Ethereum-Based Pyramid Schemes - Full Review by Dailytech

It looks folks can’t get enough of clear pyramid schemes on high of the Ethereum blockchain. similar to the other distinctive plan involving blockchain and cryptocurrency, it doesn’t take long for multiple clones to come back into existence. Given all of the shenanigans we've seen with PoWHCoin and ShadowFork, it's solely traditional that individuals square measure a lot of hesitant once it involves these opportunities. That won’t stop EthPyramid from turning into a hit, though.

ETHPYRAMID IS ANOTHER DISASTER WAITING TO HAPPEN
There is one thing seriously wrong with plenty of individuals if they assume clear pyramid schemes area unit an excellent use case for sensible contract technology. whereas it's true we'd like to seek out as several use cases for sensible contracts as doable, running a scheme isn't one thing which will get several positive headlines. the massive distinction is that comes like EthPyramid area unit fully clear and warn investors well before that can|they'll} – and doubtless will – lose cash at some purpose.

This makes it all the additional shocking to visualize yet one more Ethereum-based scheme gain traction rather quickly. EthPyramid features a terribly similar formula, despite the fact that the creator claims its good contract code was engineered from scratch. whether or not meaning there are not any flaws or malicious functions to be found could be a totally different matter altogether. most of the people World Health Organization participate in these investment opportunities can’t browse the inner workings of a sensible contract owing to an absence of information. they'll notice things out the exhausting means, sadly.

All of this portends a worrisome future for the likes of Ethereum and good contract technology generally. If individuals still exploit this technology for pyramid schemes and alternative Ponzis, the technology can eventually lose its charm within the planet. Being related to a “transparent pyramid scheme” might not be all that negative, however individuals can solely keep in mind the “pyramid scheme” half and not the “transparency” angle.