On the 16th, the first working day after the Dragon Boat Festival, some Chinese cryptocurrency investors took a day off! Stayed up late to watch the Euro Cup? No, they stayed up late to grab a token called BZZ! Of course, most of them grabbed a lonely one.
At 1am on the 16th, Swarm project token BZZ was made public on Coinlist, and according to the rules, more than 5.17 million BZZs will be sold at $1.92 each, with a maximum of $500 per account. BZZs can be unlocked on or around August 2.
According to the requirements, users from the United States, China and Canada are not allowed to register Coinlist, but the hot wealth effect. Many Chinese people have purchased Coinlist accounts certified as Vietnamese users through channels, and the price is generally up and down at 100 knives. There are also Chinese users who have passed the application with their passports.
Some sources say that there are roughly 1.5 million accounts snapping up BZZ across the web, but in the end, only roughly 20,000 accounts can be the lucky ones. It is inevitable that ordinary users grab a lonely one, as Coinlist snatching has become a business, with professionals bagging internet cafes for each snatch. It is rumored that one god had 56 accounts to grab BZZ, but he prepared thousands of accounts for this purpose. Ordinary investors who prepare more than three accounts are actually not a few.
The company has been selling Coinlist accounts for $3,500 on the 16th. This means that an account earns 3,000 dollars, a sevenfold increase in the number of fingers. However, there are also people who bid 7,500U and earn 7,000U, doubling 15 times.
The question is, how much is BZZ worth?
Waiting for the “price spectacle” after BZZ goes live, the current exchange price is likely to be “inflated”
How much is BZZ worth? This analysis is really killing me, but putting aside “imagination”, let’s take a look at some of the more important data.
BZZ’s initial offering was 62.5 million. Of this, the early token sales and public offering accounted for 50%, the team accounted for 20%, the foundation accounted for 7%, and ecological funding accounted for 20%. In other words, with the current public offering price of $1.92, the market cap of BZZ’s initial offering is currently at $120 million.
Assuming that BZZ can reach a single price of $10 at IPO, that means the initial offering market cap is $625 million, and $100 is $6.25 billion. Based on Coingecko’s circulating market cap, this is comparable to the current circulating market cap of FIL, which is ranked around 23rd in the entire network.
So, can BZZ be comparable to FIL?
It is important to note that 6,250 tokens are not the final total number of BZZ tokens, after all, Swarm will have to engage in mining output afterwards. The total amount is not clear yet, and Swarm’s economic model is still unknown.
The futures of BZZ have actually been sold in a number of exchanges as untickable coins, such as ZB.com, LBank, ZBG, etc. What is the price? The lowest is $192, the highest $784, and generally around $181. Like LBank went live on May 15 with the BZZ/USDT trading pair, currently priced at $188. However, BZZ on these exchanges are standalone coins and cannot be withdrawn.
However, these prices give BZZ a lot of room for imagination. The price BZZ can be sold for $200, which means Coinlist’s purchase at $1.92 is at 104 times the revenue and the overall revenue of a single account is over $50,000.
According to media reports, Swarm officials have announced that they will distribute all tokens in addition to the CoinList public offering and airdrop on June 21, including 1/3 of the current total number of seed and private placement round tokens. A practitioner analysis, BZZ private placement round $ 0.25 (23.91 million pieces), seed round $ 0.2, even if 5 knife opening, 20 times the return of private investors may also smash the plate.
Previously, FIL circulated on major exchanges after the Filecoin mainline went live, and futures FIL prices skyrocketed and then plummeted. It is reasonable to speculate that the current exchange prices are likely to be untenable.
But how will BZZ’s price be or will the market give the answer. I’m sure, as a popular project, BZZ will soon be online on the mainstream exchanges.
The main network goes online on the 21st and mines BZZ, mining is better wait
On June 13, Swarm launched the Bee main network, which is still mainly running test network nodes. the circulation of BZZ tokens will have to wait until after June 21, when the current test network nodes will be officially switched to the main network.
Swarm is actually a distributed storage project, with miners providing storage and bandwidth for the network and Swarm providing BZZ token incentives for miners. However, the difference between Filecoin and Arweave is that Swarm’s focus is on Ether, and its main goal is to store and distribute blockchain data from Ether. Thus, it is essentially a content distribution network. Li Bai of Pomegranate Mining Pool describes Swarm as BitTorrent + Tor (The Onion Network, privacy) + Layer 2.
Why is it hot? There can be several speculations in between. Firstly, Swarm has a strong official background of Ethernet, but it should be noted that Swarm has actually been divested from the Ethernet Foundation and is an independent project. Secondly, data storage and distribution in Etherfoundation really needs a decentralized solution. Third, the explosion of Filecoin and Chia has opened up the valuation space for storage projects.
At present, the mining service based on Swarm has been very hot. And from the solutions given by different vendors, the single investment is not low. For example, the price of Swarm cluster hardware equipment from Westworld is at 166,000 yuan a piece. Of course, the configuration is not the same, and the price of mining equipment varies very much.
Is BZZ mining available for participation?
There is still very little official information released by Swarm about the economic model. the specific way BZZ will be used in the ecosystem and the rules for mining after the main network goes online are not yet clear.
For example, according to current information, Swarm will be similar to Filecoin in that it will require pledging BZZ coins for mining, but how exactly will it be pledged, what will be the mining output, and what hardware configuration is appropriate? There is no specific white paper or anything like that published yet. The company’s main goal is to provide a series of hardware to build a mining node, and there is no accurate rule on how the output will be.
In this regard, BZZ mining is obviously risky, and there is a certain amount of gambling involved in grabbing the head of the mine. Or rather, the unpredictable part is more.
Westworld Ni Yiba also said that now Swarm’s economic model and technology still have a lot of immaturity, pending further observation on the main online. “Swarm is more of a market heat grabber.” He said.
Today, those who support Swarm believe that Filecoin’s launch was also rushed, and although it has experienced a series of challenges since its launch, it has come through with stumbles. Those who do not support Swarm feel that it is too bizarre, and how it feels a bit rushed to go live when the economic model and other aspects are not perfect, trying to make some money while the bull is still alive?
In any case, Swarm is good for the ethereum ecology, and there should be no disagreement on this.
Posted by:CoinYuppie，Reprinted with attribution to:https://coinyuppie.com/crazy-million-accounts-snapped-up-bzz-at-1am-how-much-is-the-red-hot-swarm-really-worth/
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