Frequently Asked Questions

What is a BeeNode?

BeeNode is a digital currency that can be used at any time and from anywhere in the world to make fast, simple and inexpensive payments without involving intermediaries. The currency is built on the top of a decentralized peer-to-peer (P2P) network and is secured by robust cryptography algorithms. That is why BeeNode enables you to make payments instantly and without restrictions or personal information tied to the transaction.

What is the value of BeeNode?

We did not create BeeNode just for the sake of being a coin. We are committed to creating and developing our own ecosystem with a very wide functionality: from investment to the trading floor and payment processing. We aim at popularizing and distributing BeeNode as a real means of payment that can be used both online and in everyday life.

Why Choose BeeNode?

  • Freedom: BeeNode gives you total control over your money. Anyone can send or receive BeeNode from anywhere and at anytime. BeeNode makes you say good-bye to bank holidays, exchange rates, bureaucratic delays and hidden fees.

  • Security: BeeNode payment can be initiated and verified by any of the parties to the transaction, even if there is no personal information tied to the transaction.

  • Speed: Unlike many other digital currencies, BeeNode transactions are confirmed in just 1 second.

What is BeeNode blockchain?

The BeeNode blockchain is a public registry of all BeeNode transactions that have ever been made. Each transaction is verified by the sender's unique digital signature, which can only be created by the real owner. Therefore, there is no risk of double debiting. Transactions are recorded in blocks and secured using advanced cryptography algorithms.

What types of mining are used in BeeNode?

BeeNode uses a combination of PoW mining and masternode. With this symbiosis, the blockchain works much more reliably, and the mining becomes more optional and profitable.

PoW mining is based on the HoneyComb algorithm, available on CPU and GPU.

Masternodes do not open new blocks by themselves. They serve the blockchain participants, providing them with various services (instant transactions, anonymity, and so on). The owners of the masternodes receive commissions for these services.

Which reward model do you use?

PoW - 45%
MN - 45%
BeeGroup - 10%

What is the average time it takes to create a block?

2.5 minutes (150 seconds)

How many BNODE do you have in one block?

One block is worth 1 to 20 coins.
The exact value is controlled by the algorithm and depends on the level of complexity of computation for each specific block.
There is also an annual 7% decrease in the number of produced BNODE coins.

What is a masternode?

Masternodes are special full nodes on a blockchain network that store all the information about operations performed, act as a guarantor of the validity of the network, confirm transactions instantly, and play a major part in ensuring anonymity. They form the second level of the network, ensuring that the blockchain is always available to all network participants.

What do I need to create a masternode?

  • A separate device that will be constantly turned on and connected to the Internet (a separate computer, a dedicated server on the Internet (VPS), a minicomputer (banana pro));

  • A dedicated IP address;

  • Port 4244, open to the Internet;

  • 1000 coins reserved on the wallet for the entire period of operation of the masternode.

How often does masternode get rewarded?

All masternodes registered on the network are in the same reward queue. Every 2.5 minutes (time to open a new block), 45% of the mined coin is sent to the owner of the first masternode in the queue, after which that owner drops to the bottom of the list. Such cycling ensures equal payout to all masternode owners.

What is BeeGroup reward?

10% of the generated coin is sent to the founders. The founders' reward forms part of the coin development fund and is spent on developing new technical solutions, issuing upgrades, and marketing support for the project.

When was BeeNode launched?

The BeeNode blockchain was launched on April 15, 2019. It was on this day that mining started. The launch was made with no pre-mining, with preliminary announcement on BitcoinTalk and compliance with the stated deadlines.

What do you mean by launching with no pre-mining?

The algorithm produces the first 100 blocks of the network with no reward. This is what is called a launch without premine. This approach does not allow the founders to pump and dump. It demonstrates the transparency and equality of all network participants.

How does PrivateSend work?

BeeNode has an optional feature called PrivateSend. With this feature, you can send funds anonymously. PrivateSend allows you to split your BNODE coin into a series of indistinguishable face values and "mix" them with other users' funds, thus hiding the history of the funds used in your transaction. The privacy level of PrivateSend far exceeds that of centralized mixing services, because a random masternode is used for each mixing round, thereby making it almost impossible to track funds in the blockchain network.