Fomo2Moon, Explained

“Fomo2Moon” is a trending term in my social circle. After a few days of research, I’ve decided to share my findings here on my favorite writing platform, especially regarding the blockchain sphere.

But first, before diving into the project, I want to inform you as a reader that this article will not only explain the Fomo2Moon project (from my point of view) but only share my journey to obtain that knowledge since I consider it as a valuable experience for freelance copywriter as me myself as some of my audience. So feel free to skip the 2 later sections if you just want to know about Fomo2Moon solely.

  • Section 1: What — How — Why Fomo2Moon
  • Section 2: How I did my research on such a particular blockchain project with this dApp as an example
  • Section 3: My experience as a Fomo2Moon testers

Update Jan 12th, 2019 23:11: After publishing this article, I went offline for a few hours just to get back after dinner only to know that Fomo2Moon had ended its very first round: Round 0 where the first 800 ETH are poured in, right in this night — that’s something.

I. What — How — Why Fomo2Moon

1. What — Fomo2Moon

So now, let’s jump to the point: Simply put, Fomo2Moon is a blockchain lottery decentralized application (dApp) running on the Ethereum network that distributes given ETH back to its system, including:

  • Lottery prizes for lucky winners who buy the tickets (Initial price: 0.002 ETH/ticket)
  • Dividend pool: this pool is allocated to the platform native token holders called F2M proportionally to their holdings compared to the circulating tokens. There are 8,000,000 F2M token in total. Buyer can directly purchase and sell F2M on the app platform website as a DEX.
  • Incentive rewards for early players or the so-called “Early Income”, meaning that parts of the ticket value anytime a buyer purchase is redistributed back to earlier players. The number of how much is distributed to you is determined as this formula, as they call “the Early-Multiplier”.
  • Referral system: as a method to grow their user base, each player is an influencer and rewarded for their effort to get more people to join the game.
  • Development: a proportion of ETH from transactions on F2M contributes to a Foundation used to pay out community members who make this game and Future Plans possible

Fomo2Moon results will be drawn once whichever of its two timers reaches zero:

  1. Timer 1 counts down from 3 hours. Each Ticket purchase adds more time to Timer 1, until a cap of 12 hours.
  2. Timer 2 counts down from 7 days

2. How — Fomo2Moon

How to buy Fomo2Moon lottery ticket? or its F2M dividend token?

Firstly, you need a Metamask set up on your computer and/or TrustWallet (iOS or Android) on your mobile phone. Learn how to set up Metamask hereand TrustWallet);
Secondly, you need a balance of ETH in your Metamask Wallet and/or Trustwallet since this dApp is run on the Ethereum network;
Finally, Visit the Fomo2Moon site and start buying Tickets/Tokens!

3. Why — Fomo2Moon

There are 2 points: Click that huge bright pink “BUY 1” button to quickly buy 1 lottery ticket

Why is it there?…

I won’t say that I can read through the minds of the people behind this game. But I’m pretty sure that they have known, played and studied the infamous Fomo3D dApp, which had a controversially enviable reputation in the later half of last year. For those of you who haven’t known Fomo3D, please read this article to get a sleepless night.

Basically Fomo3D is a blockchain game designed to participate by purchasing keys with Ether and the last buyer wins the final prize because when nobody else buys a key, the timer reaches zero and the prize is distributed directly to last buyer’s address. But if someone else buys just one key, the timer is bumped and the process repeats. I, myself, did played Fomo3D after having read the $20 bill case by Matt Stephenson above to try out the experience and wondered if there were an army of people or programmed bots simply sitting there and waiting to purchase the last ticket to become winner. Unfortunately, Fomo3D was dead after someone exploited the bugs in its smart contract design and conducted transaction blocking attacks to get more chances winning the final prize. In total, there have been more than 500,000 ETHcirculated through its smart contract.

Fomo3D and Fomo2Mooon comparison: Firstly, the name is self-explanatory. Here’s are Fomo3D and Fomo2Moon Logos

Secondly, Fomo2moon team compare their product directly with Fomo3D, stating out 16 technical innovations advancements.

So I believe these people 1) have played Fomo3D and failed to be the winners or 2) are developers having the potentially sufficient talents to build a superior product that could have been that popular in the first place. So here we are, talking about it.

… And why should you care?

There’ve have been plenty of blockchain lottery projects, what’s special about this one?

True enough, I have seen many blockchain lotteries too, but all of them, as I know, just simply bring the lottery industry on blockchain by decentralizing the random system and that’s it. Yet, from a business perspective, they lack an essential element: Incentive for customer to buy the product. Come on, even with the so-claimed more transparent and trustworthy prizes drawing process, they’re still just lottery, meaning that that’s not a good source for you to consider as an investment. They’re pure gambling, according to Wikipedia.

lottery is a form of gambling that involves the drawing of numbers for a prize

The special thing of Fomo2Moon is in its game design — balanced benefits.

A. Winning chance
For normal lottery mechanism design, in a round, each lottery ticket has an equal probability of winning the Grand prize no matter when it’s purchased. However, in Fomo2Moon, that winning chance increases exponentially towards the end of the round as each ticket is purchased. As a result, later players get more chance of winning the Grand Prize, making more players buy at later stage.
And that literally illustrates just its name: Fomo to moon.

“Then, who would be the first buyers?” You might ask, which leads us to the next innovative point:

B. Income for early buyers

As an incentive to acquire players at the early stage, 22% of later buyers’ ticket value is allocated to an Early Income Pool for all people who have bought the tickets before that in each round. Early buyers are rewarded for their “sacrifice” — as mentioned above, later buyers have exponentially higher chance to win the Grand prize, meaning early tickets will most likely be wasted ones, regarding the main prize winning aspect.

Fortunately, early buyers will definitely earn a GUARANTEED income (unlike chances) from that pool, which can be up to 300% return on investment in their tickets. The amount of ETH you receive depends on a variable called the Early-Multiplier, which starts dropping from 15 when each round starts, and the amount of ETH you spend. Basically it is determined as:

Your total amount of ETH used to purchase Tickets x 22% x the Early-Multiplier at the time you bought the tickets

No worry, there’s actually a “Max. Early Income” stat showing the maximum early income you can obtain by the time purchase tickets for your reference.

So, theoretically speaking, if you purchases Tickets with 10 ETH when the Early-Multiplier is 15, then you would collectively earn 10 ETH times 22% times 15 equal almost 30 ETH, a.k.a. 300% return, as long as there’re enough people purchasing the tickets after you.

Yes that’s right, as long as there’re enough, which is the very important point of this game: if it creates a strong enough buzz, it would go viral and acquire millions of users, making more people to join early in each round since they see the potential of earning a guaranteed income. Else, no one is gonna play the game. That’s why I would wait to see if their round 0 goes well or not before deciding to spend some ETH.

C. Rewards for the in-between

However, sometimes, when you want to enter as a last buyers to purchase the tickets having the highest winning probability, it turns out there are other people coming after you, making you just “late” while they’re “later”. Then is that all efforts of becoming the last buyers is wasted? No it’s not, according to the additional incentive that the Fomo2Moon had planned for that scenario: Side Prizes.

There are 2 of them: Major Chest and Minor Chest. Each Ticket purchase above 0.1 ETH will draws twice for a chance to win the Major Chest and a chance to win the Minor Chest. Both those chances are 0.1% (1 in 1000). You may win the Major Chest, or the Minor Chest, or both.

And people who nether join early nor late will benefit the most from the “Side Prizes” incentive.

TL;DR: Buyer have every incentive to join Fomo2Moon at any time.

Ok, so there’re incentives for early buyer, for mid-team joiners and for latest players. Yet that situation won’t be stable if the round lasts for a long time or even forever, just like Fomo3D, since people who wanted to be last buyers will soon realize they will never be because there will be always someone coming after them. And that’s the reason why Fomo2Moon comes up with a solution: 2 timers to both limit the minimum and maximum amount of time that one round would last.

There are other means that players can earn with Fomo2Moon such as helping your friends join to earn referral income or becoming the first 8 hunters to claim bounties — clicking the draw results button. Yet those, in my opinion, are not innovative as the other 3 points above to keep the app thrive.

Plus: Increasing value Tokenomics Mechanism

As I mentioned, and just like many other blockchain projects, Fomo2Moon issues its own native token called F2M which entitles its holder the right to receive a proportion of the platform profit — Dividend Pool, which comes from many sources:
– A part of the tickets sold
– A part of the prizes when winning numbers are drawn
– A part of the token sold
– A part of the timeout-ed funds
– And finally from the “Next ground” distribution when Fomo2Moon is ready to be upgraded since there’s so continuous next round at that time

But what’s interesting is that they have a stable tokenomics system tailoredfor their F2M tokens so that its buy price is market-based and would surely increase in the long term due to its dividend-generating rate of a F2M token: The more Dividend is paid daily, the higher the Token prices becomes.

Token Start Price = 0.002 ETH	Token Buy Price = Token Start Price + (7-day Average Daily Dividend Payout) x 30 x (Total Supply) / (No. of Circulating Tokens) /(Total Supply - No. of Circulating Tokens)

No matter if the amount of daily Dividend payout increases or decreases, as the number of circulating Tokens reaches the total supply (8,000,000 Tokens), Token prices always increases in the long run as the formula above.

II. How I did my research

1. First things first, google it.

So I first search “fomo 2 moon” as the way I thought, but it returns no meaningful results at all. It turns out to be “fomo2moon” with no space.

So as I found, there’re about 13,800 results in 0.22 seconds. My impression was like: “Oh man, that’s like nothing. Why would they even care about this one? There’re like a bunch of better projects out there”. So I checked with Cody, a closed friend of mine who first had asked if anyone in our group knew about Fomo2Moon. And he said that this project is still in its infancy.

So, infancy. Ok, that’s reasonable. Let’s keep going.

2. Ask your circle of friends

Doing research is hard, so better to do it with your friends, which would save you tons of time and effort , especially when you work with the right people — and also the reason why I write this article to share my findings with you guys. I believe that my research is still flawed and having rooms for improvements so feel free to comment below what I misunderstood or misinterpreted.

Ok, let’s get back. So, again, I asked Cody about his findings and he threw me a link to this document titled as “[English] Fomo2Moon (F2M) Demystified”. And that’s a wall of text, costing me a full day long to read and understand them all, yet still having with concerns left in my mind. But it’s totally worth it. If you have time and want to throughly understand this project, give that file a shot since it contains all you need to know about Fomo2Moon. Learning points from this document will be shared in the 2nd section.

3. Check out all available links

My habit of doing due diligence of ICO projects for the last few years is applied on this one too. If there’s a link, directly or indirectly related to it, I’ll check it out. (Just ignore any repost from junk sites, not worth your time). I found their official website as shown in that wall of text document as https://fomo2moon.io/ together with their social media such as Discord, Telegram and Facebook. Yet unfortunately, since this project is still in its pre-launch period, there’s nothing much to analyze.

On its website, you can see nothing but some triggering marketing lines ona well-designed background with a purple neon animated moon. By the way, you can fill in the your email address in the newsletter box at the bottom to get posted on any updates from the team.

4. Last but not least, read thorough all their provided documents

As mentioned above, I spent a whole day to read and understand, as much as possible, their introduction, rules, how-to, etc. from the link. It’s the most important thing you need to do to due diligence one project, not only in the blockchain industry but also in mainstream fields. In addition to their demystification document, they have other press releases that you can found from the first step of googling, which is another good source of food for your thought on this project.

III. Fomo2Moon Demo Experience

I’ve had the opportunity to try out this game before writing this article, as you might notice to see some screenshot with figures from their website above (instead of the current blank official website). Yet, at first, they didn’t even know I exist. Then how did I get to be the very first testers of this highly potential dApp?

Here’s how. And you can apply it on other projects to seize the opportunity to be early adopters and enhance the value you can give back to the community as a micro-influencer if you’re not well-recognized.

So, I just emailed them, hoped to get a response to obtain more knowledge about its mechanism design and, if more promising, an opportunity to be the first players.

Waiting for a few days, and, as luck would have it. I got a reply from “Seizo” with a link to their Demo site 😀 which amazed me with how they did with their coding to realize the theoretical game design as shown in the document to be a functional application. I actually played it with my Metamask account together with some other players on their testnet with some ETH given by the team, observing the numbers increase and decrease as determined in the rules. However, since it’s a demo, there’re still more rooms for them to improve. Yet, I can’t wait for a few more couple days to see the final version.

The lesson here is that, at some point of life, you will may feel that “yah, it will be a waste of time, ain’t nobody got time to reply all that. But sometimes, let’s just give it a shot and let Lady Luck take the wheel to see where it leads. You’ll never what you will get back in return.

So above are all what I want to share about this project as well as my experience of studying one before giving out the opinions. I know this article is still flawed so if there’re any improvement

P/s: To my friends from the Crypto Madness community, yah, I’m back on Medium, folks. These days I have seen signs and this crazy dApp coming from the middle of nowhere appears to be the trigger.

Source: Kenneth Darren

Citations:

  1. [English] Fomo2Moon (F2M) Demystified
  2. Wikipedia: Lottery
  3. A Comprehensive Solution to Bugs in Fomo3D-like Games
  4. Ethereum, FOMO3D, and Dangerous Game Theory

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