An Average Coin: BeeCoin

Launched on Feb 15th, the BeeCoin community is now busy to spread their honey to the world. First the tech stuff:

Hash algo Scrypt
Premine None
Transaction Speed 30sec/block, 3 confirmations
Difficulty retargeting Every block
Block reward 0-200,000 (+ca. 3 superblocks per day)
Developers Ok

Technically, the facts are ok. Likewise the developers look ok. No blunder, but nothing special either. The source on github shows a simple clone and no further changes.

The 30sec/block means a lot of overhead due to block headers, which must be stored. We have no long-term experience with such speeds. The 3 confirmations is also very little. This is great for fast transactions, but sacrifices a little bit of security. Combined with the fact that developers do not a deep understanding, this looks a little bit dangerous. I do not see long-term potential in this coin.

On the other hand, the launch went very smooth. The community is coming up nicely. Pools, faucets, exchanges, and forums is all present. The artwork looks nice. The foundation so far looks stable. Maybe some competent developers will join at some point. The lack of premine means it is no simple pump’n’dump scheme.

Personally, I will pass on this one. For a short-term investment it should be fine, but long-term it is too much risk. If you buy, watch it closely and do not hesitate to sell at the first sign of decline.

One comment

  1. Pingback: Innovation Is Overrated | Crypto Frenzy

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