Dump your shitcoins, take the loss, you should get it back on PoWH 3D
There's a craze going on right now in Crypto DAPPS. More specifically, PoWH 3D took the ponzi out of the schema and made something that I believe is considerably interesting. If you have ever read any of my steemit posts you probably know that I have been in crypto for a long time and it takes a lot to impress me. I am often critical and I have little patience for teams who cannot execute. Most don't. I invest in people, not ideas. Following this rule has never failed me.
Interestingness comes from more than one dimension
PoWH 3Dis sort of modeled after the concept of Universal Basic Income System with the intention for no one to lose and instead create a constant ebb and flow of money so to speak, where everyone can win - similar to social security. Putting taxes to use and giving portions back. But this is a topic for another day.
The backstory of PoWH 3D.
It all started with a token called 'PoWH Coin' which was a modified code called 'Ponzi Token,' a self-trading token on the Ethereum network, written by Dr. Jochen Hoenicke a computer scientist at the University of Freiburg in Germany. He now works on firmware for the Trezor wallet, which is a competitor to Ledger Wallet, the maker of the popular Nano S. So, it's probably not a good idea to buy a Trezor. Their firmware could be buggy. Yes, this is tongue and cheek because the Ponzi Token code was rubbish and not intended to be used in production. He had no idea his code was being used in such a manner but it's not all that responsible to release token related code in the wild with all these greedy scammers around this space. Anyway, a team came along and found the Ponzi Token code online, tweaked it without doing unit tests and audits. People lost a lot of money due to bug-ridden code. More on this below.
While many developers can write Solidity code since it uses a similar syntax to javascript and is the designated language to create Ethereum based smart contracts, there's a huge difference between a quality developer and subpar developer. Unfortunately, because Solidity is a new programming language there are not a lot resources like there are for other smart contract languages like C++, which is used to write EOS smart contracts. With this being said, there are very few solidity experts and most smart contracts are written by sub par Solidity developers. The lead developer of PoWH 3D might be one of the most talented developers on the blockchain. He is also highly ethical and we all know we need more ethical people in this space.
What technically happened to PoWH Coin
The original PoWH Coin team took the 'Ponzi Token' code written by Hoenicke and tweaked the dividend payouts but overlooked a major security flaw in the original code called an integer overflow bug. This bug was in the 'transfer function' and they couldn't be bothered to do any unit tests which would have revealed the exploit that looks something like this.
function transfer(address _to, uint256 _value) public {
ransferTokens(msg.sender, _to, _value);
}
The bad actor (fraudster/thief/criminal) passed in an argument value equal to the largest possible unsigned integer which in-turn overflowed and essentially allowed the contract to pass any and all checks to see if they had any balance. The transfer function noted above triggers a sell on tokens the bad actor doesn't even have. This security flaw once exploited allowed anyone who knew what they were doing drain the wallet. The original PoWH Coin wallet was drained of something like 2000 ETH. This number might be lower but its a ballpark figure and a ton of money.
The juicy heartwarming aspect of this disaster.
The user, who found the exploit, unfortunately, announced it on a public forum and a bad actor came along and stole a large amount of ETH from the PoWH Coin contract The user who found the exploit saw the contract was being drained and he immediately decided to counter the bad actor and started to drain the wallet himself so the other person could not take all the ETH. Whatever amount he could get before the bad actor, he found the token holders and got it back to them.
Enter: PoWH 3D.
It is my understanding that the main developer behind PoWH 3D, Mantos asked the original leader of failed PoWH Coin if they could work together to rework the codebase using Mantos' engineering skills. This meant firing everyone from the original PoWH Coin team with the exception of the one PoWH Coin leader. However, the only thing that tied the PoWH Coin leader to the new project led by Mantos was the domain name. Communication between both parties ended, and Mantos went ahead and put his PoWH 3D code on the testNet, where it was tested and audited by several people including the guy who found the exploit in the original PoWH Coin. After a lot of hard work and testing they PoWH 3D got their own domain and launched it. It is my understanding that the team was only allowed to purchase 1 ETH of P3D and they agreed to never unload them. They seem to be transparent about everything going on. By doing this they have something that cannot be replicated: community. This is called a major competitive advantage.
Why I believe in PoWH 3D
The team behind PoWH 3D are fanatical about what they are doing. The well-written contract is beautiful. So simple yet elegant. Mantos is without a doubt, a top-notch character and developer. But it doesn't end with Mantos. His team is passionate about their roles as well. You can find them on Discord Support 24/7. They are well coordinated in everything they do. Once you hop on the train, they make you feel like you are a part of the team. Everyone on the discord channel is extremely responsive, helpful and it has a great vibe. Nobody is overly serious, which makes it a fun place to check in.
Putting things into perspective.
Remember when Cryptokitties was the talk of the town? They were one of the top DAPPS on the Ethereum Blockchain. They were so popular they were slowing down the entire network to a crawl. Guess what? PoWH 3D surpassed Cryptokitties weeks ago and is now the most popular DAPP. The numbers are staggering. This is due to a combination of factors, but mostly first to market, best in market and a fanatical userbase who spreads the word. Ignore the clones who are doing nothing more than copying and pasting the open source smart contract written by PoWH 3D. If those who create clones cannot write, test and audit their own code they can't be trusted. Greed is ugly. Always do your own research.
The Magic
The smart contract is solid. It cannot be changed by the admins and the code actually states this. You can read the code within the contract itself as it is fully commented. It reads like a white-paper, but it's functional syntax. There's no backdoor for the developers to steal funds. The codebase has been audited several times. No human can take down the contract and the admins have limited access to what can be done.
For example, stated in the code comments.
// administrators can:
// -> change the name of the contract
// -> change the name of the token
// -> change the PoS difficulty (How many tokens it costs to hold a masternode, in case it gets crazy high later)
// they CANNOT:
// -> take funds
// -> disable withdrawals
// -> kill the contract
// -> change the price of tokens
So the code is immutable and runs autonomously by a robotic accountant. The other day, "hackers" DDoS the PoWH 3D website to make it look like the ETH wallet was drained. The website is not tied to the Smart Contract or the money in the Ethereum wallet. The team is now working on a new infrastructure to handle growth as well as future attacks. They just relaunched the site today. It only took the lead developer about 12 hours to rewrite things and this was no small feat. This proves that the bad actors cannot hack the smart contract so they attempted to bring things down by attacking the public facing website. Perhaps they wanted to get in at a lower price or make some big rewards in the form of ETH. While the DDoS made people panic sell because they thought something went wrong, it only scared those who had weak hands. No holders lost because when people sell, those who remain are rewarded with ETH. Additionally, those who sold might have profited by taking their gains. I wouldn't be surprised if they bought back in hours later. Who knows. Who cares. Go check PoWH 3D out.
What I like
PoWH 3D isn't inherently volatile like all other coins and tokens. PoWH 3D has essentially removed manipulation from the equation for the most part. While there are people who hold a lot of P3D, the system doesn't have whales who can control the price. They have dolphins. This is written in the code comments as well.
// ensures that the first tokens in the contract will be equally distributed
// meaning, no divine dump will be ever possible
// result: healthy longevity.
// are we still in the vulnerable phase?
// if so, enact anti-early whale protocol
Getting started
Since PoWH 3D is truly decentralized, the first thing you will need to do is add Meta Mask to your Browser (Chrome Ext works best). If you can't operate Meta Mask you shouldn't be in crypto. Once you have your Meta Mask up and running you need to send some ETH to your Meta Mask Wallet address. Then you will add the smart contract address to Meta Mask. Your money is going to the contract not a company or service. Right now the contract has 14,000 ETH / $5M USD. Be sure to always keep $5 in your Meta Mask because you will need to pay for ETH gas every time you want to reinvest your ETH rewards. Maybe twice daily depending on how many PoWH 3D Tokens you have. This is just how the ETH network operates. If you run out of gas the transaction will not go through. The price of gas depends on network congestion. Generally, the fee for gas is 4 cents - 11 cents. You can pay more to speed up the transaction but its generally not needed.
Next step is to head over to PoWH 3D to buy some. With ETH prices being low, now is as good of a time than ever to grab some. Obviously, only buy what you can afford to lose. The more P3D you have, the more rewards you will see. You get a slice of every buy/sell/transfer and the 'rewards' are paid out by the robotic accountant every few seconds.
One last thing
It's hard to understand PoWH 3D until you are inside. Let me know if you have any questions. I will do my best to give you an answer or I will ask the channel and report back. It's pretty straightforward once you are up and running.
The current buy-in price is around $7 and it usually goes up around 0.30 per day so don't expect to see normal crypto dips. If you have some ETH go give it a whirl and tell me what you think. If you put in enough ETH You will definitely make some ETH while you sleep. Reinvest each time you accumulate 1+ P3D or take your ETH and go. To make nice rewards its good to have more than one ETH in play, but you can ramp up later if you are having fun in this new dimension. If I knew any better I would have bought a lot more than I did because the price tends to creep up daily. The more you put it, the more you make. But only put in what you can afford to lose. Although PoWH 3D doesn't feel like crypto, keep this in mind if you decide to move forward.
I am not an investor, but a strategic gambler.
Peace
Because POWH3D does not depend on market movement, we should think and act differently. We should not treat POWH3D the same way as we treat any other cryptocurrency that is traded in exchanges. We should treat POWH3D with a team attitude. Its price goes up when tokens increase and down when tokens decrease. It's pure mathematics. So we need to find a way that the number of the tokens will be constantly rising.
Now, till now we all have already bought some tokens and the number of tokens in circulation is specific. The way to increase the number of tokens every day is to reinvest daily. When we reinvest our daily rewards the number of the tokens increases. So the price of the token will be constantly increasing.
However, if we are reinvesting only 70% of our daily rewards and withdrawing the rest 30%, this results in having the following 2 benefits:
It's mathematically certain that we will have these two benefits because the token's code is based on mathematics and it cannot be altered by anyone, even the administrators and the ambasadors have no rights to do that.
It's a game and if we want to all benefit from the game we should all have team attitude (at least most of us). Even if no more people get in, if the people who are already in all agree to do this strategy, it’s mathematically 100% certain that we will all be benefiting from it… forever.
Surely the token has no product. But the use of it is that if we all have team attitude, we all get rich!!!
POWH Simply Explained https://steemit.com/crypto/@flytofreedom/powh-simply-explained
I agree with what you are saying. I reinvest daily. There are many ways to look at things. Lets see how things progress. It's only been one month.
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What’s this shit?
that's just some spam and bot :/
Hi buddy
I looked into "PoWH 3D" before as you recommended it to me. The problem is that I dont understand how do they make money.
Obviously upvoted.
Im glad to see you're still active on Steemit. Im already reached stage where I cannot really read all posts of those that I follow. To many of it.
So Im only focusing on 30-40 accounts that showed some engagement and activity :)
ps.
Im planning to organize my own first content ever very soon. Hope I can count on your support. Check out my profile tomorrow once you wake up :)
Cheers, Piotr
I wish I see this awesome article 4 months ago.
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