Forsage Smart Contract System Exposed — Investigative Report
What is Forsage?
Forsage is a program that works with smart contracts in order to earn cryptocurrencies, specifically Ethereum. On February 6, 2020, this platform became the first multi-level marketing/network marketing to use smart contracts on the Ethereum blockchain to build a true 100% Decentralized Crowdfund Matrix Platform.
This program allows people to work from home or anywhere they want, and it has no work schedule as people can work whenever they want too. It is an enterprise that claims that it is from people for the people as it does not have admins or CEO. It works using the blockchain in order to maintain transparency. It only requires a small investment in cryptocurrencies, equivalent to an average of $12 and a wallet that works with smart contracts like Trust Wallet or MetaMask to retrieve the profit.
Who can use the Forsage smart contract?
Everybody with internet access from a computer or smartphone can use the Forsage system. However, it depends on the platform used for smart contracts. If MetaMask, it only works from a computer as it works as an extension from google chrome. And if it is Trust Wallet, forsage can be used from the comfort of a mobile device as it has an app that works on Android and iOS.
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It is a platform designed to be on everybody’s reach due to its easy access and entry fee. As the trend of the virtual currency exchanges is gaining more and more ground on the global economy and through the internet, it is no surprise that new platforms arise to increase their popularity while making money. Anyone with access to webinars related to this topic or social networks like Facebook or twitter will be able to see propaganda from different programs looking for new investors.
How do you make money from Forsage?
Forsage is a decentralized crowdfund matrix platform, but what does this mean, and how does anyone make money from it? A payment of 0.05 Ethereum should be made as an entry fee to enter this matrix project as an investor, which is equivalent to $12. However, to make money, Forsage works with a referral program to acquire new investors. And, what does this have to do with a matrix project? Pretty simple, when people first enter the platform, they got two matrix system entries, one in a 3x1 (Forsage X3) and another in a 2x2 (Forsage X4, for each one of these people, get a link, and this is their referral code.
In Forsage X3, people are at the top and linked to three blank spots, each one of these represents one new investor that got into the program through a person’s link. When these three spots are filled, the principal investor gets its commission, and the cycle restarts. In this 3x1 matrix, the inversion from the first two goes directly in favor of the investor’s balance. The third referral membership fee goes directly to the platform as a re-entry into the cycle.
In Forsage X4, someone is again at the top, but this time, it links to two blank spots, and each one of these is linked as well to another two. To complete this cycle, people need six referrals; the money from the two direct referrals goes to the platform. The money from the referrals of the referrals goes directly to the investor except one that goes to the platform as a re-entry into the cycle.
How do the multi-level works?
Forsage X3 and X4 have 12 levels each, and normally people will begin in level 1 on both of them with the entry fee. However, to get access to these levels, people will have to pay them.
Its design is pretty simple, with the entry fee of 0.05 Ethereum people will unlock level 1 on both of the matrices. Each matrix will be of 0.025 Ethereum because the entry fee will split into two, one half for the X3 and the other for X4.
That means that all the referrals will have to invest that same amount. However, to upgrade to level 2, the fee from level 1 doubles and becomes a matrix of 0.05. The same processes repeat itself doubling the fee until it reaches level 12 where the matrix is 51.2 Ethereum, but remember, to receive profits, all the participants should make the same entry as someone did on the level somebody wants to retrieve the compensation. For example, in a matrix where the entry fee is 1 Ethereum, all of the referrals should invest 1 Ethereum and so on for the other levels.
How does Forsage smart contract work?
A smart contract is a digital protocol that enables two parties to come into an agreement without having an entity that acts as an intermediary. These contracts do not have an intermediary as they are working on the blockchain. This decentralized system distributes all of the data between all of the systems that act as a node. These nodes are linked through a network with other nodes to keep the servers working and in everybody’s hands. These contracts have plenty of uses and a lot of advantages. They can be used within the healthcare system to keep track of patients, or it can be used for animals to keep a count of the species. It has a vast amount of uses. It also offers trust, backup of your data, and safety as these contracts are encrypted. The IP address of the nodes that provides the network cannot be traced, and therefore, these contracts cannot be hacked.
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Now, Forsage Smart Contracts offers a policy of zero risk factors and instant peer-to-peer payments as they are based on the blockchain. They have their terms, which are the whole matrix system and the reward system, however, to get the reward, the interested party asides form the initial investment to initiate the contract will have to provide them new investment contracts, and when these conditions are fulfilled the contract is considered complete.
How much is one Ethereum now?
The price of Ethereum is variable as it is related to the Bitcoin price and the volume of transactions of Ethereum made in 24 hours; this allows that the price of the Ethereum fluctuates as it can be seen on a chart. By the moment this article is written, the value of 1 Ethereum is 226.82$ or 0.0249 BTC. However, to keep track of the price of Ethereum, you can visit the following link. Click here.
What kind of profits does Forsage promise?
Forsage compensation plan goes from the initial fee to the commission earned after the matrix is complete. Forsage offers work at the home model in which earnings are described as a passive income due to its referral nature. The compensation depends on the type of matrix used and the level in which the investor decides to make his contract.
For the Forsage X3, the promised reward after you complete one cycle is three times your investment, for example, if you are on level 1. The matrix is of 0.025 Ethereum, and the promised reward is 0.075 Ethereum. If the matrix is Forsage X4, the promised reward or profit is four times your investment, taking the last example, if the matrix is of 0.025 Ethereum, the promised reward is 0.1 Ethereum. The rewards grow as you level up as the amount of inversion is more significant.
However, taking a closer look at the scheme, these promises are not real. The program takes in the Forsage X3 one-third of the earnings as a re-entry to the cycle, and that money goes directly to the platform. In level one, the profits would be 0.05 Ethereum instead of the 0.075 promised. In the Forsage X4 scheme, the program takes one-quarter of the earnings as a re-entry fee into the new cycle. In level one, the profits would be 0.075 instead of the 0.1 Ethereum promised.
How do you join Forsage?
There are a couple of ways you can join the Forsage community. You can join from a referral link that you found on social networks, webinars, or blogs, or you can go directly to their webpage, click here. Once you enter the link, you will have to complete the registration process to access this platform’s habitat.
The registration process includes the acquisition of a wallet like MetaMask (click here to redirect to MetaMask official page) or Trust Wallet (click here to redirect to Trust Wallet official page). These wallets are totally free, and anyone can register them. Once logged in these wallets funding must be done, you can acquire Ethereum from different sources like Coinbase, Uphold or Binance, then these funds must be transferred to the wallet, or they can be bought directly from the Trust Wallet app and later the wallet will be linked to your profile in Forsage completing your registration.
How do you use a Trust Wallet?
Trust Wallet is, as its name says, a wallet that allows its users to send, receive and store cryptocurrency tokens, more specifically, cryptocurrency tokens built using the Ethereum format in the Ethereum blockchain. It is designed to be a mobile wallet that can be used from the comfort of your mobile device, making it a mobile wallet. Based on a peer-to-peer system, it is a system that allows us to make transactions instantly transparently and securely as all the transactions are recorded on the Ethereum blockchain.
Trust Wallet also has a feature that adds to its simplicity. It enables storing private keys on their own device and a backup facility for simple recovery of the data. It is a free app that can be acquired from the Google Play Store or the Apple App Store.
To use Trust Wallet a registration must be done after you log in, you can tap on the action you want to do, whether it is “receive” or “send” currency, therefore using QR codes between the two parts involved and reviewing the transaction details, the transaction is completed. However, to make payments, there is a transaction fee that goes directly to the app. If you have more doubts or have trouble with a transaction, this app has a great customer service looking forward to helping its users.
Why some people consider it illegal and a pyramid scheme?
Recently in a press release from the Philippines Securities and Exchange Commission (SEC), the public has been warned to be careful with various groups and platforms engaged in unauthorized activities such as investment-taking using cryptocurrencies as they do not follow the guidelines established by the regulatory entity. In this list are included RCashOnline, The Saint John of Jerusalem Knights of Malta Foundation and Forsage.
There have been recent cyber incidents and numerous reports that encouraged the SEC to do its research. It has been found that Forsage is not registered with the commission and operates without the necessary license and/or authority to solicit, accept or take investments from the public or to issue investment contracts. Nonetheless, its name does not appear among the registered banks, exchanges, or companies engaged in digital assets with the Bangko Sentral ng Pilipinas. It’s a company that does not generate valid invoices to take accountability for their actions.
Taking a more in-depth look, Forsage has been labeled as a possible Ponzi scheme, most commonly known as a pyramid scheme in which money from new investors is used to pay fake profits to prior investors. It is a scheme designed to favor its top recruiters and prior risk-takers due to its referral and recruitment of new investors’ nature.
Based on these facts, the SEC advised the public not to invest or stop investing in this platform as they are not registered and do not fulfill the legal requirements to make smart contracts with the public.
However, Forsage still claims that it is a scam-free platform in which, with an inexpensive investment, the investor will get a lucrative return with little or no risk.
The website itself says it has no admins?
Yes, the website itself says it has no admins and that it is a platform made by the people for the people. They even claimed that this program would continue to work if its website is closed because it is decentralized and free from authority. However, these statements from the website are not true. In the recent press release made by the Philippines SEC, it has been proven that Forsage is a platform developed by Lado Okhotnikov.
Why should people invest in Forsage and not believe in the regulatory entities?
Despite the press release from the SEC in which Forsage is labeled as a possible Ponzi scheme, there are several reasons to believe in this platform. It is a platform based on Smart Contracts, and that is what makes Forsage so different from any of the other platforms that promise passive incomes. As explained, a smart contract is a code written contract within the blockchain that works only if the conditions are fulfilled, if not, the money stays “frozen” until the conditions are completely fulfilled. The invested money does not go to anyone as the blockchain will not allow it because it is not in its code, the admin has no say in this particular point because these contracts cannot be broken as it is the way they are coded and that is the magic of this platform called Forsage. It is a transparent platform in which every transaction is recorded and stays in the script for anyone who wants can see them. That is why most of the governments do not like the blockchain system, because of its transparency and the security it offers to its users so anyone can see what happens with the data collected within the system.
As the website claims, it does not matter if the website is shut down; then again, this due to the smart contracts and the blockchain. This is a unique system that does not require a webpage to work as it stays permanently within the Ethereum network and will continue to produce passive incomes for all of its users. This is why the government cannot do anything about this platform and its permanency on the blockchain.
In a recent interview Decrypt spoke to Ethereum researcher and developer Philippe Castonguay, an Ethereum researcher and developer, he stated after examining the Forsage code that the Smart Contract “cannot be altered”, and “even if the SEC closes down the website, it only will make it a little bit slower due to the lack of a simple user interface”.
Therefore, nowadays, it is impossible to tear this business down. He talked about the possible efforts that the SEC could make about tearing down the whole system and claimed that they could be costly and inefficient as there is no known vulnerability to the Ethereum blockchain system. Finally, he added that these are inevitable systems due to the unstoppable nature of the blockchain and its permissiveness based on smart contracts and how these represent the law in the blockchain habitat. If you want to know more about this interview, click here to read the full article.
Nonetheless, it is a personal decision if anyone would want to make an investment contract within this platform because that is the premise in which all of the blockchain systems lays its foundations, freedom, and, more specifically, financial freedom. This is a platform that truly believes in this new technology that surely has arrived to stay and will certainly make an inflection point in the history books. Forsage does not believe in regulatory entities as they do not get a full view of the panorama. Certainly, as anyone at least has seen once, these entities do not represent the people’s ideas, they only represent themselves.
People within the blockchain habitat are aware of this, and people should know that no entity or regulatory commission has a say in the Forsage platform because it is all about the financial freedom of the people, whether they are poor or rich. The blockchain is a habitat in which everyone is protected by its own coding and programming, and it depends on the smart contract that anyone signs. It is an unbreakable code in which the entities cannot interfere, they only can watch what happens, and all of it will be within limits due to the nature of a contract.
Therefore, Forsage is a platform that will continue to carry on its activities, no matter what happens. It is a future-thinking matrix that presents itself as a solution for regular individuals and to make an extra income while they keep their lives going. The most important, it presents itself as a new scheme based on the blockchain technology that solves all of the past the problems of the Ponzi schemes as the code will not allow that a scam takes place or a single person makes a direct profit from it breaking the contract.
Moreover, this will ultimately allow people to gain trust in this whole new business model based on decentralized platforms that are truly scam free and only look forward to helping people live its lives without worrying about the money and leaving out of the equation the entities that want to keep the world as it is nowadays.
Conclusions
Forsage is a decentralized platform that offers new solutions for regular people, and it provides a new way to make passive or active incomes from anywhere. Whether it is an office, a cafe, or the comfort of a home, people will be allowed to regain control of their lives and their capital. Working in conjunction with the blockchain technology through the smart contracts used for investment purposes, it provides a new point of view in the global panorama of the investments as they leave out entities that act as a third party in the equation and want to perceive a big commission for doing bureaucratic work that only makes the whole system slower.
This whole new model allows people to see what is happening within the business anytime they want due to its transparency and safety, providing the security needed in these times as the regulatory entities have proven in the past that they are not to trust. The smart contracts are the future, and the future is here and now. It is an anti-spam and bulletproof system that cannot be hacked or altered as these codes are totally encrypted, and even the best hacker in the world cannot break them due to its nature of thousands of layers of security. It does not have one single place in the whole data. The data is distributed worldwide around thousands and thousands of servers managed by regular people who cannot be traced. And more importantly, it leaves out the human factor of greed and corruption because it is an incorruptible system as the code is the law in this system.
Regardless of the warnings of the entities, the Forsage platform will continue to work even if the page is shut down and will continue to provide incomes for its users. It is a platform in which the scam risk is reduced to zero. However, the earnings depend on the initial work that anyone who wants to be part of this new model does and the initial investment as everybody knows, the more money invested, the bigger are the profits. The matrix system is a model in which the platform looks to bring out the best of the people to help each other, and provide new solutions and incomes for the hard-working people of this world as the admin or the prior investors does not get to take advantage of the system simply because they can’t go due to the system itself.
Therefore, people are encouraged to take a leap of faith into this world that will certainly bring a more comfortable life for them and their families as they decide to keep working hard leaving this as a part-time job that can be made from their smartphone or a full-time job if feeling comfortable and do not want to rely on the ordinary work model and want to experience the real financial freedom.
Nonetheless, click here if there are any more doubts concerning this particular topic. It has several videos that will explain the whole system and will represent a guide through the investment process in the Forsage platform, why it is a real anti-scam working scheme, and its compensations if further explanations are needed.
And after all of these you feel that you can trust this new model of business, are interested and want to be part of it, you can begin your journey to the world of Ethereum and Forsage through this link and get some extra incomes from anywhere you want.
