What is Node Coin (Node Revenue Scam)?

08/14/2023 18:16 • Metaverse Matters • 107 views

What is Node Coin? How to make blockchain projects profitable is currently a challenge. According to DuneAnalytics data, there are approximately 400 nodes on EOS. According to this ratio, they can be divided into three categories: the first one is decentralized governance tokens (SBT), which essentially use the community as an incentive to vote, manage blocks, and earn rewards through mining. The second one is decentralized utility platform tokens (TPT).

The so-called “decentralization” refers to an economic model implemented in the blockchain network using smart contract code. It operates in the form of a virtual world run by a group of people collectively owning the network, and this organizational structure allows users to freely participate in the operation of the entire system. Therefore, for those who believe that they can control their own assets, they must have corresponding nodes to invest their funds.

So what is Node Coin? Node Coin is a type of cryptocurrency issued based on Ethereum, similar to Bitcoin. It does not rely on any third-party entity to hold or transfer these cryptocurrencies. Node Coin represents a specific digital wallet or other service provider on the chain through transactions and delegated providers. If Node Coin has no value support, it will not affect the chain.

Node Revenue Scam

According to cointelegraph reports, community members recently discovered a node revenue scam. They pretended to be super fans of EOS and gained their voting rights by creating an oracle network called “eosnodes”. The goal of this project is not to get token holders involved in the election, but to provide rewards and liquidity for them.

It is reported that the “eosdots” website pointed out this loophole in an article. “If someone wants to become a node operator for a project (such as EOS super node).” This seems to be related to some early users, as many people find this approach very useful. However, when people ask themselves whether they should buy Ethereum, most people refuse to accept this advice. In fact, only a few people know why this needs to be done—at least one person may not know about it.

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What is Node Coin (Node Revenue Scam)?

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