Wax Bank of Apis Mellifera

The Wax Bank, as part of BeeIO’s organized and separate activity, is a physical resource of Apis Mellifera beeswax.

 

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The bank collects, stores and transmits only natural beeswax. The wax bank stores only standardized weight units of the highest quality beeswax, which is purified, laboratory-tested and formed into bars. The wax thus prepared and stored is in a form suitable for direct use as well as for direct sale on the market.

Mission of the Wax Bank

We consider our venture as an act of responsibility for the future of the beekeeping industry by providing open and reliable access to natural wax of the highest possible quality.

Our mission is to gather and secure as much wax as possible as well as to democratize access to this strategic, rare and sensitive raw material of wax. In the easiest, most people- and business-friendly way possible. At the same time, enabling stakeholders to store or transfer ownership of wax without the logistical costs and inconvenience of owning physical wax.

We are also keen to promote our venture among those not directly involved in the beekeeping industry. That is, both among consumers of bee products and those aware of the progressive degradation of the bees’ natural environment and the resulting consequences for our and future generations’ quality of life.

Our ambition is for the Wax Bank to fully cover the operating costs of the business (storage costs, insurance, employee costs, etc.) as well as the costs of the scientific research carried out from the margin earned on the wholesale wax business. Thus, we will protect the wax deposit and our stakeholders as much as possible.

 

 

Why beeswax?

beeswax

Beeswax is a strategic raw material for many industries, both historically and nowadays, and continues to find new use cases. Currently, the largest consumers of wax are:

  • the beekeeping industry
  • candle-making industry
  • grocery industry
  • cosmetics industry
  • aesthetic medicine
  • furniture industry

The use of wax grows every year, and the beekeeping sector will not be able to meet future needs any time soon, because:

  • modern beekeeping consumes more than it produces,
  • modern beekeeping covers more regions of the world, and there are no examples of a reverse trend, defined as a return to traditional methods,
  • wax production is unscalable and inflexible,
  • wax is produced in the apiary as a side product and is therefore not in itself a production goal of apiaries.

The use of wax grows every year, and the beekeeping sector will not be able to meet future needs any time soon, because:

  • modern beekeeping consumes more than it produces,
  • modern beekeeping covers more regions of the world, and there are no examples of a reverse trend, defined as a return to traditional methods,
  • wax production is unscalable and inflexible,
  • wax is produced in the apiary as a side product and is therefore not in itself a production goal of apiaries.

In the predictable future, the solution to the wax supply deficit will not come from outside the beekeeping sector either because:

  • despite tremendous progress in chemistry and synthesizing all sorts of substances, it has still not been possible to produce artificial wax,
  • despite many attempts, over the decades, it has not been possible to successfully replace wax with other products,
  • there are currently no “strategic” stocks of wax in the world that could be used to meet the wax deficiency in the long term.

What action do we need to take?

  • prepare for the constantly worsening structural imbalance of demand and supply, and therefore the growing problems of access to good quality wax and rising prices
  • it is necessary to safeguard against unexpected events in the beekeeping sector (such as regional or global bee die-off)
  • safeguard against the discovery of new uses for wax that are sensitive to human needs
  • adapt the use of beeswax to the function of store of value as an alternative to other methods, e.g. gold or gemstones. Beeswax is suitable for storage for centuries, its resources are quite rare and limited, it is easily divisible, does not lose its value and has applications in many important areas of life.

What action do we need to take?

  • prepare for the constantly worsening structural imbalance of demand and supply, and therefore the growing problems of access to good quality wax and rising prices
  • it is necessary to safeguard against unexpected events in the beekeeping sector (such as regional or global bee die-off)
  • safeguard against the discovery of new uses for wax that are sensitive to human needs
  • adapt the use of beeswax to the function of store of value as an alternative to other methods, e.g. gold or gemstones. Beeswax is suitable for storage for centuries, its resources are quite rare and limited, it is easily divisible, does not lose its value and has applications in many important areas of life.

In order to achieve our missions, the Wax Bank will provide a BWAX token.

blockchain network 

  • The primary function of the token is to enable the stakeholder community to purchase beeswax from the Apis Mellifera Wax Bank and its storage services in our resources
  • The indirect function of the token is to participate in the building of the physical wax resource by BeeIO
  • BWAX is a digital resource based on blockchain technology (BEP-20 Binance Smart Chain) that represents a standardized physical resource of beeswax stored in BeeIO’s resources
  • BWAX has the status of a resource stablecoin and its purchase is essentially a purchase of beeswax along with its storage service
  • A standardized unit of beeswax means the highest quality beeswax that is formed into bars, purified and laboratory-tested. In other words, each BWAX token holder owns the underlying physical beeswax, which is maintained in BeeIO’s inventory.
  • Each token holder has the right to claim the beeswax resource held by BeeIO according to the established exchange parity, i.e. 1 BWAX token = 1 kg of beeswax
  • The right to exchange tokens for physical beeswax is subject to cancellation, upon any request, and will be exercised in accordance with a separate operating procedure published on our website and also available at BeeIO’s headquarters
  • The opportunity to purchase tokens will, as a rule, be limited in time and limited in volume adequate to the current and projected ability to secure the supply and storage of wax.
  • To purchase and receive a BWAX token, you must have any cryptocurrency wallet supporting the BEP-20 blockchain (Binance Smart Chain)
IF YOU ARE INTERESTED IN THE DETAILS OF THE PROJECT READ THE WHITEPAPER

Wax Bank Operating Scheme

wax bank

Bwax is: 

Trust

BeeIO is going to be a company operating on the territory of Poland and in the Polish legal system. It is going to be a company established for the purpose of separating the activities of the “wax bank” in order to ensure maximum transparency and security of the activity in question. At the same time, the main shareholder and key personnel guarantee the highest standards and know-how due to their 10 years of industry and management experience. Personal and capital links with one of the market leaders, the company Gospodarstwo Pasieczne – Pasieka JuRajska sp. z o.o., guarantee business and operational security (continuity of production and wax supply, as well as its quality). As a commercial law company operating under the regulations of the Commercial Companies Code as well as reporting regulations, it will be obliged to publish full reports giving insight into the company’s activities. At the same time, this also gives the company the opportunity to certify the state of its wax resources reliably, and under pain of legal liability.

Stability

BWAX has the nature of a commodity stablecoin and is essentially a purchase of beeswax at a fixed ratio of 1:1 (1 token = 1 kg of wax). The value of wax over the years does not show price fluctuations that could be described as speculative, and is characterized by a steady price increase at a rate close to or higher than inflation.

Low transaction costs

The token holder does not incur any costs associated with storing the beeswax, no logistical or other transaction costs except for the blockchain network’s ongoing transaction fees, independent of BeeIO, strictly related to the functionality of the blockchain network or the cryptocurrency wallets used. In other words, storing an adequate amount of wax in the wax bank for the tokens held is free of charge for BWAX token holders.

High availability and liquidity

The BWAX token can be easily transferred or traded anywhere in the world, 24 hours a day, 7 days a week. With a low minimum investment, anyone can now own even a fraction of the standardized beeswax bar stored in BeeIO’s inventory.

BWAX is the only token in the world that you can exchange for physical beeswax bars or sell, anytime and on demand.

Quality

Together with our strategic partner and, at the same time, the operator of the Wax Bank venture, the company Gospodarstwo Pasieczne – Pasieka JuRajska sp z o.o. and Polish scientists, research work will continue (already started by JuRajska in 2020) to seek and implement solutions aimed at improving the beeswax production and purification process. This is an important part of the wax quality policy. It should also be noted that the JuRajska operator has many years of experience in wax purification and that JuRajska is a recognized brand in the Polish wax market and that it has a very good reputation as a supplier of pure beeswax.