Towards the end of last month, a decentralized application emerged on the blockchain of Ethereum [ETH] known as FOMO3D. FOMO3D has self-described a simulation of a scam of the ICO output and was "built to simulate the standard hype -> release -> pump -> dump: the cycles of countless ICO exit scams across space of cryptocurrency ". While its intrinsic structure is that of an elaborate Ponzi scheme, users of the Ethereum blockchain have begun to protest for its existence for a completely different reason.
The intelligent contract behind the game FOMO3D is one of the biggest gas-guzzlers of the Ethereum blockchain these days. Together with its various repercussions, it has pushed the standard gas prices to around 60 Gwei. This has led many to ask for the scalability of the Ethereum blockchain, and more to call the game a scam.
The premise of the game is similar to that of a pyramid scheme. Users buy a key, which currently is worth 0.00548535 ETH. This contributes to the final pot, which is currently worth around 21.755,50 ETH, or a whopping $ 7.8 million. The rest goes to users who bought a key previously as "dividends". On the website a timer is set and the last person who buys a key before time runs out, typically 24 hours, wins all the ETH in the final pot.
The FOMO3D team, TeamJust, has now spoken about its polarizing product that many call a pyramid scheme. In a recent interview, they revealed the background of the team and the game they created. When asked about the game, they said:
"I inadvertently encouraged the other founder developer (mantso) to play a game that crashed at 0. We decided we could do better."
When asked what was planned later, TeamJust responded with humor by stating:
"The JUST team does not release plans or roadmaps Since we develop fully functional products and release them, we work the reverse of other cryptocurrencies: where most of the crypts want an ICO to raise 100 million dollars to make a product, we produce a product and get a volume of 100-500 million dollars, it is without trust because we have already created it you do not have to pay for it. "
They called themselves" the most copied development team in the history of blockchain ", even saying that the EOS team [EOS] copied their model to use it for implementation. of EOS RAM. They went on to say:
"The trick is that when we make our games, we understand that we as developers can not be greedy and change the calculations to make sure we are not greedy." When developers copy our products they do so. greed and the desire to capture some of the success we have.When you build a decentralized game based on greed, it never succeeds.
They also offer advice on which cryptocurrencies to keep and which do not.The team simply asked the users to compare the currency they want to invest with USD Tether [USDT]so they said:
"If the answer is yes, then it is really an absolutely useless resource and only a cash outlet from a cryptocurrency developer. I can count on one side the number of currencies that serve a purpose that the lasso could not, and without success these currencies always get market value in relation to others. "
On the subject of Ethereum and its role in the propagation of frauds on ICOs, TeamJust also talked about the laws that should be put in place.They called Ethereum a" revolutionary technology "that does not have" decentralized laws ". they said:
"While some developers are honest and loyal they are overshadowed by the absolute sea of theft."