Adventures In Ethereum With Jongo!
Disclaimer: I'm not the biggest fan of Ethereum. In fact, I try to avoid it like the plague. So please take what I say with a grain of salt. However I thought it would be a fun dive into the experience I've had on the 'smart contract' blockchain over the past few weeks.
So a little background now, I got into some Ethereum based projects a few years ago. It wasn't that I dove into them because I enjoyed the experience, it was mainly because I thought the projects were cool.
Here's the 2 I'm going to share with you today...
RealT
Torum
So RealT is this really cool idea where you buy fractional pieces of real estate. It's not open to American clients for regulatory reason, but up here in Canada, it's good to go. I dove into this project back in 2019 or so, and it worked like this...
Invest in property, get paid 'rent' every week. And since 2019 it's been working like a charm. RealT pays out it's dividends each and every week like clockwork, and I shouldn't even call it dividends. It's literally...Rent.
I'm a digital landlord. I guess?
But here's the fun part, they paid originally in USDC, which is on my favorite blockchain - Ethereum.
And guess what you have to do when you want to get your rent from out of RealT? Pay gas fees!
And if you ever want to sell your property, you have to 'claim' the token on Ethereum (more gas fees) and then find someone in the community to buy it from you because if you choose to sell on the open market in UniSwap, it costs....GAS FEES!
Anywho....I managed to get my 'rent' out from RealT and ended up paying about 40 bucks in fees. Just dumb, gas fees suck....
Next adventure was with Torum.
I've written about this project in the past and when they first launched they even hung out here on Hive. I loved their onboarding gamification and thought it would have been the perfect front end for Hive.
Torum brands itself as a #web3 platform. And you earn their native XTM token for posting, getting tips, logging in, and ever referring new people to Torum.
Guess what blockchain Torum decided to put XTM on?
You got it!!!! Ethereum!! YAY!!!
So here's the process if you ever want to cash out your XTM.....First you need to request it from Torum itself. Not from a blockchain, from the actual owners of the platform. Even though I have never had trouble, I could totally see situations where some people would have to fight to get their XTM.
I requested it and did about 3 different verifications to finally be told my XTM was on it's way....And then over a week later, it showed up in my MetaMark wallet.
Just a painful experience. And I haven't even sold it yet because I'm dreading the thought of swapping it on UniSwap. I'm sure the fees will be astronomical.
So after my incredible results on Ethereum these past few weeks let me say something that we should all print out, remember and take with us each and every day....
We are SPOILED on Hive!
And yeah, something like RealT needs smart contracts to operate, so I understand their need to be on a Ethereum based chain. But Torum is such a head scratcher for me.
On Hive, we flip tokens, buy tokens, sell them, send them, transfer them.....We play games, we build things, we upload videos, we Thread....And oh yeah, we even blog every now and again!
And it all costs.....Nothing.
I know not everyone sees eye to eye on all things on this blockchain. There are arguments and debates across the board. But let me tell you, at the end of the day, I wouldn't want to call ANY other blockchain home.
We truly have it all here!
Posted Using LeoFinance Alpha
