Categories
Crypto Mobile Crypto

GeoCash – Not too sure but it is live and on mainnet!

Well I am here again with yet another mobile “mining” app review. Seems a perfect fit for someone who likes tinkering with phones and who enjoys trading cryptocurrencies. Anyway this time around, it is an app called GeoCash. You can download the app from Google Playstore or the iOS app store. You can use my referral code [GREATESTHERO_O944NY] if you want to. What basically they do is to get anonymous “BIG data” from your mobile device. And as to what “BIG data” is – well it can be very hard to explain what exactly consist of BIG data but I am guessing nearly everything in the general scale. And companies and businesses around the world use these data to make decisions.

In return for providing them with this kind of data, GeoDB will provide you with GEO tokens. Yes basically you are selling your information to them. But you get something in return. Unlike Facebook or Google or those big companies who takes your data and don’t give you much in return, GeoDB gives you GEO tokens which can be then traded in exchanges for real fiat money. And again a reminder that they are indeed selling your information. So if you are someone who values privacy, then this app is certainly not for you. But honestly I don’t think there is anywhere on the Internet where you can hide from prying eyes anyway. Everyone is tracking you somehow.

And as their mainnet has been launched, all the GEO tokens are now tradeable in exchanges. The GEO tokens have a supply cap of 350 million. At time of writing, the price of GEO token is USD 0.2730. You can withdraw your GEO tokens but I believe you will need to stake a certain amount before you can do that. The reasoning is probably to stop users from suddenly dumping whole amounts of GEO tokens onto the market, thus tanking the price and causing problems for the community. And they have switched from Ethereum to Binance Smart Chain in verison 3.0. You will need some BNB before you can do any redemption. At the moment, I am not rushing to redeem the tokens. The project should be pretty stable, especially seeing that it was launched in 2019 and have survived for some time. And their community seems to be pretty active as well. I am guessing their biggest flaw is the lack of advertising. I only knew about them when I stumbled across a Youtube video talking about Pi Network alternatives. Even my beloved Youtube which is supposed to be a treasure trove of information, has very few videos on GeoCash or GeoDB.

If you are worried about their application, I am quite certain that it is “legit”. I am not seeing any advertisements or anything suspicious from the app. And as they are selling data to companies, that is where they actually make their money. If you read their white paper, it seems that the buying and selling of the data is supposed to be “open” which is good I supposed. But honestly I don’t know what “open” means in this case. But as long as they are making money from it and giving us a percentage of the returns, I don’t have any problem with that. And if you are interested in purchasing Big data, they have the ODIN – Open Data Interoperable Network.

The application feels very lightweight and responsive. So no issues in that department. Been using it for a few months and yes, it should be fine for most users. Yes there have been some delays but if you have been in the crypto sphere for some time, you know delays are inevitable. Someone should ask our dear Vitalik Buterin about Ethereum 2.0 and the years of delay this has been through. For me, as long as the project goes ahead and is stable, I am more than willing to wait. And what you have to do is to on your phone and let the application collect your data. From my experience, the usage of the collection does not require that much bandwidth or processing power. However one thing I notice is that the application sometimes will not give any rewards. I did face such issues even when I am travelling from place to place but it seems to resolved itself somehow. And the application is often updated so bugs should be resolved relatively quickly by their team.

I will keep on using this application for the near future and will update this post in a few months’ time. If you are looking for a crypto mining application that is fully functioning and their tokens tradable, then this is the application for you. A gentle reminder for readers NOT to pay for anything on such apps! Even if they are legit, it is usually not worth it. If you are interested in my review on the Eagle Network App, please check it out here.

Categories
Crypto Mobile Crypto

Eagle Network mining application- I am bullish?

Update: 9-Oct-2021: The value of the Eagle Token (EAN) is just USD 0.0003. At the moment, it is simply not worth it to do any sort of mining on the Eagle Network. I have been mining for over 6 months and the 7000 Eagle Tokens are worth just USD 2-3 dollars! Of course the price of EAN might rise in the future but looking at it right now, it kind of looks bad. But here is hoping that their Swap feature will help increase the value of their native token. Note that the project had actually been successful and the features they promised were being implemented. Just that the value of their tokens did not mean my expectations.

I have been mulling around with plenty of these mobile mining app and most of them I think will most likely not make it. Sure Pi Network should be one that will succeed but the rest of the batch seems to be destined to fail. Even Bee Network which should have some financial muscle behind the project seem to be lagging behind. There was no updates or even announcement for a month already. Feels like it is dead to me. And does not make me feel much confidence for these projects in the long term.

However I am rather confident with Eagle Network[referral code: U27G8MDM]. Sure when they first started, I felt that they were a bit “scammy” as they had those “boost” packs (or “powerup”) where you can pay money for extra mining boost rates. But they have since removed them for a fairer method of just mining and getting more users to join the network. Which in my opinion is a good thing. This way nobody can get just far ahead without much effort. If you want a “boost” you will need to get your friends or someone to join the network using your referral code. Yes this actually helps the network by letting more people know of the Eagle Network. Adoption of the network is key to the success of the network.

As for the reason why I am quite confident with Eagle Network? Well it is because of their frequent updates. Although at the time of writing, the Eagle Network own native blockchain has not be implemented, they have already started using the Binance Smart Chain for the time being. This means that from next month onwards, their temporarily blockchain will be available and functioning. You will be able to transfer Eagle tokens to your own wallet. And yes, the wallet should be up and running by next month. Hopefully. This is quite an impressive feat as the Eagle Network app has just been launched in February 2021. According to their recent posts, it seems that they have plans for their native blockchain to be ready by 2022. Again quite impressive if they are able to get it up by then. Their native blockchain will use “elevated proof of stake“. As to how it works or how it compares to the regular proof of stake, I have no idea. I tried searching for more information and it seems that there isn’t too much information on this type of blockchain technology. Well we will just need to see what they come up with. Maybe it is just another implementation of the regular proof of stake.

And it seems like you can start staking your Eagle tokens once the blockchain is up. I would certainly love to see how everything goes for this project and their staking rewards. Quite exciting. This is actually the first time I have seen a true mobile mining cryptocurrency project go “live” actually. Pi Network is still in its testnet phrase and there doesn’t seem to be that much updates either. Oh Eagle Network’s iOS application had currently finished its testing phase and should be available soon. So iOS users can start mining as well.

As for the people behind the project? Well we don’t have much information about them either. This is not always a bad thing but I would definitely like to see a few faces in charge of the project. At least give us the names! I am a bit skeptical when it comes to anonymous teams as I am in the firm believe that if you don’t plan to cheat, there is nothing to hide. But as I see this project getting updates more and more often, my confidence started growing. For those who are interested, Eagle Network is a rather typical “gamified” platform. This means that they are planning to create a gaming community with this network where players can download games via this application. As for the use of the Eagle token? I am not too sure. Perhaps to pay for the games or to use as rewards? At the moment they have a game called Eagle Crush and you can earn tokens from playing it.

The application interface is quite decent. Again this is something the Pi Network team should learn from. I honestly don’t understand why the Pi Network team don’t spend more time making their application slicker and more user friendly. The Eagle Mining Application is clean and have easy to understand layout. You don’t have to spend time trying to find where a particular function is located. Both Bee Network and the Eagle Network applications makes me want to come back to the app, even if it just to tab a button. Oh they have this “faucet” spin the wheel gimmick which can give you more tokens per day. Again, it really doesn’t take up a lot of your time. Just that sometimes it will show advertisements. However the best way to increase your mining rate is still to get your friends to join the network.

And finally for those who think that they can become rich overnight with this mining application, then I will be the bearer of bad news. You probably won’t be. Nobody knows how much the Eagle token will be worth. And if you ask me, once the project goes live and you can trade your Eagle tokens, it probably won’t be worth much either. And in order for it to increase in value, there must be use cases for the token. Without any use case and if the entire gaming platform behind it doesn’t work out, those tokens will be worthless too. But with that said, all the user needs to do is to tap a button everyday (to activate the mining for the next 24 hours) and nothing else. It should not take too much resource or bandwidth either, as the mining is virtual. I don’t mind too much as I am a phone freak myself. But bros, never pay for anything on such apps! Especially for “boost rates”.

You can check out their whitepaper here.

Categories
Crypto Investments Mining Mobile Crypto

Crypto income – my “passive” income strategies

A good advise I would like to share with everyone new to crypto investment or passive income generation is never to put all your eggs into one basket. Sure when things are good, everything is rosy and dandy. But then things does south and it often happens in the cryptosphere, that is when everyone panics and make very rash decisions. And that would very likely let to disaster. That is why I never put all my eggs into one basket. When I invest, I throw into a good number of different strategies. These range from old old crypto trading in the exchanges, putting cryptos into lending platforms, doing staking with my cryptos, small scale mining in pools, mobile “mining” and even joining cloud mining groups. I even put a small amount into those unknown coins in the hopes that it will one day explode for me to cash out.

For those who like to YOLO, I would recommend you to make sure you have a backup plan. YOLO on the crypto world is rather dangerous to say the least. You will never know if one day Elon Musk will start attacking your DOGECOIN which you have put your life savings into or that one day some government institution decided that BTC is a threaten to their banking monopoly and decided to ban Bitcoin mining as an excuse. These things do happen on a regular basis.

Here are some of the my passive income strategies.

  1. Good old crypto trading – I put a portion of my salary every month into buying crypto in the hopes that they will rise in price. In most cases I will hold them for the long term. Note that unless it is currently a bear market, “long term” would mean a few months at most. Yes I have a few tokens which I am very bullish about their future but for most cases I will only hold for a few months at most. However if you are a good trader and would be willing to spend a considerable amount of time looking at charts, buying and selling crypto could possible make you some consistent money. But for me, I think it is still a bit too much work, especially for a small time trader like myself. I usually trade on Binance. You can follow my step by step guide on how to buy your first crypto on Binance here.
  2. Staking – As I mentioned above, there are a few tokens which I am extremely bullish about. Some of which we are able to stake the tokens. Basically this means that you help to secure the network with the staked tokens and in return more tokens will be rewarded to you. These usually have a “lockup” period where the tokens cannot be used and in the end of the lockup period, you will get tokens back. I currently am staking ADA and CAKE tokens. Their returns are quite good as well.
  3. Lending platforms – I have a few tokens in various “centralized” lending platforms – namely Nexo and Celsius[referral link included]. These tokens will generate me passive income as interest rates. The tokens I deposit into lending platforms are then used to lend to borrowers who pay interest rates and part of which is given to the person who deposit into the platform. However note that if you are more into trading, it might not be a good idea to keep on transferred tokens from one wallet to another as there are transfer fees involved. And some transfers take a long time. However some of the stablecoin interest rates are as high as 12% APY. And even other altcoins, their interest rates are way better than if you keep funds in most banks. Yes, I do keep my tokens on two different lending platforms – Nexo and Celsius. It is also a good idea to compare the different rates between them. Note that there are also decentralized DeFi platforms like AAVE on which to earn interest on. Some of which are very interesting.
  4. Mining – For me, mining forms a pretty small portion of generating passive income. This is because I have only like 3 rigs to do mining. However they are still sources of passive income. I am estimating about USD4-5 per day. That works out to be about USD 150 per month. I mean it is certainly not the greatest but at least I am putting my computer to work right? Check out my blog post on my rig mining adventures here. I usually mine Ethereum on Nicehash and Monero.
  5. Cloud mining – These are perhaps better described as buying hashpower or buying hashrates. So you pay for the hashrate while the provider will do the mining for you. The equipment, space and electricity is all handled by the provider. Yes I am not making like 100% returns in profits but at least my money is not sitting ideal in the bank with 0.3% interest rate. Risk of course includes the provider shutting down or the country in which the provider is operating in decides to ban mining (like China).
  6. Liquity Provider – This is a higher risk investment to get passive income. What you do is add two tokens into a liquidity pool and the tokens are used for trading in decentralized exchanges like UNISWAP or PANCAKE SWAP. In return you get a cut of the exchange fees. However there is a big risk called impermanent loss and can be quite substantial if there are major price swings when the liquidity provider takes out his/her tokens from the pool. So please be careful when joining such a pool. Please have a look at my blog on being a liquidity provider here.
  7. Mobile Crypto Mining – Yes those little apps on the phone which users have to tap like once per day to get tokens. I am not very bullish on their prospects but if a least one or two of such projects were to succeed, surely there will be some returns. Just spend like 5 seconds of your time daily to tap and hope one fine day the tokens will be worth something. The more popular of such applications are the Pi Network and Bee Network.

Before we go, I need to reminder readers that I am no financial advisors. This blog is about information and is meant to educate readers to what is happening in the crypto world. You should always do your own research!

Categories
Crypto Mobile Crypto

Bee Network – Yet another mobile mining application

I don’t really have anything against mobile “mining” applications but I feel that the Bee Network really needs to provide its users a little more information about their application. Yes their white paper has improved quite a lot since I first started using this app but still I have no idea what are their main purpose here. They talk about being a Decentralized Autonomous Organization (DAO) and whatever the advantages of being a bee is but nothing much else remotely concrete in this white paper.

And their core team seems to be hidden behind some mysterious cloud which is kind of surprising as they keep saying that they will announce the members, sponsors and even the advisors for quite sometime. Is it really that difficult to give the names of the core members which should already have been around since the beginning of the project. Not too sure why the secrecy, especially considering that they do have some big financial muscle behind them. At least judging from their domain name – bee.com. That is one pretty expensive domain name.

Anyway enough of my ranting. We should be checking out their mobile application and finding out whether they are a scam or are they the real thing. After using the application for a few months, I didn’t face any issue with the app. Runs fine and none of my friends complained that they had any issues either. Very lightweight as well. And I must say, the interface is pretty decent. Definitely much better than the Pi application. Probably something the Pi team should take note of. Having a slick interface makes the users want to keep on coming back, even if it is just to tap a button.

As to whether it is a scam? I personally don’t think it is a scam though. Someone made the effort of creating the application, the pretty long winded white paper and the app is being updated constantly. And they don’t seem to be selling me anything. I have not paid a single cent since I started using the app. And no advertisements either. Which is pretty nice, considering that even the Pi Network app do have advertisements. I am guessing the most probable explanation could be this could be another commercial venture for a mobile gaming network and they are trying to promote it by making it into a crypto mining community.

For the uninformed, these crypto “mining” applications do not actually “mine” coins. They are merely simple applications to distribute virtual coins to the user and just only require the user to open up the app once per day to get the rewards. You won’t need that much processing power or even bandwidth for this purpose. In this case, the Bee Network app gives the user Bee Tokens. And how much is the Bee Tokens worth? Nobody knows. Heck, I don’t even know whether the Bee Network will be successful or not. It could just disappear in a few months time, who knows? Admittedly, their numbers do look strong but I still have my doubts. At the moment there isn’t even any information on the type of blockchain engine they planning to use for the Bee Network. And it is kind of strange that they are following the exact “team” structure as Pi Network – team members and “verifiers”. This would suggest to me they will be also using Stellar Consensus Protocol (SCP). Direct copy of the Pi Network. So I am still on the fence on this project.

The number of users on this network seem to be increasing quite significantly if we were to believe the stats being shown on the application. Seems that they have reached 10 million users in like 6-7 months, while Pi Network has over 18 million. Pi Network is the first “mobile mining” crypto based application and looks like Bee Network is quickly catching up to them. If you would like read a little more about the Pi network, please check out my review there.

With all these being said, I honestly don’t see much harm to install the application and spend a few seconds everyday to tap on a button. For me, I just love meddling with my phone and a few seconds per day pressing the screen is nothing to me. All in the hopes that one day the Bee Network will be successful and I will be able to use my Bee Tokens for my retirement. Which is highly unlikely, so please don’t get your hopes too high up. But we can always dream right? And even if the project goes ahead, it would probably take a rather long time for it to mature and for the Bee Tokens to be worth something. Another reminder that Bee Network have yet to announce the type of blockchain it will use for their engine. But their announcement posts seem to suggest they are hiring staff and community members though. Might be a positive sign.

If you would still like to go ahead and give Bee network a try, you can make use of my invitation code: u27g8mdm when you sign up. Link to their website is here.

Categories
Crypto Mobile Crypto

Pi Network – crypto mining app

One of the earliest mobile crypto currency – Pi Coins by Pi Network.

Is this real or just another scam? Well I am no crypto expert but I believe that this has at least some potential to be successful compared to the various other “mobile mining crypto” currencies out there. And yes we do have a lot such “mining” applications nowadays. Mining is actually not the correct term for it as you don’t actually do any mining. The Pi Network application basically connects to their server and issue the user coins once per day. You don’t actually do the resource intensive work (as in proof of work) on your phone. The idea is for the users to spread the word and let more users join, which actually strengthens the network.

Basically you download the application, sign up with your real name (yes your real full name) and tap a button everyday. You will need to use your real name, as in the future there will be KYC (Know Your Customer) to verify the user. Tap the button. That is it! You are “mining” already.

As to whether it is a scam, it is very unlikely considering the amount of work the developers have put into it. It was started around 2019 and thus been around for 3 years. Their “Testnet” is now in full swing and their digital wallet has been released. I tested it with a few users and the transactions were working fine. And a little bird told me that the developers were Stanford Graduates, which I guess would stand for something right?

Pi Network uses the Stellar Consensus Protocol (SCP) which basically a sort of an agreement between various “decentralized” parties. For those who are into the technology behind SCP – It is a “federated Byzantine agreement system” that allows decentralized, leaderless computing networks efficiently to reach a consensus outcome on some decision and to provide a consistent view of the network’s transaction history to all participants.

For anyone thinking that you could make a quick buck by joining this network – well you will be disappointed. It takes a very long time to mine a sizeable amount of Pi Coins. I have been mining for a few months and I got like 500 coins only. So this would most likely be for someone who can be patient. I would expect that it would be end of this year or even next year before Testnet is over and their Mainnet (phase 3) begins. Until then, we won’t know the value of the Pi Coins. And for those who believes that the Pi Coin will be worth the same as Bitcoin or even close, yes you will most likely be disappointed as well. It will never hit like a few thousand dollars per Pi Coin in the foreseeable future. Dream-much eh? However I take it as just another way to make a little passive income which I am always a proponent of. I am a phone freak anyway, so just a few seconds everyday to tap a button wouldn’t make me lose any sleep. As long as I am not paying for anything, I guess there is no real loss to me – just a few seconds of my time per day.

There are several ways for you to improve the speed of your mining. One of the ways is to introduce your friends the application and have them sign up using your referral code. That is how the Pi Network is to grow – by users spreading the word and supporting the Pi Network. You will get bonus Pi Coins per hour in relation to the number of “ambassadors” you have. And as part of the SCP, you will be able to create a “security circle” to help improve the network security. That too will earn you more Pi Coins per hour as a reward. However overall, it will be a slow process as the “mining” rate of Pi is rather low. Honestly I don’t mind that much. Some users might not. So if you are the impatient type, then this will not be for you.

Oh and as time goes by, the “mining” rate will be halved. So it is actually better to start “mining” earlier rather than later. Those who started mining way before when the Pi Network just started would probably be laughing at us right now. I guess that is how such network goes. Those who started the earliest probably will be making the most. Of course they would have to be the ones who have lots of patience to continue “mining” right?

Furthermore they have SDK for developers to work on applications running on the Pi Network. But till now I only see one application which is a little app asking users to update on their condition due to the Covid situation. Yes I would prefer to see a little more activity but in the grand scheme of things, the Pi Network is still pretty new. And once it reaches “Mainnet” we will probably see an increase in the number of applications on the Pi Network. Cross my fingers. Their community is pretty active though. Their chat is active too but most of the comments and questions are basically the same – how do I sell the Pi Coins and what is it worth now. People still think it is “free money”. But technically they are not wrong. It is “free” considering that you don’t have to directly pay for it. However if the mindset of these “miners” are to dump the Pi Coins once there is a chance to exchange for fiat currency or other Cryptocurrencies, the Pi project itself is in serious trouble.

So if you are still interested in the Pi Network, you can make use of my referral link (https://minepi.com/u27g8mdm) or my code (u27g8mdm) as your invitation code when installing the app. It is available for Android and iOS. You get a free Pi Coin immediately. However if your friends or relatives have their own code, I would highly suggest that you use theirs as it will help improve the security of the network as they can add you to their security circle. You can then add more users to the network by sharing your code with your friends or relatives. That is exactly how the Pi network would grow.

I have a review on the Bee Network App if you are interested. I believe they are a direct clone (with a better interface) of Pi Network. Check out my little review.