In my opinion, playing these games is just a waste of one’s time. Chances are you will get nothing at the end. This is just common sense but tap-to-earn have benefited greatly from FOMO mentality which is driven by the fact that one (NotCoin) of these hundreds of tap-to-earn tokens was listed and gamers made money form it.
Notcoin’s explosive growth drives crypto adoption on Telegram
Blockchain
These P2E games are milking the players. They make you do tasks like follow their YouTube channel, Twitter, and other social media platforms. And whenever they lost a new video, you’re supposed to watch and like the video. That’s how they get a huge following on various social media platforms. So even if they fail to list their tokens, they are already making money from ads on YouTube and their other socials.
Topic: Trendy: On board and get rich quick scheme - page 2. (Read 225 times)
On board a get rich quick scheme
Introduction
Over the course of how Bitcoin and a couple of cryptocurrencies has transcended from being valued at mare cents to its dollar value and even serving for a more preferred asset by the population that are knowledgeable of Bitcoin, to the point that, the value for getting a single unit of it (1BTC) seems overly above the radial for some forks with the exception of having to buy in bits.
Given this reality, people are always on the lookout with altcoins of possible potential and just now, a phone screen tapping activity have enveloped our society to a point that, you actually can’t go a day in the park, around the streets or even on the media without seeing individuals trying to pry a portfolio out of what is being offered. At most, it’s operated on telegram and called the telegram games.
I’m talking about, the memecoins from telegram games.
This activity has come with certain confusion that pushed me to doing some research and knowing to clear my confusion and certain confusions and I’ll relate here my findings. A couple of sources was used in course of this finding but, two resource did stand out and that’ll be; SimpleLearn.com/YouTubechannel and Ledger.com
Some of the confusions which I sort to have an understanding is:
* People having to see tapping on their phone screens to earn tokens as mining
* Not having a clear understanding of the differences between Coins/Token
* What are the purposes of certain forms of project
* What similarities do exists between these Coins/Tokenomics projects
Let’s get down to it:
* Mining to simply put, it’s the process by which new Bitcoins is released in which, miners gets to solve complex maths and puzzles using specific devices (transitioned through generations) to serve this purpose and adds security to the network.
While, Tapping on your phone screen is simply you having to participate in a game as a form of loyalty program, along with certain social media challenges and get rewards.
* Coins are actually mined and have its own blockchain which remains native to that Blockchain E.g Bitcoin and the Bitcoin blockchain while,
Tokens are generalized and distributed by its developer. Tokens are actually developed on the blockchain of other coin projects. E.g Sandbox on Ethereum Blockchain.
* Coins are created to be used as a regular currency, just in the same way we use our fiat and for a store of value while,
Tokens are simply an access to certain offers on a project. They are like the casino chips where, they represent units of certain values and can be used within the casino to participate in certain activities.
Similarity:
The major similarity that exists between these terms are the fact that; they are both cryptocurrencies that exists in a digital space and on a blockchain.
Key differences to note between Coins and Tokens:
I. A coin has a unique blockchain while, a Token is built on the blockchain of a coin
I. Coins are mined while, Tokens are generalized and distributed
III. Gas fee for coins are payed in its native token (e.g you pay BTC as fee on Bitcoin blockchain) while, you pay coins as gas fee for a token (e.g to transact Sandbox, you pay ETH as gas fee on Ethereum blockchain).
Purpose of creation:
While Coins are created for exchange and store of value;
Tokens basically serve as game currencies in the web3 and represent popular cultures.
Possible effects from the tap tap activities:
1. There is a degree of responsiveness to every device and having to tap it multiple times subjects the device to more work, generates heat and can end up reducing the device’s performance and reliability.
2. You are often subjected to media activities on your media fields which reflects on your person and could either add value to your media field or take from it based on the outcome of projects you put out.
3. You end up building channels for developers in the name of tasks, they earn from your activities of views, likes, comments, subscriptions to channels and you don’t often get anything in return other than some worthless tokens.
4. More often, you would be required to link your wallet which could result in phishing and a malware compromise of your device.
Effective prevention measure:
> Avoid such free to earn token participation
> If you must participate, don’t do it on the same device you have your crypto wallet
In summary:
Tapping on your device screen isn’t mining and coins are much different from tokens.
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