Gold Reward is a cryptocurrency-based pyramid scheme that promises to pay users 35% ROI per month, every month. Find out how it works today in our review.
What Is Gold Reward?
Gold Reward, found online at GoldReward.io, is some type of bitcoin investment scheme. At first glance, the company appears to be a legitimate investment opportunity. They have a well-designed website, a legitimate Ethereum-based cryptocurrency, and an ICO.
Unfortunately, it doesn’t take much research to find that Gold Reward, or GRX, is similar to other notorious cryptocurrency scams like BitConnect and RegalCoin, both of which are blatant pyramid schemes.
The ICO for Gold Reward began on October 14. The company plans to launch its platform at the conclusion of the ICO. However, they have no products or services available to the general public at this time, and it’s unclear if any products are actually in development.
Although similar platforms like BitConnect and RegalCoin are scams, they’ve also provided large profits to investors who purchased tokens during the ICO, then sold before the inevitable collapse. Is Gold Reward the next BitConnect or RegalCoin? Let’s take a closer look at how it works and what makes it different.
How Does Gold Reward Work?
Gold Reward revolves around the use of Gold Reward Tokens, or GRX. Like other pyramid schemes, this digital currency isn’t linked to any products or services. Its value is based exclusively on memberships in the company.
One of the biggest red flags on the Gold Reward website is that the company describes its currency as having “an infinitely increasing value”.
They also claim that “Gold Reward Tokens can be traded for up to 35% ROI per month.”
Gold Reward claims their token has three core functions, including:
- A high value reward coin
- A gamification technology
- Fuel for an intelligent analytics engine
The developers claim they’re building their token to “drive most mobile device assisted consumer centered systems like travel, games, sports, health etc”.
Ultimately, there’s no evidence that Gold Reward has developed any of the above platforms. It’s unclear what the “gamification technology” is, or if they’re developing any real “analytics engine”. As mentioned above, the value of the coin – like the value of BitConnect and RegalCoin – seems to be derived exclusively from memberships in a pyramid scheme.
Gold Reward mentions some type of “gamification” system. However, aside from using the word “gamification” a bunch of times, the website doesn’t go into any further details about the company’s platform. The website broadly describes how “the market growth of gamification is expected to reach $5.5 billion in 2018.” It’s unclear how the company derived that number, and it’s unclear what they define as the “gamification” industry.
The Gold Reward Token Sale
The GRX token sale launched on October 14. The company’s token is an Ethereum-based ERC20-compliant token. As of October 15, there are a total of 3259 addresses that have participated in the token sale.
The company’s token sale involves four rounds, including each of the following:
- Pre-Sale: 5,000,000GRX (4,500,000 + 10% in bonuses)
- ICO Round 1: 4,500,000GRX (4,050,000 + 10% in bonuses)
- ICO Round 2: 4,000,000GRX (3,700,000 + 7.5% in bonuses)
- ICO Round 3: 4,000,000GRX (3,760,000 + 6% in bonuses)
Out of the total supply of 20 million GRX tokens, 17.5 million (87.5% of the total supply) are available through the token sale.
Gold Reward Roadmap
Gold Reward claims to have developed the smart contract for their token back in February 2017. They also claim that their “smart microtrading bot” has been running successfully for 6 months, starting in March 2017.
After the ICO in October, the company will launch GRX token trading on its platform throughout November and December. However, the tokens will not have any use until March 2018, which is when the company plans to launch its GRX gamification API.
An Android app is scheduled for release in January 2019.
Ultimately, there are few concrete goals listed on the Gold Rewards roadmap. We also have no evidence that the company has any platform in development. There’s no MVP or beta available to users, for example.
Who’s Behind Gold Reward?
Gold Reward is made by a company named Gold Reward Network, Inc. We can find no additional information about that company available online.
The Gold Reward website doesn’t mention any team members involved in the project, nor does it mention any type of headquarters or office.
All we have is a single email address: [email protected]
Ultimately, it’s never a good idea to send money to an anonymous individual online. When someone asks you to send money online, but refuses to disclose their identity, it’s a sign that you’re being scammed.
Gold Reward appears to be yet another bitcoin investment scam, similar to BitConnect and RegalCoin. The company refuses to disclose information about its team, its experience, or its platform. No product has been shown to the public. There’s no whitepaper, and the entire website is filled with vague, nonsensical information.
Gold Reward broadly describes how it wants to target the “gamification industry” and create an “analytics engine”, for example, but there’s no evidence that either of these things are in development.
Ultimately, Gold Reward may go through a pump and dump phase like any other pyramid scheme. However, like RegalCoin and BitConnect, the scheme will eventually collapse. Until the company reveals more information about itself online, we’re led to believe that Gold Reward is just another bitcoin pyramid scheme destined for failure.