It is almost a trend these days that people want to own their own cryptocurrencies. The reason may not be revolutionary as it was when Bitcoin was invented. Ecoin is one of the newest digital currencies that claims to be the next best thing after Bitcoin.
In this review, we shall take a look at the virtual currency with the hope to determine if investing in it would be worthwhile or a waste of time.
I came across the website through social media where a promoter claims it is a smart investment platform. Like any other investment opportunity promoted in the cryptosphere, at Cryptoinfowatch, our work is to make sure that what investors put their funds in is something legitimate and genuine.
At the Ecoin official website, what is remarkable is that there is that there is no indication that you’re dealing with a real blockchain project. Aids that help investors assess a project such as whitepaper, and blockchain explorer are absent. There is also no team list, which is a clear red sign.
As you must have known, there are many sites that pop up online with the intention to deceive potential investors and steal their money. All they need do is put up a convincing site and give visitors the impression that there is money to be made and that is it.
Some of these fraudsters actually convince many investors and steal their funds. This is why it is important that every investor conducts a background check on any platform they plan to invest with.
A Massive Airdrop
From information on the Ecoin Official site, what the people behind the site are doing is actually a big airdrop. The cryptocurrency is not being sold even though the owners believe that it is a valuable coin. Now this is weird because anything of value would have a price.
This is a peculiar situation since the owner believes that they can give the coin away to everyone who is interested to own it. They hope that if many people start using it its value will appreciate.
According to the site, they are giving each person that signs up 750 ecoins. They plan to give the coin to everyone who is interested in it. Then they would have the holders invite others until there are a billion people using the coin.
The project owner believes that when there are a billion people using it, the value of each ecoin token would be $1. How practical is that?
Even though I’m not an expert in cryptoeconomics, what I do know is that projects such as this won’t be successful mainly because the people behind it have no intention of making it a success. This can be deduced from the fact that there is no serious work backing up the claim.
Every serious digital currency project must have its blockchain as part of the roadmap. Without a blockchain, it is not a cryptocurrency project.
These are some of the information that should be available on the whitepaper but Ecoin Official has none. This means that some random people are asking others to sign up to own some non-existent coins with the hope of signing up a billion people.
No Distribution Plan
Every token is distributed in a manner that people get them depending on who they are and their role in the community. The team is allocated a percentage of all the tokens while others receive the rest. If there is an initial coin offering, the token is sold to investors.
You can see that Ecoin was not distributed in a regulated manner, so there is no indication that this is a serious project.
Every blockchain project should have an identifiable team. This is not the case with Ecoin as seen from the official site. This means that the people behind it do not want to be identified because they’re either not professionals or they’re not confident that they are building something worthwhile.
A bad case scenario is that the owners may not have good intentions or just want to take advantage of the traffic the proposed billion people would generate to make money. Whatever the case, it is obvious that a project without an identifiable team cannot be trusted.
A Worthless Token
What is clear is that the Ecoin token is not valuable. Despite the fact that the site claims that it would be worth something in the future, it obviously would not happen because the coin has no utility.
There are already thousands of digital currencies in the market. Most of these coins have special features and uses. There is no guarantee that Ecoin would be worth anything in such a competitive market just because it is free.
This is a free coin so you can sign up to get it, but I doubt it is worthwhile. The best way to make money in the industry is by investing in reliable companies or trading.
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What do you think about Ecoin Official? Please share your views using the comment box below.