Have you ever heard about Fomo3D? If not this article is for you. Today we will talk about what happened to Fomo3D and Rules of the Fomo3D Game. Let’s find out by reading the article below.
What is Fomo3D?
Fomo3D is an Ethereum-based decentralized application (dApp). It operates in a Ponzi scheme, or pyramid scheme, to profit off of people's emotions.
What happened to fomo3d?
Fomo 3D has paid out its huge cryptocurrency jackpot to one lucky individual, whose identity remains unknown only some people think the jackpot was unfair. The developer behind the exit scam sent a brief but congratulatory message to an unknown Ethereum wallet owner after becoming the lucky recipient of over 20,000 ETH.
The purported proof of the jackpot shows transactions recorded on the Ethereum blockchain under the “Internal Transactions” tab. This is common for smart contract-related transactions, as the tokens are effectively kept in a safe piggy bank; the recipient simply has the opportunity to "dump" for themselves.
The sender address shows that the funds were indeed sent from a smart contract that was marked as “gambling” and “FOMO3D.” So for now, all signs point to it being a legitimate payout. Some claim that miners are able to censor a block, which allows them to prevent other key purchases from being accepted before the timer runs out, allowing them to take their prize money.
Rules of the Fomo3D Game
Fomo3D is a lottery game where the grand prize winner is the last person to buy a key (lottery ticket) using ETH[2] (a cryptocurrency) before the countdown timer counts down to zero. During a round, the timer continuously counts down to zero. Every time a key is purchased, the purchaser becomes a new "private key holder" and the countdown time is increased. Keys are slightly more expensive with each purchase. When the timer goes to zero, the last person to buy a key wins the round. At the end of the round, the ETH in the pool (reward pool) is split equally.
What can we learn from it?
It's not just how the makers of Fomo3D (the JUST team) were able to earn a lot of ETH themselves with a fairly simple DApp, but also the way public blockchains and their users behave once a lot of money is at stake.
The fact that Fomo3D's attackers were able to not only basically DoS the Fomo3D DApp, but also the entire Ethereum mainnet, made me worry about not only the future of Ethereum, but the future of the entire public chain. This isn't just a scaling problem: even if Ethereum could handle more transactions (e.g. through higher block gas limits), an attacker would (or might) be able to DoS the mainnet. Gas fees per transaction will naturally be lower, so they can afford to pay gas for more such blocking transactions. Such an attack is worthwhile as long as the attacker can expect a positive ROI. Worse, if your business relies on the Ethereum mainnet during the attack, for example by running a blockchain-based e-commerce store (or more likely a DEX), the attack will not only destroy one business, but virtually all of them simultaneously. Enterprises running on Ethereum.
I hope this article will help you to learn what happened to Fomo3D and Rules of the Fomo3D Game. Anyone who bought the keys early on knows that they have no chance of winning the jackpot (currently hundreds of thousands of euros), because the keys are still very cheap. You buy keys to earn as much money as possible. They should be the top of the pyramid.
