I had actually thought that this network might be heading for the dust seeing that they did not have much updates for some time. Whenever I see a project within an update for a few updates, I will automatically think that it will go to the way of the do-do. But alas, we got a little surprise a few weeks ago – they announced Alpha Pay! Sounds that sometimes even smaller projects can surprise you. For those who don’t know what the Alpha Network is about – well it is a relatively simple cryptocurrency mining platform that allows you to mine their tokens for free but the kicker is that the Alpha Coins/Tokens will be limited to 500 million tokens. Nothing too specular about its tokenomics but they seem to be stable and functioning. I myself have been mining for about 6 months or so. I do not have any complaints.
So if you are interested, you might want to join the Alpha Network. My referral code is blong1234. Of course if your friends have their own code, you should use theirs instead. Anyway as mentioned, they announced Alpha Pay which is basically a way for users to do payment with businesses or each other. They claim that transactions will be free (no fee) and supposed to be instantaneous. The Alpha coin which is the token that we are mining on their app, will become an interoperable asset that can convert from one cryptocurrency to another without any hidden fees resulting in instant and light-speed transactions. Just think of it as a swap token but instead of you doing it at DEXs, you exchange between consumers and businesses on an app. Of course whether this is achievable or not is debatable. But at the very least, the Alpha Coin will have a use case finally. This is indeed good news for the Alpha Network and for those who are mining the token.
I am starting to see an uptake of people mining on the app. The more users they have on their network, the more demand for their token. What Alpha Network needs is growth. Just imagine when I first started mining over 6 months ago, they about 300k of their coins/tokens mined. Now it is only less than 200 million mined at a base rate of 0.5 coins per hour. So the number of users on the platform is still pretty low at 500k. I had thought that they would have depleted the entire 500 million coins by now. But I can understand the issue with Alpha Network – the critical lack of a real world use case. Networks like Pi or Hi or even Bee do have some uses or even an ecosystem behind the project. Alpha Network on the other hand did not have any. The only selling point is that they will have max of 500 million tokens in circulation. That is not going to cut it, especially now that we are seeing so many crypto mining apps in the market. Just too many of such apps.
And I do think that they need to do a lot of promotion and marketing. Hardly anyone have heard of their network. Without any marketing, this project will never get the traction they need to get noticed by users and get a sustainable user base. If you look at Star Network, it took them like just 2 months to reach a million users. And they are still growing rapidly! The Alpha Network on the other hand….
Anyway lets see how the project evolves. This is a very good start actually. If they keep adding more features to their network, this might actually be worth something in the future. However I would like to remind readers never to pay for anything on such platforms unless you are certain of their success. Take care!