Binance’s Latest IEO Wink.Org Raises Concerns
The latest project, Wink, is raising doubts about its feasibility to create a new economic system based on the TRON network.
The Wink website is also problematic - the basis of gaming and social networking are actually gambling activities. Wink has included TronBET, the leading app on the TRON blockchain, into its selection of games. The use case for the WIN token will be tied directly to gambling, potentially making the token problematic. As usual, US buyers and other jurisdictions are excluded from the IEO.
Wink promises to be a gaming platform that also uses rewards and reputation, based on the native WIN token. The asset will, this time, be based on the TRON network, unlike previous token offerings that sold tokens based on Binance Chain, or Ethereum.
Social networks based on the blockchain have been proposed before, with Steemit the most notable example. The biggest problem with those projects is that reputation and rewards devolve into a bot-driven competition, while early adopters reap larger rewards.
The next initial exchange offering, or IEO, will follow the lottery principle. Binance Coin (BNB) balances will be used to determine the right to participate in the token sale. Only 5% of the entire WIN token supply will be sold, for a cap of $6 million’s equivalent. The most attractive proposition is the extremely low price for WIN, which may grow significantly, at least for a short while. Binance IEOs usually manage tenfold growth in the short term, despite sliding later.
The most appealing feature of WIN is that its price in Bitcoin (BTC) denomination will be at rock bottom. The dollar price at the IEO, around $0.0001205, is roughly equivalent to 1 Satoshi, the smallest BTC unit. This means that WINK can only go upward in BTC terms. However, WIN will not immediately have a BTC market, and its price may be set through BNB.