News Chinese Clone Clogs Ethereum's Network

Chinese Clone Clogs Ethereum’s Network


- Advertisment -

A China based project is taking up some 30% of ethereum’s capacity, sending fees to 30 cent or more earlier today.

LastWinner appears to have fully copied Fomo3D, a pyramid scheme like game running on ethereum smart contracts.

It currently seems to have a pot of some 10,000 eth, worth some $3 million, with this apparently being the second round.

Whether the first round was won or “won” is unclear, with unverified reports suggesting they were hacked out of 5,000 eth.

We asked the cited source,, for comments, but have received no response at the time of publishing, with AnChain, a start-up, appearing to have not yet launched.

Chinese Clone Clogs Ethereum's Network
Fomo3d copy clone.

The “game” itself is based on the premise that the last one to buy a ticket, with no one else doing so for 30 seconds, and the timer goes to zero, then they win the ◊10,000 pot.

The timer is currently at around three hours, with pages and pages in China of individuals posting their invite code to this “game.”

That has led to 320,000 transactions to their smart contract, with many suggesting it is probably mostly just bots.

Ethereum, however, has an equal opportunity policy, with no discrimination allowed between bots or humans. So whatever they are, they’re taking much gas:

Chinese Clone Clogs Ethereum's Network
Lastwinner at 30% of eth’s network.

That means less capacity for others which is adjusted, at least for now, based on fees. The higher the fee, the more quickly your eth moves.

Fee estimations, however, are not easy so some may find themselves at the back of the queue. In that case, MetaMask asks you to bump the fee, which when done so replaces the previous transaction.

Some now are being a bit more clever by using max gas consumption. That effectively translates to how much you want the maximum fee to be, but you don’t pay the maximum fee, you instead pay the going rate.

The latter should be utilized a lot more because little can compare to the feeling of seeing your eth move quickly around the globe without any intermediaries all through a decentralized network and you’re done in seconds.

A miracle. As is the suggestion that cryptonians are still a thing in China. After their central bank banned crypto exchanges, the impression was all left, but it looks like crypto is still getting bigger in the world’s second biggest economy.



Source link


Please enter your comment!
Please enter your name here

Latest news

Ethereum Price Sees $500 for the First Time in Two-and-a-half Years

First launched in 2014, Ethereum or Ether is one of the oldest altcoins and probably the most...

Banking Sector is Ready for a Tech Revolution With Cryptocurrency

When our world is going through a massive change due to COVID-19blow, it is very likely that...

OpenDAO’s Bridge Opens New Possibility for Mass Adoption of DeFi

When Satoshi Nakamoto officially created Bitcoin on January 3, 2009, his vision for the digital asset was...

Crypto’s price surge was mostly due to limited information – here’s why

As the world becomes more and more digitized, the usage of one of the most popular cryptocurrencies,...
- Advertisement -

U.S. Authorities Seized Bitcoin Worth a Total of $1 billion

The cryptocurrencies were in the possession of a person who had hacked Silk road, which was detected...

Top 12 BEST Crypto Trading Bots for 2020

TL;DR: In this article, we present a list of the best Crypto Trading Bots of 2020. If...

Must read

- Advertisement -

Read Next
Recommended to you