What is Forsage?
Forsage is a mastrix in the blochain of Ethereum cryptocurrency that claims to have created the world’s first 100% decentralized smart contract
What is Ethereum? Ethereum is one of the leading cryptocurrency established in the year 2005. The blockchain of the cryptocurrency permits users to create smart contract on daily bases in accordance with the crypto world Ethereum is number #2 in globe ranking. The company claims to have launched their “revolutionary” smart contract on the Ethereum blockchain in February 2020. Now, they’re willing to share that disruptive technology with the world.
What is smart contract?
A Smart contract is a computer programmed code containing a straight set of criteria that must be satistfied prior a transaction will be approved
Reunion of these transaction are enacted by a global collection 'nodes' that are volunteered for service by human and corporate entity the miners(computer owners) who are members of the Ethereum Blockchain's globally distributed network infrastructures
Forsage describes its smart contract as the “Ethereum Blockchain Matric Project”, claiming the smart contract “provides decentralized market participants with the ability to directly engage in personal and business transactions.”
The official Forsage website is filled with vague, poorly-defined crypto and blockchain terms. It’s like the company is trying to dazzle you with techno-babble to convince you to sign up.
Obviously, Forsage did not create the world’s first decentralized smart contract – as claimed on their official website. The first smart contracts were proposed in the early 1990s, before blockchain. Ethereum has supported decentralized smart contracts since launch in 2015.
How Does Forsage Work?
Forsage works like any pyramid scheme or multilevel marketing company: you pay a fee to join, and that fee gets funneled up the pyramid. 
The only way to recover your initial investment is to convince a bunch of people to join underneath you. Eventually, the pyramid scheme collapses when no new members can be recruited. Although the developer stated that all member will recover their investement weather referrals or not
- Step 1) Pay 0.5 ETH to join ($86 USD)
- Step 2) Send your friends the link to Forsage; if they sign up, then you get 0.025 ETH commission from each person’s 0.5 ETH entry fee
- Step 3) The remaining 0.475 ETH gets sent to higher tiers of the pyramid, with most funds directed to the anonymous positions at the top of the scheme (the original scheme’s creators)
Forsage uses X3 and X4 matrices. Any members you recruit underneath you will automatically slot into the X3 or X4 matrix.
All slot fees are automatically paid to the referrer’s ETH wallet..
“On February 6, 2020, Forsage developers deployed a self-executing smart contract on the Ethereum Blockchain that exists in perpetuity and cannot be modified by any entity.”
That smart contract “facilitates peer-to-peer commission payments between its program participants.”
How to Join Forsage
While much of the review for Forsage is negative and does it's best attempt to warn those interested in the inherent risks, many have emailed or sent messages asking how to join and signup to Forsage to take it fora test run. Here is the flow of how to register with Forsage should you have a high risk, medium reward tolerance.
To join Forsage you need a minimum payment of 0.055 which is Approximately $14 USD at July 10th 2020 and according crypto expert ethereum will not depreciate rather increase on daily bases as at January 2020 1 ETH =.180.148 USD but as at July 10th 2020 1ETH= 240 USD . Obviously, Ethereum will not depreciate as the crypto expert analyzed however , Users who join the system can earn money by referring others to signup to the smart contract.
The Forsage smart contract is said to work with 2 different wallets. The wallets vary depending on whether you plan to access Forsage from a desktop computer or a mobile phone/table. To transact with the program from a desktop computer the smart contract requires the Metatask Wallet. To set up the smart contract on a mobile device, it requires a Trust Wallet account.
How to Sign Up to Forsage from a Mobile Phone?
If you don’t already have a TrustWallet account, download the app on your device to create an account.by clicking here
During the process you will be asked to write down a 12 word seed phrase. Store it safely.
Once the wallet is set up load it with ETH to start. The minimum amount to start is 0.065 ETH which includes the gas transaction fee.
Inside the wallet browser open the invitation link ID. To begin, use an invitation link or ID number of a sponsor or referring affiliate. If your ID number is #563852 for example, click this link to join Forsage via smartphone and use the TrustWallet (owned by Binance).
How to Sign Up to Forsage from a Desktop Computer?
If you don’t already have a Metamask wallet, go to Metamask.io to download it first.
During the process you will be asked to write down a 12-word seed phrase as a recovery tool. Once the wallet its set up load it with ETH to start. To start it needs a minimum of 0.065 ETH which includes the gas transaction fee.
Use an invitation link or ID number like #563852 to activate forsage blockchain smart contract.
The Forsage Smart Contract
Forsage has built a smart contract on the Ethereum blockchain. That smart contract replicates the distribution system of a multilevel marketing company.
Instead of sending your joining fee to a company, for example, you send the fee to the smart contract. The smart contract sends your fee up the pyramid, and you get your own slot on the pyramid. When you recruit other people into sending money to the smart contract, these new members receive a slot beneath you.
Forsage’s smart contract is viewable on the Ethereum blockchain via Etherscan.
The company claims this is the MLM scheme’s smart contract: https://etherscan.io/address/5acc84a3e955bdd76467d3348077d003f00ffb97
That address shows a smart contract with over 104,799 transactions, although there’s a balance of 0 ETH held in the smart contract.
Forsage Features & Benefits
The Forsage website uses vague terms to describe its features and benefits. Again, Forsage seems to dazzle users with technical jargon that doesn’t make a lot of sense.
“Zero Risk”: Forsage claims that there are “zero risk factors” to its scheme because the smart contract is publicly viewable on the Ethereum blockchain and “cannot be modified by any entity”.
Immutable: Forsage claims their smart contract cannot be changed.
Instant Peer-to-Peer Payments: The Forsage smart contract facilitates peer-to-peer payments on the Ethereum blockchain, letting you send money between other members of the scheme.
Non-Hierarchical Organization: Forsage claims to have a non-hierarchical organization that uses matrices instead of a pyramid design.
Transparent: You can view the Forsage smart contract on the Ethereum blockchain, and Forsage discloses the address of the smart contract.
Anonymous: You can participate in the Forsage anonymously. You only reveal your Ethereum wallet address.
$1.2 Million Profit Per Week: As of April 2020, Forsage claims to be generating over $1.2 million in profit every week.
Forsage Profit Claims
AS of July 11th 2020
As of July11 Forsage claims to be generating enormous profit. The company claims to have generated 390569 ETH of profit and 3083340 USD
In USD terms, Forsage claims to be creating $1.2 million of profit (not just revenue) each week and $3.9 million profit overall.
The company also claims to have 9,963 new members this week and over 1,500 new members per day. There’s a total of over 32,000 participants in the network.
FACTS BEHIND FORSAGE
Forsage does not disclose the names or locations of any individuals behind the scheme. it was gathered that forsage is not pyramid scheme rather runs decentralised scheme( NO ADMINS)
As with other pyramid schemes, there are admins at the top of each “matrix” or pyramid, and these admins receive the largest chunk of incoming funds.
The only contact information posted on the official website is a Telegram channel (@smartpeoplechat).
The Forsage.io domain was registered on February 9, 2020. All information attached to the domain has been anonymized.
CONCLUSION:
Forsage seems like a classic pyramid scheme: the company does not claim to have any product or service. Instead, you pay money (0.5 ETH) to the company’s smart contract on the Ethereum blockchain, then attempt to recruit people into the pyramid scheme after you. You receive 0.025 ETH commission for each person you recruit, while the rest of the money gets funneled up the pyramid.
There’s limited information online about who’s running Forsage or how it works. However, the official Forsage website claims the scheme is generating over $1.2 million of profit each week.
Multilevel marketing companies (MLMs) are legal in certain jurisdictions, but pyramid schemes are illegal in most parts of the world – including the United States. Forsage does not sell any products or services – it’s just a membership-based pyramid scheme with anonymous benefactors who placed themselves at the top. All of this makes Forsage an illegal scam.
You can learn more about Forsage or check the scheme for yourself at Forsage.io.
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