You are welcome to the bull is coming ethereum smart contract project in-depth research.
It no news that during the pandemic era, a lot of smart contracts budge out and change the lives of many. A lot of partakers turn millionaires overnight whereas others still don’t get it.
Of course, I made over half a million naira with the ethereum smart contract business in a space of 2weeks rather than my usual stock trading, and it sounds too good to be true, but it is.
Well, it so sad that a lot of people are labeling ethereum smart contracts as a Ponzi scheme and thereby they refuse to partake.
True. Smart contracts are just like a Ponzi scheme. But on the other side of it, the system is transparent because it is installed in the blockchain network and that alone differentiate ethereum smart contract from a Ponzi scheme.
The worst form of ignorance is rejecting something that you have no knowledge about.
In today’s guide I am going answer all the random questions such as;
- What ethereum smart contract is
- How ethereum smart contract work
- Are ethereum smart contract scam
- How does the owner make money
- Best ethereum smart contract project out there
- How to maximize your earning potentials
So if you have not fully understood what smart contract are you will love this guide.
What are the Ethereum Smart Contracts?
A smart contract is a computer protocol and in them, any algorithm can be encoded and then installed in the blockchain network and can never be changed or altered even by the creator.
Example of a Smart Contract
A smart contract can perform fantastic transactions without third parties. And because blockchain is a decentralized system, there’s no need for third parties, and that what makes the system unique.
Meanwhile, the Ethereum Smart contract is a smart contract of which “ether” which is a cryptocurrency has been encoded to be the value for all transactions on that particular smart contract.
How Does Ethereum Smart contract work?
An interesting aspect of how ethereum smart contract works are that they have their own address in the blockchain that’s why when conducting a transaction you will notice that when sending you aren’t directly sending to the receiver ethereum wallet address, you don’t even have to know the receiver wallet address either.
You will agree with me that your payment goes directly into the smart contract address, but then the receiver gets the token in seconds after the smart contract call have been executed.
Features Of A Smart Contract
Autonomy
You are the one making the agreement there is no need to rely on a broker or lawyer.
Accuracy
Smart Contracts are not only faster and cheaper but also avoid the errors that come from manually filling out heaps of forms.
Savings
A smart contract saves you money since they knock out the presence of an intermediary.
Transparency
Your documents are encrypted on a ledger, and cannot be altered or change when launched in the blockchain network.
Are Ethereum Smart Contract Scam
Knowing how transparent the ethereum smart contract is, can one still get scammed?
That is a very nice question, the short answer is YES!
You can get scammed, but then the ethereum smart contract is not responsible for the scam features because it was the creator that installed it.
How? This short video explains how a smart contract can turn a scam.
I will explain further.
A smart contract is made to automated payment from one member to another, but then, there is a chance the creator of the smart contract can code some functions that will enable him/her to illegally withdraw or redirects funds from the smart contract illegally.
This was seen in the case of 200tron smart contracts and Bank of Tron smart contracts, where the creators wiped all the millions off Funds in the pool and left their investors at loss.
How To Detect A Scam Smart Contract
There are types of smart contracts on the blockchain network, the verified one, and the unverified smart contracts.
And if you are watchful the blockchain network will sound a warning to you signaling a “High Risk” before any transaction is executed.
The verified smartcontract always have a domain extensiion ending with “io” for e.g
- Forsage.io
- Lionsshare.io
While, majorly scam smart contracts doesnt come with the domain extensiion “io” but with “com” and others. e.g
- Autoxify.com
- Bank-of-tron.com
Note: An ethereum smart contract may come without the domain extension “io” and still work legally (e.g Rapido.run) as it was created, but then never seen before a smart contract with domain “io” turns out to be a scam because it is verified by the blockchain network.
How Does the Owner Of a Smart Contract Make Money
Have you ever wondered while will someone hire a developer, or a developer using his/her time and resources to develop a smart contract for the people?
The answer is straight forward, remember that the primary function of a smart contract is as you register, you are expected to refer others with your link so as you can earn big and as you upgrade to a higher level to also earn big.
The developers after launching the smart contract are the ones to start the chain process
Just imagine for instance forsage smart contracts that have over 900, 000 members worldwide, the admins are normally ID 1 to ID 10 or more.
First of all, they register themself, family, and well-wishers, before marketing it out to the world as a whole.
And as new members keep joining as usual those at the top with good influence makes more money.
What Differentiate Ethereum Smart Contract From Ponzi Scheme
According to the definition put forward by investopedia.com it says that:
A Ponzi scheme is a fraudulent investing scam promising high rates of return with little risk to investors. The Ponzi scheme generates returns for early investors by acquiring new investors. This is similar to a pyramid scheme in that both are based on using new investors’ funds to pay the earlier backers
Investopedia.com
Now, from the definition of what a Ponzi scheme is you can now deduce the point that makes a smart contract differs from a Ponzi scheme.
Let look at some facts that make a smart contract, not a complete Ponzi scheme.
- In a smart contract whether you are an early investor or not, without networking (getting downlines) you won’t profit.
- It more of Network marketing (MLM) the difference is there is no product being sold.
- The smart contract doesn’t promise you higher ROI, nor does it say it an investment platform.
- The smart contract is transparent in a way that even the creator can not do otherwise but follow the instructions as it has been encoded unlike Ponzi scheme where the owner’s shutdown and runaway
- The smart contract platform is always on and never goes down, unlike other Ponzi schemes where the creators decide the start and finish.
Note: But then, this doesn’t mean scam smart contracts are not available out there. Fraudsters always find a way to take advantage of the opportunity for making illegal wealth.
Best Ethereum Smart Contract Project Out There
Here are my picks of the best ethereum smart contract out there.
- Million Money Ethereum smart contract
- Lionsshare Smart Contract
- Forsage smart Contract
- Rapido Smart Contract
Million Money Ethereum Smart Contract
From my picks, million money is one of the best ethereum smart contracts installed on the blockchain network.
It has been running since 2019, and it works with a 2X2 order matrix. That’s there is no room for the selfishness of its investors.
Your upline or referrer cannot upgrade to level 2 without working in hands with his downline to attain the same level as him/her. And that is the best ever for Teamwork.
But then, due to the simplicity of the ethereum million money-smart contract that what makes most smart contract lovers don’t do it.
They want to brace up leaving their downline stagnant.
Lionshare Smart Contract
Another best pick is the lionshare smart contract, the offers a lot of earning potential for the active networkers. The only downside is that it creates room for selfishness.
In the lionshare smart contract that where you will see a single investor having more than 100 direct downlines, and in level 6 or so whereas his first direct downlines are still battling with level 1.
Now, in a local man thinking they will say it is a scam, but then the man in level 6 with up to 100 downlines must have put more marketing expertise, run ads to achieve that level.
And of which his direct downlines may not be working on their end, lazily waiting for spillovers, and overflow.
Networking Does not mean not working
Forsage Smart Contract
Forsage smart contract works slightly like the lionshare smart contract. Actually lionshare smart contract got their idea from forage.
It also a nice platform just that it also creates room for selfishness, since there is no best word to describe it.
Rapido Smart Contract
Rapido smart contract also works inline with Lionshare smart contract and forsage. Only a fragment of feature that what separate all of them.
But then, Rapido comes with a lot of features and it was created by the same set of people that launched Lionshare smart contract. It also create room for selfishness.
How to Maximize Your Earning Potentials
Most people with zero marketing knowledge always get stuck in a smart contract.
If you take a closer look at what caused it, you will find out that they have limited knowledge of how smart contract works and the wrong mindset.
They always want to register when they hear the word “massive spillovers” or “daily overflows” for all members.
After registration, they want to relax like Mr. Frog above and expect to earn massively from spillover or overflows (the network strength of their respective upline).
Knowing fully well that the equivalent amount of the spillover cannot brace up with the capital they used to start. And after registering they feel relax and wait for spillovers to fall upon them.
Most at times the it all turns out sour. NO SPILLOVERS, NO OVERFLOWS.
Never you join a smart contract business with the sole aim of hoping for spillover or overflow. A smart contract is not an investment platform that promises ROI but gives you ROI of how much network you have.
Bulliscoming
For you to profit massively in a smart contract business, not just you but at least 40% of your downlines should be active networkers.
Because if 90% of your downlines are unable to climb the lather like you, you definitely not going to profit.
So, the best thing is to create a network of self minded individuals and grow together.
Meanwhile, the bitter truth is not everyone in that network of yours is going to profit. That is just the simple truth, as the team gets weaker the new members in the team take the blow.
Conclusion
I am so sure after breezing through this you have fully understood the logic behind all the ethereum smart contract projects.
So either you are in motion or opposing the motion of a smart contract that is a good one.
But for those who are in motion, it is nice for you to understand the kind of business you are into, so as you don’t slack while others are progressing.
You can only profit in a business you understand, but then understand that smart contract is not in any way a form of investment.
