Categories: News

EtherDoubler Is An Ethereum HYIP Using Smart Contracts

It did not take long until somebody came up with an idea to link HYIP schemes to Ethereum. Ever since this Bitcoin 2.0 project has started gaining in popularity, it was only a matter of time until someone would try to lure in unsuspecting investors with sweet promises. The Ethereum Doubler Contract – or EtherDoubler for short – has arrived, and it vows to double your investment automatically.

Also read: Burger King Arnhem Rewards Bitcoin Customers With Free Whopper

EtherDoubler Makes Bold Promises

There are certain aspects of Ethereum that make it theoretically possible to guarantee investment doubling. After all, Ethereum is well known for its smart contracts technology, which creates a binding contract between two parties. However, that form of smart contract is usually not intended for gambling or HYIP purposes, such as the proposal by EtherDoubler.

At the bottom of the web page, mention is made as to how the contract code has been verified by EtherCamp and Etherchain. Statistics on the website are updating automatically as well, although no transaction ID’s or further details are provided, making EtherDoubler less transparent than it could – or should – be right now. On the other hand, the contract code can be reviewed here.

What this program does properly is limit the amount of ETH users can invest per transaction. Any number between 1 and 50 ETH can be put into this contract, and it will be doubled automatically. That is, assuming more funds keep trickling in, as the doubling process will not create money out of thin air.

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This puts an interesting spin on the concept of crypto doublers and HYIP programs. Using smart contracts, these schemes will run on an automated basis, without relying on a website platform to accept and process transactions. EtherDoubler takes a 2% fee on all transactions, and they make no bones about the specific goal of this project. Once the number of investors runs out, no more funds will be paid out until the proper threshold for the previous contract has been reached.

EtherDoubler is the first of its kind to use Ethereum smart contracts for this type of purpose. While it may not be the most successful project ever to be created, it certainly makes things a lot more interesting for digital currency enthusiasts all over the world. Ethereum users have to keep in mind they should never invest more money than they can afford to lose.

Website: EtherDoubler

Images credit 1,2

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JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

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