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Squid Game Token Scam Steals $2 Million: Where Is Future of Meme Coins?

UTC by Devan Harmon · 8 min read
Squid Game Token Scam Steals $2 Million: Where Is Future of Meme Coins?
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Analysts believe that in the era of blockchain 3.0, Glass Chain/GLS is expected to take the lead in forming a key position at the physical industrialization level of blockchain technology.

Recently, meme coins have become a hot commodity in the currency space especially on the Internet. Meme coins are cryptocurrencies that are created as a joke or meme. Almost all of the attention in the industry is focused on various meme coins, and the values and benefits of owning some of these meme coins are jaw-dropping. For instance, Shiba Coin and Dogecoin have won the blessing of Elon Musk, founder of Tesla and SpaceX.

With the global success of Netflix’s new drama “Squid Game”, a new “Squid Coin” (“SQUID”) named after the brand was born in the virtual currency market. The white paper shows that the project is a virtual currency game earning platform on the BSC public chain, inspired by the popular Korean drama of the same name by Netflix. The currency was pre-sold on October 20th at a price of 1 cent, and it was all sold out within 1 second. According to a report from Agence France-Presse on November 2nd, after the market opened on November 1, the price of the coin had soared- it peaked at $2861.80 before it spiraled downward. Within 5 minutes of its short-lived hype Squid coins were now priced at price fell to $0.0007926. The new market value was dismal, it was close to zero.

Shortly after this crypto fiasco several reports showed that the developers of Squid had dumped a large number of the coins at high prices to inflate its profit. However, it didn’t work out that way because it caused the price of Squid to plummet, speculative investors combined lost over $3 million US dollars.

Coin Market Mixed with Good and Bad Coins

Coins like Squid coins are not a few in the ecology of the cryptocurrency scene, they are also the way for the development of new ecology. With the rapid development of the digital economy and blockchain technology, the early stage of the industry was initially full of various chaos. Many bad currencies seized the loopholes in supervision and the greed of human nature and fished in troubled waters under the name of blockchain. Currency has no core technology and can be issued unlimitedly. Its intrinsic value tends to zero. Players are essentially playing a zero-sum game. In the example mentioned early Squid Coin had more investors look at the white paper with more scrutiny, they could’ve seen the Squid coin was a scam.

First, the identity of the developer is unknown, and the image in “Squid Game” is used to claim that this cryptocurrency can be used to play games with the same name as the drama series, but it has not been licensed by the US Netflix, or by the publisher of the drama; The website pages are rough, with spelling and grammatical errors; third, the total amount of virtual currency is opaque and investors can only buy but not sell the Squid coins. Therefore, the outcome of this type of currency is also to be expected.

There are bad coins and good coins. Blockchain technology is a new technology that changes the industrial structure of human society. There are still many companies with core technical strength that play an important role in the wave of the digital economy. Glass Chain/GLS, which is really popular in the currency circle, is one of them.

Although it has just appeared in everyone’s field of vision, after 54 months of independent research and development, it independently created the main chain + parachain architecture and realized the clear division of labor between the main chain and the parachain. It is considered to have won the last juncture of the integration of the blockchain and the physical industry. It is also a milestone in the development of blockchain technology, providing a new development direction for the transformation of the ecological blockchain of the Internet industry.

Glass Chain/GLS: the First Layout of the Physical Industry Public Chain

If the Bitcoin system represents the era of blockchain 1.0 and guides the public’s awareness of digital currency; the ecology of Ethereum represents the era of blockchain 2.0 and the beginning of digital currency enterprise applications; then Glass Chain/GLS is a well-deserved area, a representative of the blockchain 3.0 era, it is also the first industry public chain to deploy physical industrialization.

Glass Chain/GLS was initiated by the Singapore Optometry Foundation. It is a distribution eye optics service platform built on the bottom of the blockchain. It is the first optics industry built with the help of technologies such as the Internet of Things, blockchain, and big data analysis. A comprehensive service platform for traceability, sales, and incubation. With the help of the characteristics of blockchain technology such as non-tamperability, traceability, and incentive mechanism; the platform carries out the cultivation of talents in the field of optics, the traceability of optics equipment, commodities, and the incubation of qualified chain vendors.

It adopts the characteristic structure of dual public chain of main chain + parallel chain, which effectively solves one of the weaknesses of the traditional blockchain ecological industry: the problem of network congestion. The main chain and the parachain have a clear division of labor. The main chain only does consensus, storage, and operation of the most basic contracts. It owns the entire network storage certificate data to ensure network security, and is conducive to verification, sharing and supervision, to maximize the stability of the main chain, and then to ensure the entire block network’s stabilization.

Parachain runs independently in line with smart contracts in the physical industry, effectively stimulating complex ecological roles in the industry, effective data in the ecology and the main chain are effectively executed in parallel, and cross-chain technology improves the compatibility of Glass Chain/GLS, and the technical architecture changes by becoming more flexible. In addition, Glass Chain/GLS has no restrictions on parachains. The slot is open to all developers. As long as they participate in the ecology, everyone can get a parachain of their own, which lays the foundation for the industrialization of blockchain entities.

Analysts believe that in the era of blockchain 3.0, Glass Chain/GLS is expected to take the lead in forming a key position at the physical industrialization level of blockchain technology, becoming an absolute leader in the industry, and a promoter of healthy development of the industry.

Economic and Social Benefits Lead to Industrial Transformation

Glass Chain/GLS is a platform with both economic and social benefits. In terms of economic benefits, since GLS takes the eye optics industry as the first pilot for technological application; it integrates medical institutions, optical shops, optic rehabilitation centers, industrial users, and professional service providers (doctors, professionals). Consumers and other participants, through blockchain technology to achieve programming and digitization of the industry, breaking the previous point-to-point model, so as to achieve growth of commercial realization. So we anticipate that this will give birth to a trillion-dollar industry value.

In terms of social benefits, Glass Chain/GLS has greatly lowered the threshold of trust with the use of blockchain technology such as non-tamperability, traceability, and transparency. And through the positive feedback brought by the incentive mechanism, it collects from the industry, academia, and research. Some of the other anticipated benefits include the effective integration of medical treatment, prevention, and control of health care, while also reducing costs, increasing efficiency, and empowering local stores. All of these benefits will greatly promote the rapid development of the global optical industry.

Strictly speaking, Glass Chain/GLS is just the first application on the Chain199-DeCom system. With the deepening of the evolution of GLS industrial application and the improvement of global popularity, its model and technology are expected to be empowered in other industrial fields and expand the boundaries of this business ecology.

In addition, to achieve its application, the technology limitation of the recent big fire metaverse is the biggest bottleneck of its current development. Corresponding underlying technologies such as AR, blockchain, and artificial intelligence are still far from the needs of Metaverse landing applications, and the most critical of them is blockchain technology.

The Glass Chain/GLS ecological platform effectively integrates Internet of Things hardware, digital information technology, and improves the core cross-chain technology in blockchain technology. It is expected to become the world’s first combined platform of the physical world, Internet world, and virtual world.

Regarding the application of Metaverse, Glass Chain/GLS also has forward-looking plans. It is reported that the company has begun to deploy and develop the digital model of Metaverse, and digital metaverse related games will be gradually opened in the middle of next year.

In this sense, as a leader in the blockchain 3.0 era, Glass Chain/GLS is expected to lead the industrial transformation in the digital economy era, and the new situation of global industrial collaboration and integration may come in the future.

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Julia Sakovich
Author: Devan Harmon

Devan is a crypto trader and Bitcoin enthusiast. He does his best to keep up to date with all the latest trends and innovations in the blockchain industry and likes sharing his expertise.

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