Phoenix is a DAO decentralized autonomous organization created on the Ethereum blockchain. The platform provides an opportunity for investors to make ETH deposits and earn ROI of up to twice the initial investment. The platform is driven by a simple financial algorithm that is based on Ethereum Smart Contract.
The open-source platform is the creation of not any one particular person but a group of crypto enthusiasts. Not claiming to be from any specific country or region, the platform is open for investors from across the world who are interested in the probability of high returns.
How Phoenix Works
The goal of the platform is to provide a money-making investment opportunity. Phoenix uses smart contracts for encoding and investors who wish to be part of the platform need to deposit an amount of Ether in the system that according to Phoenix will double after a round of investment. The investment rounds are individualized, and the timeframe and the requirements are different for each investor. Once the round is complete and the investor meets the requirements, the investor earns double the ETH deposited. However, in case the round ends before the investor meets the requirements, the initial deposit is given back.
The investment rounds have their own targets and the rounds close only when the target is met. If the target isn’t met even after 365 days, the round will be automatically close, and funds returned to those investing in that round. However, the smart contract dictates that the users get hefty returns on their investment only after the successful closure of the subsequent round. If the next round fails, then the investor who funded the smart contract in the previous round doesn’t receive any payouts.
Should you be a part of this investment?
While the model seems tricky, the open source nature of the platform and readily available codebase for the smart contract offers some consolation. Some can even draw parallels between investing in Phoenix and gambling, which is quite fair except for the chances of investment rounds being fulfilled by people is much higher than winning against the house in gambling.
Unfortunately, the platform is not available for those residing in Singapore, China and the United States. The Phoenix Project already closed the second successful investment round and the participants who put their money in round 1 ended up gaining a decent profit. The Phoenix platform has a strong focus on security and privacy, which makes it possible for investors to put their money in anonymously.
Understanding the apprehensive nature of the many, when they hear about a “money doubling” scheme, the platform creators boldly state on the website saying that one can assume this to be a predictable gaming process where the return is almost assured unless a round doesn’t get fulfilled for some reason.
More information about out project is available at – https://www.phoenix.wiki/
