I was looking at a few different Telegram channels and ran across some people speaking about Proof of Weak Hands. They were commenting on this project came to be. They described how a full on openly admitted Ponzi scheme had been created as a joke but had code that was full of bugs had taken everyone's money, including the Development Team. This piqued my interest enough to do some research. What I found was a very interesting recap of events that led to this new project called Proof of Weak Hands 3D.
The interesting part, for me, was discovering that the person who had originally built the first versions of the code was Jochen-Hoenicke (main Dev on the Trezor hardware wallet), but even with such talent, a bug was in the contract and it failed. Arising from the ashes of its former failures, PoWH3D was born. Coded from the ground up, by “mantso” (as he is known in the official Discord chat), this new code is supposedly bulletproof and more importantly functionally unchangeable. Well, from my understanding it was made to have a project which did not rely on shady Devs, and specifically trust, that a normal project has. In their place is a contract which automatically disperses all deposits, sells, trades, etc.
PoWH3D is a cryptocurrency that is trustless. The code (here) removes all elements of a centralized currency by using Dapps (a model for building successful and massively scalable applications Open-source software that leverage on the blockchain technology). This Dapp is a complex yet understandable “Director” of sorts that serves as the CEO, CFO and CTO of the project. This project alone accounts for between 5% to 15% of all the Ethereum networks traffic. Proof of Weak Hands 3D will run forever, well only as long as there is interest in the project. Will it be around in 6 months? I have no clue, but its an interesting experiment in and of itself.
If you haven’t already done so, check it out at PoWH.io. Make sure to check out their “shill kit” which is a collection of gifs, memes and various other things to grab the attention of whoever sees it.
Let me know what you think about this “social experiment”. SCAM or LEGIT.