Fomo3D has gone viral recently and has been drawing a lot of attention towards it. They have received a range of criticism and praises, from being called ‘highly addictive’ to be compared to a ‘Ponzi scheme.’ Now, Chinese security company Knownsec briefed the media about the Ethereum-based gambling game Fomo3D.
Fomo3D, which launched on July 8, is an aTeamJUST game that recalls “The Button,” an experiment that ran on Reddit in 2015, which itself evoked penny auctions (without any money on the line). In the Reddit game, a simple button was accompanied by a 60-second timer. When a user clicked the button, the timer would reset. If no one clicked it, the timer would run out and the game would end. It took two months and over 1 million clicks before someone let the timer run out.
It works in a similar way, except pushing the metaphorical button costs a little money. There is now over 21,400 ether (nearly $10 million) on the line at the time of writing. Users of the game buy a “key,” and each purchase sets the countdown (currently at around 24 hours) back by a certain amount.
As the game's wiki explains,
“Players receive a stream of passive income from the game as keys are bought during the round. These rewards can be withdrawn anytime.”
The experts from Knownsec explained that the game was uncontrolled by anyone and it was carefully programmed and deployed by smart contracts. Ethereum Smart Contract is a set of code (functions) and data (state of the contract) located at a specific address in the Ethereum blockchain. Smart Contracts are mostly written in Solidity language.
Fomo3D has added a random airdrop mechanism through which one can have a chance to win the airdrop reward in the transaction. When the 0.1-1 ETH is paid, there will be a 25 percent probability of winning the airdrop reward, Knownsec explained.
“After analyzing the entire contract, we believe that the problem of resolving the probability by recursively creating a contract should be considered as a mechanism for airdrop rewards that cannot be avoided with smart contracts.”
So far, about 12 million airdrop-related contracts have been affected in Fomo3D, but this is only less than one percent of Fomo3D. The gambling game has gone viral in the crypto world over the past week and accrued seven-day trading volume of 180,000 ETH. The only problem is everyone plays but only to lose it.