Well yes I am back again with another project that looks like of decent. But as this is a pretty new project, I am certainly not giving any endorsement and would recommend my readers not to put in any money at the moment. I don’t even know whether this project will take off or not. It is just too early at this stage to tell. And as for the value of their Shark Token? I have no idea either – we just hope that it will not be like the Eagle Tokens (EAN) that seem to be more or less of very low value and not worth the effort to go “mine”.
Anyway enough of Eagle Network, lets get into Shark Network. It looks to be something of an incubator for cryptocurrency projects. I am guessing it is to help fund small cryptocurrency startups with seed money to help them develop and grow further – which to me is a interesting goal. At least it is not another one of the defi networks we see popping up everywhere. But as to whether there is really a need for an “incubator” for cryptocurrency projects, I am not too sure. And one wonders why they call themselves the “Shark” Network when they are an incubator? But I am sure most of you know the site Coinmarketcap and would realize that the site is actually a platform for promotion and launching of various crypto projects. And almost everyday you will see one or two projects being launched with like airdrops or even ICOs being announced. So I would gather that the Shark Network is trying to do the same thing with the addition of some seed money for those projects to get off the ground. Seems like that is what they are hoping to achieve.
For those who don’t know how these platform works – they basically want users to login to their app, click a few buttons and get a reward (the so called mining or minting). And in order for the project to grow, users will need to get their friends or relatives to join. The cycle then goes on. And as more and more users join and their members increased, the demand for the project and the token increased. And as more users join, it also help promote the project to others via the word of mouth. I mean they are unlikely the richest of cryptocurrency startups, so this is probably the best way to promote the project. And it has been proven to be successful. Some of the older mobile crypto mining projects have more than 3 to 4 million active users. Of course whether these users actually add any value to the project is another thing. For the Shark Network, you will need to answer some simple mathematics question. Not too tough. As I said before, I spend quite a lot of time on public transport, so I do have some time to spare.
For Shark Network, it seems that at the moment you can only use Telegram to claim your daily rewards. Think of it like the Hi Dollar Network. You go to their Sharkbot daily and start answering questions and you will get a reward. At the moment, you will get 50 Shark Tokens (or SHARK). Pretty simple and really doesn’t take too much of your time. So if you don’t mind wasting a few seconds of your time everyday, you can try joining via this link here with the referral 1883179376. Of course you are doing this in the hopes that the price of those SHARK will increase and you can get some decent change from all these work you put in. But there is no way to know for sure. Heck I don’t even know whether this project will be successful. But in most cases, it is better to get in early as the amount of rewards will usually go down in time. There are always “halvings” where by the rewards are cut by half or by a certain percentage to incentivize early users. That certainly makes sense.
At the moment only Telegram is supported. I have started the mining about 2 weeks already. There is no advertisement in the Telegram app (their bot) and I am not seeing anything suspicious about the project. You just start the bot and answer some maths question and claim your reward. However I again would like to remind my readers NEVER to purchase anything from such applications unless you are sure that they will succeed and they will give you a good return on your investments. Everyone hopes to get early into a project and make like 1000x when the time comes. But honestly, in most cases, such are fantasy stories which do not come true.
The thing that got me a bit concerned is the lack of a proper whitepaper. I don’t even know what kind of blockchain they will be using for the Shark Token. And who are their development team members? Their website seems to be lacking a lot of information – it is basically just one page with only some links to their community support pages. And some of the links are broken as well. Their community groups also seem to be rather lackluster with very few members. With that said, I have been them improving their Telegram bot quite often. And if you ask me, they are actually copying quite a lot of the features from the Hi Dollars team – including their “game” feature. It might be a good thing seeing that Hi Dollars seems to be one of the better projects out there right now. However note that quite a lot of their features are still not up yet, so only time will tell.
Lets see how this project goes. I will certainly update you guys on their progress. Take care!