OpenAlexa claims to let you make money by investing in Ethereum. In this review, I am going to reveal everything about OpenAlexa. This review is written to answer the question ‘Is OpenAlexa Scam?’.
This review consists of information like:
- What is OpenAlexa?
- How Does OpenAlexa Work?
- How to Join OpenAlexa?
- What Do I Like About OpenAlexa?
- What Don’t I Like About OpenAlexa?
- Is OpenAlexa A Scam?
Before I start, I must congratulate you for spending time to do your own research about the truthfulness of any program.
It is important to check a program’s review before buying it because there are too many scammers online!
I am not associated with OpenAlexa in any way so rest assured that I am not here to sell you anything.
OpenAlexa Review Summary
Product Name: OpenAlexa
Product Type: cryptocurrency network
Price: 0.03 ETH
What is OpenAlexa?
OpenAlexa is a smart contract or application running on a cryptocurrency network Ethereum. The application code is programmed to distribute incoming transfers among participants according to a specific algorithm. The site itself, provides an interface for the convenience of working with a smart contract.
So what is a smart contract? A smart contract is a line of code embedded into the cryptocurrency. It functions as a moderator between 2 parties to hold up their end of a deal. If a requirement is being met, the smart contract will release the incentive to a named party.
OpenAlexa has no named founder according to their website. They have also openly admitted to being a pyramid scheme. That is because they have stated that by joining as an affiliate, your enrolment fee of 0.03 ETH will be given to your upline.
How Does OpenAlexa Work?
The way OpenAlexa works is that by recruiting a fixed number of recruits under you, the smart contract automatically opens up to release profits to you.
The compensation plan follows a 2 x 6 matrix. This means you have to recruit at least 2 direct downlines and every downline has to do the same in order for you to achieve maximum profit.
OpenAlexa has claimed that you will be able to earn up to 4000 ETH with no hidden costs. The cryptocurrency network also claimed that their Smart Contract is risk free and decentralized.
How to Join OpenAlexa?
All you need is a computer or a smartphone that has an Ethereum wallet to join the cryptocurrency network. Once you do, register at their homepage and fill in your details. You will be required to pay the entry fee to take place in the matrix and be considered a full member.
The website also advises users to use Telegram as the main channel of communication to keep up to date with news.
What Do I Like About OpenAlexa?
1. Providing a new business opportunity
Cryptocurrency mining is not a new concept but has been introduced a decade ago. However, the process is highly difficult and requires supercomputers to do so.
OpenAlexa helps by providing a chance for users to earn profit from recruiting members. It is not necessarily a new business model, but it is new when it involves cryptocurrency.
What Don’t I Like About OpenAlexa?
1. Exaggerated sales pitch
Good products do not need extra advertising because the quality speaks for itself. It is worse when the webpage uses exaggerated terms to persuade the public.
OpenAlexa claims their smart contract to be risk free and decentralised. While part of it is true, it seems like they are just throwing some cryptocurrency jargon around to confuse people.
Why is it that their terms are exaggerated? For one, no investment is ever risk free. If an investment company calls it risk free, I suggest you back away from it. Also, the term decentralized means that there is no third party to regulate the transaction between two parties. Why involve that term at all when it means nothing to the public?
OpenAlexa also throws around terms like “impossible to lose money”, which seems highly improbable to me. The point of a pyramid scheme is to gain profit by acquiring currency from the downline. If you are late to the party, chances are you will lose money.
Not only that, blockchains are not impossible to hack. It is virtually impossible, but any ethical company should not overlook the possibility of it happening.
2. Grammar error on the website
Under the section of “How Open Alexa Works”, there is this statement: “The smart contract will continue until the Ethereum blockchain exists,” If there is no blockchain for Ethereum, the concept of a smart contract would not exist in the first place.
This indicates that either the founder of this website has no knowledge in what they are doing, or that they do not check their content and lack professionalism.
3. No stated founder
The website has openly stated that they have no founders or administrators. There is only a creator that creates the code and uploads it to the blockchain to form the smart contract.
Sounds confusing to me. First you say there is no administrator or founder, now you tell me there is a creator for the code. Someone has to be in charge right?
Is OpenAlexa A Scam?
Cryptocurrency mining is a complex subject. However, it has its benefits and has real world applications as well. The technology behind various cryptocurrencies, known as blockchain, is highly secure and allows transaction data to be viewed by the public but it cannot be manipulated.
The algorithm that allows a hacker to be identified immediately and undo the damage is what makes blockchain technology so valuable.
If you do not understand cryptocurrency and find it troublesome, you should definitely stay away from this website. Even if you are a seasoned veteran in cryptocurrency investment, this is nothing but a pyramid scheme.
You can invest in companies that produce supercomputer compartments too. Even if cryptocurrency prices rise in the future, you can expect more miners and more sales revenue in the supercomputer companies.
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