nodes) Or Engagers Are Able To Mine And Claim *Block Reward* Base
On Their *Staking Power* , Thats To Say The Amount Of Coins A Miner Holds Depends
On How Faster He Or She Can Mine Coins On The *Pos Network*. This Consensus
Algorithm Is Used To Mine *Bitcoin, Etheruem* And Few Other Coins

This Also Means You Can Only Mine On This Algorithmic Mechanism If You
Stake(Invest) Your Coin.
This Staking Is Also Known As *Lock Up*.
Your Mining Speed On A *PoS* Network Will Depend On How Much You've Staked(Lock Up)
And The Duration You've Chosen.
This Consensus Algorithm Is Used To Mine Etheruem And Few Other Coins.

Due To The Knowledge Of How Mining Is Done Which Requires An *Input* Such Proof Of
Work(Effort) Or Proof Of Stake (Capital Investment) To Earn An *Output* In *Block
Rewards*(Bitcoins).
People With This *Formal Knowledge* Believe That There's No Clear And Legitimate
Alternative To Mining Coins On A *Mobile Phone* For Free With Less Cost And Less
Computational Power.

Now This Set Of People With *Formal Knowledge* Fail To Understand The *Type Of
Consensus Algorithm* Used On Bee Network, And Due To Their Lack Of Understanding
About Our Algorithm They'll Conclude By Calling Bee A Scam
And Then When The *Ignorant* Set Of People Sees Such Statements From A Crypto
Expert Without Doing Research , Will Ignorantly Join In The Critics To Spread Bad
And Negative Reviews About Bee Network.

That's Why Each Time You See People *Trash Talking* About Bee Network With Those
Negative Reviews And Statement, They Below To This Set Of People Who Failed To
Understand How The Bee Network's Consensus Algorithm Works.

Although There Are Other *Consensus Algorithm Mechanism* ,We've Discussed About
That In The Past, Because Of Time I Won't Do That Again For Now. You Can Browse
The Internet To Learn More And Find Out More Coins And Network That Uses PoW & PoS
Consensus Algorithm

Then Coming Down To *Bee Network* The *Consensus Algorithm* Used As It Mining
Mechanism Is Known As The *Stellar Consensus Protocol(SCP) & Federated Byzantine
Agreement(FBA)* .
It Doesn't Need Heavy Computational Power Or Staking Of Your Coins To Earn *Block
Rewards*, It Works On A *Trust Graph* By A *Consensus Voting* Rather Than Solving
*Mathematical Problems* Of Finding The *Hash* As Its Done On Bitcoin Network's
Proof Or Work.

You Can't Understand *SCP & FBA* Without Having Deeper Knowledge About PoW & PoS
Algorithm.
So Please On Your Free Time When You're Less Busy,

Unlike I've Told You Before, *"We Aren't Mining Bee"*, Its Only Those Pioneers Who
Are Running *Nodes & SuperNodes* Are The Ones That Are Actually Mining Bee By
Solving The Computational Mathematics Problems Of Finding The *Hash* To Validate
Transactions On The Block.

Other *Pioneers* With Mobile Phone Alone Are Earning Bee(Block Reward) Through The
Process Known As *Voting* Or *Vouching* Or *Testifying* By Setting Up Their
*Security Circle* To Form A *Trust Graph* Needed By The Core *Nodes & SuperNodes*
To Validate Transaction On The Block.
Good Thing About This Mechanism Is That *Block Rewards* Are Shared Proportionally
To Both The Core *Nodes* That Does The Actual Mining And Also Shared To The
Pioneers For *Voting* .

*Mining* May Requires Skilled Expert To Run A Node But *Voting* Doesn't Really
Require All That Skills. By Logging In To Your Bee Network App Daily To Mine Is
Your Way Of *Voting* On The Blockchain, Its As Simple As That.

We'll Continue Help You Understand How The *SCP & FBA* Algorithm Helps Pioneers
Earned Bee By *Voting* Or *Testifying* On The Block.

For Now, Do Have A Good Day

🙏🏽🙏🏽🙏🏽