Token Farming: It Ain’t Much, but it’s Dishonest Work

TL;DR

• The Helium network pays $MOBILE tokens to customers that share their location data with the mobile provider (which gives them insight on where they need to add more coverage).

• $MOBILE is up over 1800% in just the past month; which has increased the incentive for people to create fake accounts → serve useless location data to the network → collect the tokens → run.

• Now, new subscribers must wait eight days before they can claim any $MOBILE tokens they’re set to receive in exchange for their location data, which should give the team behind Helium enough time to weed out any suspicious behavior.

Full Story

If you haven’t yet caught us yapping on about the Helium Mobile network…

Picture T-Mobile, or Verizon…

But instead of using cell towers to connect calls and send data, the network uses these little 5G routers that everyday people connect to their home wifi networks.

In exchange for sending mobile signals out into the world for Helium Mobile customers to use, the owners of these routers get a cut of the network’s revenue.

…but that’s not the only way to earn crypto from Helium.

The network also pays $MOBILE tokens to customers that share their location data with the mobile provider (which gives them insight on where they need to add more coverage).

Good news/bad news:

$MOBILE is up over 1800% in just the past month! (See above ☝️).

Which has increased the incentive for people to create fake accounts → serve useless location data to the network → collect the tokens → run.

As a solution:

New subscribers must now wait eight days before they can claim any $MOBILE tokens they’re set to receive in exchange for their location data, which should give the team behind Helium enough time to weed out any suspicious behavior.

Call us painful optimists, but…

It’s nice to see growing pains within the Web3 space again, instead of stagnation.