The Ethereum storage project Swarm is normalizing, but these risks cannot be ignored


 413 total views

What are the risks behind the highly sought after Swarm?

Original title: “The King of Heaven or Tiankeng? Swarm-related risks have risen to the bottom “
Written by: Blue Shell Cloud Reserve

When the Ethereum team officially announced the launch of the Swarm project, perhaps everyone in the circle felt that another king-level project was coming. As the genius creator of Ethereum, Vitalik Buterin and his team, Swarm, which is responsible for the important task of ” the hard disk of the world’s computer “, has won everyone’s attention since it was born. Many people are looking forward to it. Maybe it is the next Isn’t it a pity to miss a rocket to the moon?

However, a large number of eyeballs are also accompanied by chaos .

After Swarm official declaration will be June 13 soft on line the main network (soft launch) and on CoinList began openly selling their tokens BZZ June 14, the official bursts of two pieces of content the same tweet, which read:

Dear Swarm fans, please note:

  • The BZZ token has not yet been deployed.
  • If you have any questions or concerns, please consult the official website of the relevant channel on.
  • Currently, the only way to buy BZZ on the public platform is on CoinList.

And in the Swarm official soft launch related announcement, there is also this paragraph:

Please beware of scams. The exchanges, projects or individuals that currently claim to provide BZZ tokens are not affiliated with the Swarm Foundation, and the Swarm Foundation does not approve such activities before the mainnet launch. The Swarm Foundation has not yet contacted any exchanges regarding the listing of BZZ. Private buyers are not allowed to mortgage tokens before the mainnet launch.

From this series of scam warnings and risk reminders, it is not difficult to see that the Swarm-related scams on the market have disturbed the project team , making them have to remind users again and again not to be deceived. So , what are the “tiankengs” hidden in Swarm, a project known as the “king of heaven”?

The Ethereum storage project Swarm is normalizing, but these risks cannot be ignored

BZZ token sale scam

As the official reminder, BZZ has not yet been officially distributed, and only CoinList can make public appointments to purchase BZZ. At this stage, all exchanges or individuals claiming to sell BZZ imply a great risk, and the possibility of a scam is very high.

For example, some scammers will claim that they have the BZZ private placement quota, and after the BZZ is distributed on the main online line, the BZZ purchased by the buyer will be punched into their wallets.

The Ethereum storage project Swarm is normalizing, but these risks cannot be ignored

In this case, some users cannot judge the authenticity of the information provided by the other party, especially in the field of cryptocurrency transactions. Due to its unique encryption properties, once the money is deposited into the other party’s wallet in advance as required, the possibility of recovery is basically It is zero , and the loss is heavy.

In addition, since Swarm is currently carrying out a testnet million token airdrop event , mining can get a check during this event, and the check can be used to redeem the official airdrop of BZZ when the mainnet is officially launched. Individuals or mining farms will take this event. Start selling checks. It must be noted that there are also great risks in this type of sale.

Risk point 1 : It is impossible to determine whether the counterparty actually holds a valid check. This situation is similar to a token sale scam. Once the money is put into the other party’s wallet in advance, it cannot be recovered.

Risk point 2 : Only valid checks can be used to redeem BZZ. The so-called valid check refers to the check generated by interacting with 35 randomly determined queen bee nodes. These 35 queen bee nodes are completely randomly determined. No one (including the Swarm team) can predict which nodes will become before the end of the airdrop. Queen node. At present, the number of nodes in the entire network of Swarm is in units of 10,000, and only 35 queen bee nodes are selected from them. It is conceivable that the proportion of valid checks will not be too high.

Risk point 3 : It is currently impossible to determine the value of a valid check. The airdrop event is not to exchange a valid check for one BZZ, but to distribute the 1 million BZZ equally according to the final number of valid checks. In other words, if the number of valid checks exceeds 1 million, the amount of BZZ that can be redeemed for each valid check is less than 1. Since it is currently impossible to predict the specific number of valid checks, it is also impossible to predict the specific value of a valid check.

BZZ mining project risks

Since the Swarm project is a project of the Ethereum team, it was born as one of the three pillars of Web3.0-“storage”, and its prospects are quite attractive, so there are already many users who are optimistic about its long-term value. Swarm’s mining project. When there is a potential demand, a market will be created, and projects such as pre-sales of various Swarm physical nodes, mining pools, and mining machine sales began to emerge.

The Ethereum storage project Swarm is normalizing, but these risks cannot be ignored

At present, Swarm has not officially disclosed its specific mining mechanism, but based on known information, its mechanism may be close to Filecoin, which means that mining requires “staking”.

Remember when Filecoin was about to go online, there was a similar situation. Under the premise of not knowing the mining mechanism, people invest in related mining projects just because they are optimistic about this project. The result can be imagined, due to the inability to adapt to this new mining mechanism immediately and the lack of mining requirements Some investors suffered heavy losses due to a series of issues such as the pledged property of the company.

Before the official announcement of Swarm’s mining mechanism, all related mining projects should be treated with caution. In order to prevent users from being exposed to related risks, ” Blue Shell Cloud Storage ” decided not to launch related mining projects before Swarm’s mining mechanism was officially disclosed. However, “Blue Shell Cloud Storage” has actively deployed a large number of Swarm testnet nodes and mining machines. Once the mainnet is officially launched, the Swarm mining project can be opened seamlessly , and users will be able to learn about the mining mechanism of the Swarm mainnet. Under the premise of active participation.

BZZ futures spot spread

At present, BZZ futures are commonly traded on the exchanges, and from the data displayed on the LBank trading platform, BZZ futures have risen to around 250U .

The Ethereum storage project Swarm is normalizing, but these risks cannot be ignored

However, comparing the official Swarm sales activity on CoinList, which price each BZZ at $1.92, we can see that the current price of BZZ futures is very high. Although this also means that users are extremely optimistic about its value, it must also be considered that there is the possibility of excessive speculation. When the mainnet line BZZ is officially distributed, the BZZ futures market may usher in a sharp decline (Statement: Blue Shell Cloud Reserve We do not make BZZ value prediction, only one possible situation is provided here), so users who are currently investing in BZZ futures on major trading platforms must invest rationally and pay attention to the existence of risks.

BZZ cheque collection pit

In the current Swarm testnet mining, users need to receive cashouts in advance, and the withdrawal process needs to consume Ethereum Goerli test coins. The test coin mainly comes from the tap .

There are some pitfalls in BZZ cheque collection, users need to pay more attention:

Pit No. 1 : The faucet for issuing test coins often fails to issue coins.

Pit No. 2 : The issued coins are relatively small, and each account can receive 36 coins every 9 days.

Pit 3 : The early team of the testnet did not encourage everyone to actively collect checks, thinking that users only need to wait for the mainnet to get them before the mainnet goes live, and the official Discord group has always encouraged everyone not to collect them in advance. As a result, many users have been waiting for the mainnet to go online, and there is a backlog of not picking up checks. Now that the mainnet launch date is approaching, a large number of users collect cheques in a centralized manner, and Geth is required to collect them, so the network will definitely be congested.

Pit No. 4 : The gas price of the Goerli testnet has been rising, so more Geth will be consumed.

Pit 5 : Many miners made {message: cannot cash cheque, code:500} error when receiving (cashout) cheques. One possible reason for this error is that the cheque collection has been concentrated recently, the gas price of the Goerli test network has soared, and the mining machine The Geth of the node is not enough to pay the handling fee for receiving the check. In this case, top up the Geth test coin and redeem it.

Finally, “Blue Shell Cloud Reserve” once again reminds everyone that no matter how a superstar-level project it is, some risks are unavoidable. All investments are accompanied by risks . While paying close attention to Swarm-related dynamics, users must treat it with caution and invest rationally.

Disclaimer: As a blockchain information platform, the articles published on this site only represent the author’s personal views, and have nothing to do with the position of ChainNews. The information, opinions, etc. in the article are for reference only, and are not intended as or regarded as actual investment advice.

Adblock test (Why?)