Crypto Investments Mobile Crypto

My Thoughts on mobile crypto “mining” projects

As you all should know by now, I am a huge fan of these mobile crypto “mining” projects. I started doing all these mining like way back in March or April 2021 and have not stopped. My favourites have been Pi Network and Eagle Network. Of course there are a few new projects that popped up recently that seemed to be quite decent as well. The crypto verse seem to be ever changing and there have been some great developments and innovation. That is why I am confident that these “more stable” projects will not just simply fail or disappear. Of course there will be a lot that will. Some projects didn’t even last 2 months. One of which was the Shark Network which started in September and by the start of November, the team just disappeared without a trace. Anyway here are some of my thought about these mobile crypto mining projects.

  1. A good project usually takes time. And I mean like a few years from start to something remotely considered “finished”. If you see a project that promises everything to be done within a few months, I think you might want to reconsider the project. And yes, it does take time right? Just imagine building up the brand name, getting and training developers, negotiations with other services and companies and so on. These will take time. So you will need to be in for the long haul.
  2. “Miners” or members don’t usually last very long. This is usually very true, which is kind of sad. They expect to “mine” and get rewarded within a few weeks. Furthermore, some expect the price of the tokens or coins to be sky high at the date of launch. This just doesn’t happen. Even if the project and the corresponding tokens are released quickly and can be publicly traded, it will probably a few years for the token to even gain traction with the public. Nobody is going to believe in a token that was just released a few weeks ago and start investing their hard earned money into it. Again, you will need to be in for the long haul. Patience my friends, patience.
  3. A lot of projects are just scams. Sadly there are a lot of projects popping up everywhere and most of them are just scams or rugpulls. Some don’t even have any experience in the crypto industry and they are just hoping to ride on the crypto wave to make some money. If you read a project whitepaper and it seems extremely fishy or things just don’t make sense, you need to double check the project again. There are even mining apps that just make the user click on advertisements with no intention to reward their users. So please be aware.
  4. Investing. Beware on what you are investing in. If you really want to invest in these projects, I would highly encourage my readers to make sure that the project has some financial backing and the project team is active and constantly updating both the application and adding new features. I have an interesting story about the Eagle Network – at first glance I thought that this is most likely a scam project. But as time progress I started to realize that it isn’t a scam project and the team behind Eagle Network seems to be serious on what they are doing. Yes, so always do some research first. This is very important as a lot of projects tend to claim that you will probably make 100x like by next year and you will miss if you don’t go in NOW. All rubbish. Don’t just rush/FOMO into any project.

Please take care. If you are unsure of a project, it is best to be avoided then. There are just too many scammers out there.

Crypto Mobile Crypto

My top mobile crypto mining app picks

Everyone seems to like top picks so here I am. I will reintroduce to you all my favourite mobile crypto mining apps. However I need to be clear that these apps do not actually do any mining on your mobile device. Most of them simply let you claim rewards once daily (or less or more depending on how it works) and uses very minimal energy, bandwidth and processing power. So all you have to do is to start the app and click a few buttons to get the rewards. So you don’t really need to worry about these apps making your mobile device slow or eating up bandwidth or battery life.

So lets begin. My favorite at the moment is Hi Dollars Network. I think this project has great potential and it should be one of the better ones out there currently. The rewards they are giving out is pretty generous as well. I mean you can mint daily 1 Hi Dollars and that is worth about USD 1.4 at the time of writing. Plus whatever referral rewards you are getting from those you refer to their network. Certainly much better than most other crypto mining tokens. And if you purchase and hold on to their tokens, they have membership benefits as well. You get lifestyle rewards, better earning rates and other benefits. And the Hi Dollars team had said that they will be adding more to their membership. Come on, tell me which project you know give you all these benefits? Furthermore, they are a Defi project – meaning that you will soon be able to do swaps, borrowing, lending and other crypto related services on their platform. And they have more than 2 million members already – that is one impressive growth rate considering that they just launched only in May of this year and their token was released in August.

Next would be Pi Network. Of course this will be in my list. They are one of the pioneers in this industry, starting all the way in 2019. In crypto terms, that is a pretty long time. They might not be the fastest team but they seem to get things done. And they have about 25 million active users on their platform – so just imagine how massive their ecosystem will be. The number of developers been trained to create dapps on their ecosystem is also quite impressive. They had just finished their first “hackathon” and supposedly it was a great success. Regardless it is still quite impressive for a “mobile crypto mining” platform to even have their own hackathon. Rumours seem to suggest that Dec or early next year, they will launch mainnet, so watch out for it. At the moment, we have no idea how much their Pi tokens will be worth. Will need to wait till the Pi tokens are launched for public trading. However do note that the current mining rate is rather low, so if users want to join, they should join early.

I also like Star Network. Yes the project is pretty young and their services are not even up yet. But judging at how well their growth has been and how often they update their app and announce features and changes, I think this will be successful. They started around August this year and they have gartered over 1.1 million users. That is even faster than Hi Dollars network. But of course they are more leaning towards Defi and we know that Defi is hot right now. And if you ask me, I think Defi still has lots of room to grow. So I don’t think that Defi will fade away anytime soon. Now we are all waiting for them to start launching their crypto services but I think that will take some time. And if you have the time, you should go read their whitepaper. It is pretty comprehensive. That whitepaper was the main reason I am confident about the project. Someone took a lot of effort to write that whitepaper. Of course when they released the Libra token and KYC on time and without too much issues, I knew that Star Network will be the project we should all watch out for.

However if you are looking at an underdog to root for, then maybe you should look at Eagle Network. This project has gone far since its early days and their tokens will soon able to be publicly tradable in their own ecosystem. Of course they have had their own shares of hiccups along the way but looks like most of them have been resolved. Note that they are a relatively small project and probably doesn’t have the financial backing like the rest in this list. But from what I can see, they have been trying hard to release features and dapps in their ecosystem.

So if you are at all interested in doing some crypto mining to get some passive income, then you might want to take a look at these projects. However I am no financial advisor so please do your own research as well. Take care!

Crypto Mobile Crypto

Alpha Network – Alpha Pay?

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!

Crypto Mobile Crypto News

Star Network Updates – KYC, Libra & Unlocking Balance. 900k Users!

Some great news for users of Star Network. They have implemented the Libra tokens to their platform. This means the users (or explorers) can draw Libra and if they are successful, they can start doing KYC and unlocking their Star tokens balance. And the cool thing about this is that they did it on time without that much hiccup. This surely gives me some more confidence on the project.

So if you don’t know what the hell is Star Network, let me give you a brief overview of this project. It is a Defi project where members can trade and swap tokens, stake their tokens for rewards and do borrowing on their assets on the platform. The native token is the Star Token. You can also mine for their Star Token on their app, which functions as an social network app as well. So you come on daily to “mine” or mint for rewards which can be converted to the Star Token. However you will need to complete KYC as per usual nowadays in order to withdraw the Star Tokens. There is a catch here though. In order for you to complete KYC, you will need the Libra token. And this Libra token can only be drawn from a lucky draw system – it is random but if you hold more Star Tokens in your app, you will have a higher chance of drawing it. Honestly I don’t know. I certainly understand why they implement this but on the other hand, I think the randomness is a major issue. We could potentially see someone who don’t contribute much to their network drawing the Libra token a number of times, while someone with a bigger balance not drawing any and getting frustrated. Of course that is just me.

So other than allowing a KYC slot for their members, the Libra tokens can also be used to unlock the balance. Only after unlocking the balance, users can then withdraw the tokens. Of course withdrawing the tokens will only be available at a later date. But you do get to unlock the balance you earned plus those earned by those you referred to (those who have completed KYC as well). Again there is a catch – Star Network seems to be full of such things – the Libra token has an expiry of 7 days. So you will need to use the token or it vanishes. Of course you can trade or give it to someone else in your team. Well, I guess it makes the network more exciting and gives users a chance to interact with others. It is called Social Defi for a reason.

The wallet on the app is now active and users can send and receive Star tokens. But do note that the tokens need to be unlocked before you can do anything. So that Libra token is still needed in order for users to do any sort of transaction. When they first announced the Libra tokens, I didn’t know how important this token will be. But after some thought, I think this token is probably the one that enables everything. Kind of disappointing that the Libra tokens only last 7 days. Makes everything kind of rushed for users to complete.

Anyway Star Network has reached 900 thousand users. Going for a million soon. Now that is real growth we are seeing here. I think this project does seem to be heading in the right direction. And if they continue to grow, think they might be able to compete with Hi Dollars in the Defi space. Defi is still the bomb if you ask me. And lots of space to grow further.

I am not a financial advisor. And for god’s sake, do not pay for anything on an app unless you are sure of their success. Please take care.

Crypto Mobile Crypto

Why I Am Going The Mobile Crypto Mining Route

I am pretty sure by now, my readers would realize that I am particularly interested in the mobile crypto mining scene. Yes I love crypto and what it actually stands for. But I am especially into the mobile crypto mining scene. For those who still don’t know what this is, let me give you guys a quick explanation on what is mobile crypto mining – basically it gives users a way to “mine” or mint cryptocurrencies using their mobile devices but there is actually no mining going on. It is just a way for the developers of the project to get people interested and to get more users to join their platform. You can see users posting their referral codes here and there – this is to not only get more users in but also to help boost their mining rate. I find the idea really intriguing to say the least. Of course users will need to come into the app daily (there are quite a few that requires users to come back to the app every hour) to restart their mining.

Of course there are tons of scams and rugpulls in this market. There are also those projects that stalled due to the lack of funds or that they cannot find investors or that the developers were no longer interested in the project. Or that the developers knew that they cannot compete with the bigger projects out there. That is why I tell my readers never to pay for anything on such platforms. Who knows what will happen? This is the crypto market and it is indeed full of scams, rugpulls and dead projects. Even projects with big names and investors behind them have failed spectacularly. So again please be aware about how you spend your hard earned money. But for me, I merely do all the mining for fun. I honestly don’t think that I will be making tons of money even if a project is successful. Yes the price of the token does indeed go to the moon, I will be very happy. Honestly these are just merely hype. For every one project like SHIBA INU, there are probably thousands that failed or are scams. So you should level your expectations.

And guys, it is important to understand that most of these projects will require you to “mine” or mint for a long time. The Pi Network project is still ongoing since 2019! Just imagine clicking buttons everyday on your mobile device everyday 365 days a week. The dedication needed. So if you are expecting to make a quick buck, then crypto mining is just not for you. Most start very small and they develop their services and ecosystem over time. If you ask me, I think it is pretty reasonable for a project like Pi Network to take 3 to 4 years to really take off the ground. The Hi Dollar team has said that their development cycle will take 4 years to build up their products and services. They even have 1 year lockup periods for their tokens. And the Hi Dollar project seems to be very well funded. Things take time. If a project is being rushed through, hiccups will often occur. We don’t need to look far to see that is true. Eagle Network anyone?

With all these said, I am very confident that mobile crypto mining is the way to go. Why you might ask? Well this is because the crypto market is pretty saturated and there are just too many crypto projects out there. The number of projects are just so mind boggling that it is extremely difficult for the smaller projects to stand out. Not to mention, there is hardly anyway for regular folks like you and me to interact with these projects. However for mobile crypto mining, you have to download their app and after “mining” you will get a certain amount of their tokens as well. This also creates more interest in the project. Users get their friends interested as well. More interest means more demand. Everyone loves free stuff right? And users get to watch as their project grows from start to end.

So yes, I think more projects are starting to realize that mobile crypto mining can be a good alternative. So join me as we navigate through the horrors that is the crypto industry. Maybe along the way we can learn something useful in life.

Crypto Mobile Crypto News

Hi Dollars Token – It finally rises!

Yes the Hi Dollar Token has finally hit USD 1 and beyond. The token has not reached this value since it was officially launched in August of this year. And it looks like it is still rising. At time of writing, it has reached USD 1.23 which is quite impressive. Take a look at the price chart from CoinMarketCap below. It has been rising rapidly since late October. This is extremely good news for Hi Dollar token holders like me. The price of Hi Dollar had been rather lackluster since its launch. Hovering between USD 0.8 – USD 0.6. But usually it will hang around USD 0.7 or so.

This could simply be the Hi Dollar token being bridged into the Binance Smart Chain (BSC). This helps to improve the liquidity by reducing transaction costs associated when users trade or swap tokens in their favourite DEX. I have done quite a lot of transactions on BSC and they barely cost anything. Of course one cannot compare BSC and MATIC. The price rise starting in late October correspond to the time when they bridge to the Binance Smart Chain. So yes that was a smart move indeed. I mean if they remained in the Ethereum ecosystem and with so many tokens still locked up in their rewards system, this will definitely have some impact on the value. But with the switch to BSC and their LP incentive program, liquidity issues seem to be a thing of the past now.

However with that said I am still not too confident about the Hi Dollar tokenomics. Their massive expected supply is one of the main reasons why. Just by looking at the daily rewards they are giving to their members – you will easily understand why I feel that way. I am talking about like tens of millions of tokens being given to members daily. The daily rewards plus the referral rewards plus the downstream rewards. And we have this LP incentive and other rewards as well. Those will add up and add to the already massive supply of Hi Dollar tokens. With more members joining their network, the supply will only increase in an exponential rate. While I agree that more members means more demand for their Hi Dollar tokens, not all members do add value to their network. The time will also come when the Hi Dollar tokens being locked in their rewards balance are released – what impact will it have on the price of Hi Dollar?

No no, I am not that greedy. I am also not that selfish. Again I can understand why they need to attract more members with good rewards. But I feel that when their rewards program ends, we will be left with such a huge amount of Hi Dollar tokens, the value of the token will simply not be able to maintain. Of course that is just my opinion. The Hi Dollars team seemed to have some good financial backing and the project also seem to be developing very well. However the concern of supply still remains.

I am not a financial advisor. Please do your own research when it comes to investing your hard earned money. You can use my referral code when joining the Hi Dollar network – blong1234. Please take care!

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Hexa Network – Yet another mobile mining app? Gaming?

[Update: 06-Nov-2021]It seems that they have some issues with their virtual miner which allows users to purchase a “buddy” to mine with. A lot of complaints seems to relate to that. Most of them seem to say that even after they paid for the miner, it is not being reflected and the support staff don’t seem to be replying. This does not sound that good to me. So if you are thinking of purchasing the virtual miner, you should think twice.

This is a maybe. For those who want to try out another mobile “mining” app, let me present to you this Hexa Network [referral code included]. Or you can go to their website directly here and use my referral code blong1234. Their Hexa token is currently running on the Binance Smart Chain, so you can be sure transactions fees will be much lower. No more worries about having to pay expensive fees when you transfer your hard earned tokens out of your wallet. And admittedly, you will not get a lot of tokens from these mining apps and if half of which are used for transaction fees, definitely not worth it.

Anyway on to the review of Hexa Network. I have been mining for about 2 to 3 weeks on their app. So far, I think it is pretty decent. The mining rate is quite okay and you can watch advertisements to “double” your mining rate. However it is best for users to refer their friends or relatives to the app. That is how they will grow. More users means more demand for Hexa tokens. And the price will hopefully increase. As usual with most of these mining apps, they do need users to refer others to the network. They just don’t have the advertising budget and there are already plenty of such apps in the market right now. But Hex Network is pretty new, so if you get in early, you should be one of the pioneers. Of course I have no idea whether the project will be successful or not. And at the moment, I have no idea how much their Hexa Token will be worth. Their ecosystem seems to be based on games – so you should expect games coming into their platform soon. And to grow their ecosystem, they are planning to have shops and marketplace for products and services. Again, this is nothing too remarkable as most of these platforms plan to have such features as well. I have yet to see one that is successful though. This is not to say that the project will fail. Merely suggesting that they have an uphill task ahead for them.

The current mining rate is 1.6 Hexa Tokens per hour. The rate will be halved once the users reach 100k. It will halve again once the platform reaches a million users. Users will need to come in to their app and click on a few buttons daily to restart their mining. Pretty easy to do but based on my experience, not everyone will be willing to do this for the long term. Need some discipline. For don’t who don’t know, I have been mining Pi tokens and Bee tokens for over 7 months already. Eagle tokens for around 5 months as well. How is that for discipline? Of course I spent a lot of time travelling on public transport, so I do have the spare time. This kind of apps are especially good for people like me.

According to their whitepaper, the total supply of Hexa Tokens will be 1 billion. And to make the distribution fair, 80% of the total supply will be for miners and for the ecosystem. This process is expected to take up to 5 years. So yes, users will have plenty of time to mine but note that it comes at a reduced mining rate. Anyway only 5% will be given to the developers. Well….maybe that would be good as well. At least we know that they are not greedy (hopefully). And with the supply of 1 billion tokens, I honestly don’t know how much it will be listed at. I will update you guys when the time comes. But I have to be frank, mining this token probably won’t make you a millionaire.

If you were to check out their roadmap, 2022 would be a very interesting period for them. That is the year they will start with their decentralized exchange (for swaps), their staking will be enabled and their marketplace developed. Hopefully their tokens will be listed at major exchanges as well. No matter what people say about those centralized exchanges, those exchanges were really where the prices of the tokens are determined. The trading volume there is just undeniable huge. And in their 2023 roadmap, it seems that they plan to create a mobile phone based on Hexa OS? Now that is very ambitious to say the least. But honestly I doubt that it will come to fruition – I can understand the need to be different but just imagine the resources need to compete with the other mobile brands and with their operating systems.

So if you all are interested, please use my referral code. Of course if your friends already have their own codes, you should use theirs instead. And please DO NOT purchase or buy anything on such apps unless you are sure of the project’s success. The Hexa app has an option to purchase “virtual friends” who can mine with you. You should get your real friends to do that instead. Please be safe out there!

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Hi Benefits Announced! Well officially….

Congrats to all who have been minting Hi Tokens and to those who have invested in Hi Dollars. Finally the team has announced Hi benefits. This is a loyalty program for holders of Hi Dollars. The more you hold, the bigger the benefits. They have divided the benefits into tiers. So yes things are looking very good for Hi Dollars. They have recently started their Hi earnings where investors can put in cryptocurrencies into their earnings plan and get interest in return. For those who don’t know, it can be up to 40% if you keep Hi Tokens for a year in their earnings plan. That would help keep some of the Hi tokens locked up for the time being. I myself have been putting any funds from my flexi account into earnings every chance I get.

You can refer to the diagram above. If you have not put any funds into Hi, you should be in the Hi Guest tier. Basically nothing. But fear not, if you have been minting Hi Dollars using their iOS app or Telegram bot, you will have the funds in your flexi wallet in about a year’s time. With that you can transfer to your earnings and you can benefit from the Hi Benefits as well. It might take some time though. The most interesting tier is the Hi Green tier. Once you reach this tier, you will get access to the Masterclass site subscription. Yes, free. Plus you get 10% additional boost to your Earnings. That means if you are earning 40% on your Hi earnings, you get an additional 10% on top of that! Not bad if you ask me. However do note that you will need to have more than 1000 Hi Dollars in your vault (only by purchasing Hi tokens either from exchanges or from their web app) and earnings in order to get this benefit. And if you are really loaded, you can try and get the Hi Silver tier. This has 20% additional boost to your earnings plus 5 Star Hotel & Travel Perks. Will need to wait till all the travel restrictions are lifted though.

Their Hi Gold tier benefits will be announced soon. I doubt that there are many in this tier though. Those with those kind of funds would probably not be that interested in Hi Dollars at the moment right? Well that is my opinion anyway.

And it seems that Hi Dollars have been launched on the Binance Smart Chain. It was previously only available on Ethereum. This is very good news as the transactions costs on BSC is much lower than in Ethereum. This will certainly help liquidity for Hi Dollars. The issue with liquidity has always plagued Hi Dollars. If you were to check the price of Hi Dollars in Uniswap, you would understand why liquidity is so important. If you are not sure what providing liquidity means – it is simply just too add cryptocurrencies into a pool so people can trade or swap cryptocurrencies in that pool in an decentralized exchange. You will get transactions fees from being a liquidity provider. Note that there are risks involved when providing liquidity – the main one being IMPERMANENT LOSS. You can read my little guide here. With that said, you can help provide liquidity in PancakeSwap by becoming an LP and they have additional rewards for those who provide liquidity to the Hi – BUSD pool. After you provide liquidity, you can stake your LP tokens and get rewards. The amount of 1 million Hi Tokens is up for “grabs” if you want to add liquidity. For those who don’t care too much about earnings, this might be a decent way to make some Hi Dollars as well. At the moment, the rewards program will last for 3 months. However they might extend the rewards further if needed.

I will most likely stick with their earnings program. I am a bit risk averse so the least risky option is to go with their earnings. And do comment below if you are planning to go the LP route. Always eager to know what others have experienced. Of course I will keep you guys updated. If you would like to join the Hi Dollars network, you can check out my review here. Please use my referral code. Again I am not a financial advisor. You should always do your own research when it comes to investing.

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Long delays for withdrawal for Eagle network tokens

That is the problem of overhyping their project and not able to deliver. Yes it is true that most crypto projects will tend to want to hype their features and development to the public. I mean that is really the only way to build up anticipation and interest in the project. However if you ask me, if you go overboard, it can really backfire. Especially if the development team do not have the means the back it up. That is the case of what is happening in the Eagle Network. You can say that I was a fan of the project – I have been faithfully mining their Eagle for like 7 months. It has been quite a run actually. Do note that the project is only 8 or 9 months old. They have more than a million active users, have released their wallets and have quite an impressive number of features coming out. Features like real staking and swaps. For such a small team, you have to admit it is something we seldom see in the cryptosphere. Most of the projects are basically scams which will most likely fail in a matter of a few months or just disappear. But the Eagle Network seem to be around for the long haul. Kudos to them for that.

However the recent issue with the release of their tokens to the users’ wallet seem to have dampen my confidence. Let me explain what actually happened. They were set to release the tokens that users were mining to users’ wallets a few weeks ago. However it was noted that the cost of sending these tokens to users were apparently too expensive. They had planned to use a 3rd party bulk sender to send the tokens. The cost was like USD 95K for the 1st group of recipients. That is huge if you think about it. The price of their tokens is only USD 0.0003. So they decided to create their bulk sender. They claimed that they have tested it and it seems to be working fine. However even after 2 weeks of “testing”, they still have not released the tokens to users wallets. And of course users were unhappy about that issue. So the question is why has the Eagles team not yet released the tokens? Could it be that the bulk sender is not as robust as they have claimed? Or perhaps the users are starting to think that not everything is as rosy as what the Eagles team have said it would be. Perhaps there were even more technical problems with their system. I mean creating tokens on the Binance Smart Chain is relatively easy. The Eagle Token(EAN) is on the BSC. So what is the delay then? The only answer from the developers – be patient. It was supposed to be released to users wallet like a month ago.

I am not someone who is impatient. In fact I have been calling out on the Eagle Team for doing things just too fast. But I can understand the frustration of the users. Especially after all the hype and whatever roadmap information the team have released to the public. And of course not to mention the lost of trust between the users and the Eagle teams. Overpromise and underdeliver. For me I think it is good that the project is not being rushed. Of course they might lose some users and members and we will get a lot of complains on their Telegram group and other support channels. It might also be good for them to stop the hype train and start concentrating on developing their network instead. Their roadmap is just too ambitious as well. Do it well and do it once. Sure there will always be mistakes made and surely tons of screwups along the way. But the recent debacle is not due to coding or complicated programming. The recent issue with not able to withdraw was due to them not knowing about the cost of sending out tokens in bulk using 3rd party software! Which is kind of surprising to say the least.

Anyway I will update you guys once they have released the tokens to the wallets. It would be a great step and a confidence boost for their users as well. Till the time comes, everything is still in doubt.

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Star Network – detailed look at its whitepaper

This is one project that I have been looking quite intently for some time – Star Network. You can mint Star Tokens daily using their mobile application. The number of users seem to be growing quite fast – currently it has about 600k active members. Not too bad considering that the project has been around for like a little more than a month only. Very impressive growth rate. Of course whether that is really true or not, I have no idea though. The main reason why I believe that this project will be successful is due to the fact that they have a very comprehensive whitepaper. Gives me some confidence that someone put a lot of effort and thought into this project. And their whitepaper proves that. So I am here to breakdown the whitepaper and give you guys the summary.

Check out their whitepaper here. I will only list down the important parts of the whitepaper. Some of the information in the whitepaper are pretty general and I won’t want to bore you with the details.

The first few paragraphs talk about why we need to get into the action first. Basically it is trying to convince their members to join and start getting the Star Tokens before everyone else. I mean it makes perfect sense as the early adopters will usually benefit the most. It also tries to persuade readers the importance of having an alternative to traditional banking which is decentralized finance (defi). Again I have nothing against what was said. It is always good to have alternatives, especially when it comes to money and “banking”. It is rather ironic that governments are the ones who actually control our money and even in some cases, we will need to get permission from the government or financial institutions to use our own money. Indeed strange.

The whitepaper then goes on to inform us on the issues with the current cryptocurrencies and how they plan to solve those issues. Well this is a maybe. They are using 1st generation cryptocurrencies like Bitcoin as comparison, which isn’t really that fair if you ask me. There are plenty of other newer cryptocurrencies out there and although these have problems of their own, they already have or planned to have solved the issues with 1st gen cryptocurrencies.

Next the whitepaper tries to explain to users what exactly is Star Network. Well for those who still don’t know, they are a defi platform and the idea is to allow borrowing, lending, payments, exchanges and others without a need for a centralized entity. Basically a peer to peer platform with banking services baked in. And in order to achieve that, their app allows users to earn Star Tokens daily and to incentivize more users to join the network – those who invite others will earn a percentage of their rewards. This is very typical when it comes to such mobile crypto mining platforms. They do need the numbers in order to be successful. However do note that users will need to complete KYC in order to use their services. I have found that needing to complete KYC seems compulsory these days. This is good, as it will prevent users to create bots to mint fraudulently.

Anyway, all you have to do is to download their mobile app and click a few buttons once every day to get your Star Tokens. They plan to have mint rate halvings once the number of users reached certain milestones. Initially the reward rate was 1.6 Star Tokens per hour. After the first halving, it is now only 0.8 Star Tokens per hour. The next halving will occur when the number of users reached 2 million. Users (or so called Explorers) can also increase their minting rate by inviting others to join the network and mint the rewards. The more invitees (or Boosters) that use their referral code, the higher the minting rate will be. The Star Token supply will cease to increase when they reach 100 million registered users. At the moment, we will not know what would be the exact supply. Note that 25% of all Star Tokens minted will be given to the developers.

They are also introducing yet another token called Libra. This is for users to complete KYC and to unlock their Star Tokens. It seemed that Libra tokens are randomly issued to users and those with a higher amount of Star Tokens will have higher chance of getting the Libra token. Plus they have a 7-day expiry period! Apparently you can also purchase Libra from other users as well. So when you mint a certain amount of Star Tokens, you cannot withdraw them without first having the Libra token. And once you have completed KYC and use the Libra token to withdraw your Star Tokens, they will be termed as Realized Balance and you can use them in your wallet. Their wallet is expected to be ready by mid-2021. I am guessing the main point of this Libra token is to ensure that when Star Token is officially launched and can be traded in exchanges, we will not see a huge dumping of the tokens. This is a very common issue with such projects. It seems that they have a burnt feature whereby 0.3% of each transaction will be burnt. This is very likely done to increase the scarcity and value of the Star Tokens.

Their expected full launch should be somewhere in December 2022. That means users should have about a year to mint for the Star Tokens. Even after the launch, they will keep on adding more defi features into their ecosystem. And it seems that they are planning to develop their own blockchain. So if you are interested, you can read their whitepaper on that. However at the moment it seems to be a little thin on the details. I am guessing that such a feature will still be some time away. Hopefully they will give us more details as it gets closer to launch.

If you are interested in getting “into the action” and not to “miss out”, you can use my referral code [blong1234] to join the Star Network. Take care!