Fomo3D sparks controversy: what makes a good blockchain project and decentralized app?
Although blockchain industry and crypto market are innovative, they might still face a resemble old fashion:the Ponzi scheme.
A Ethereum decentralized game called Fomo3D has recently dominated the Ethereum Dapp volume while triggering controversy among the crypto market. Critics concerned the allegedly Ponzi-like app may create risks to the whole ecosystem.
Fomo3D offers users to buy a key, which is a kind of token, and the key’s price is growing. A purchased key can add 30 seconds to a timer limited by 24 hours. If the timer goes down to zero without another player purchasing a key to reset it, the last key-owner will win the jackpot(which has reached around $43m on July 23, according to ccn. com reported).
In order to become the last key holder, users are competitively buying keys when the timer gets to zero, all the while increasing the value of the pot.
The Fomo3D game has hold large amount of (over 21,678 ETH as of writing). The community has highly concerns it could affect the stability of the whole ecosystem as any large demand of repayment or safety issue can cause huge impact to the system. And some critics also compared it with the Ponzi scheme.
Ponzi scheme is an investing scam which investors are promised high rates of return within a super shot period of time. The Ponzi scheme business can stay sustainable as long as most of investors don’t require full repayment and will to keep investing some assets which do not exist.
Generally speaking, the success of Fomo3D heavily replies on human greedy. It is not rare in crypto and blockchain industry that projects use the idea of becoming a millionaire in one-night to motivate users to invest.
However a good blockchain project and decentralized app should not only focus on making money in a very short time. Instead, the project should do more for the whole ecosystem.
Blockchain-based content project Contentos is trying to make a better ecosystem for content industry.
Unlike some projects, which only seek people’s invest and don’t provide any existing products, Contentos has already got a comprehensive product line with large user base.
Live-streaming app LiveMe and short-video app Cheez has already established partnership with Contentos. The two apps have around 60 million global users worldwide and 60% of them are based in the US.
The Contentos token COS has yet been listed in an exchange for trade. But this should happen soon.
Currently, COS can be earned and used in short video app Cheez for purchasing special video effects, user privilege and conduct chat with popular creators. Cheez has a dramatic video community as many famous YouTubers post exclusive videos here.
While enjoying high quality videos, you can also earn COS on this app by completing daily task( such as posting videos, sharing videos), playing in-app fortune game or mingling in the community.