4New: Tokenized Electricity (Scam)

4New is tokenized electricity. That’s all I got, no other info in the whitepaper which, by the way, is the funniest document you will ever read in your life.

“ The team at 4NEW is proud to announce the world’s first coin ever, that embodies electricity. Our product is grounded in necessities, solving three global & social problems; waste surplus, energy shortfall and voracious energy consumption of cryptocurrencies.”

First ever coin that embodies electricity. Other than Electrify Asia, Restart Energy (MWATT, 4New call sign is KWATT), and Power Ledger. Oh, and crypto is eating all the worlds electricity.

“Cryptocurrency has no intrinsic value, it cannot be redeemed for another commodity, such as gold.”

Digix is a gold backed token, TrueUSD is backed by the USD.

Beyond these clear errors, the rest of the whitepaper fills out pages with unnecessary information, including an entire page defining gasification and anaerobic digestion. No specifics are mentioned in the whitepaper, just broad sweeping statements.

Last but not least, the tokens are locked up only until January 2019. Reading this whitepaper was actually pretty fucking funny, I highly recommend taking a look at it.

I brought a few of these issues to the attention of an admin, we had a great talk.

For more laughs, check out their Reddit page:

This Reddit post does a fantastic job digging into the team and auditing firm behind 4NEW.

Verdict:

A clear scam, monetary Darwinism at its finest.

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Whitepaper:

https://4new.io/wp-content/uploads/2018/05/4New_WhitePaper_English.pdf