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Justin Sun distances himself from Oikos
Justin Sun distances himself from Oikos
Crypto

Justin Sun distances himself from Oikos

By Alfredo de Candia - 3 Jul 2020

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The CEO of TRON, Justin Sun, tweeted about the Oikos (OKS) project and said he was paying a lot of attention to it because, besides being in the early stages, its smart contract has not been audited.

What’s Oikos?

The Oikos platform, which can be considered as part of the decentralized finance (DeFi) sector, focuses on the creation of synthetic assets collateralized with TRON (TRX) hence, for comparison, it can be likened to the Synthetix (SNX) platform.

Indeed, the similarity with Synthetix is strong, causing many people to suspect that they simply copied the entire system but changed the name and blockchain.

In addition, Justin Sun himself pointed out that the token has no relation with the Poloniex exchange, which is dedicated to IEOs (Initial Exchange Offerings).

The token, which is not listed on the reference exchange in the TRON ecosystem, can be obtained by swapping TRX via the Oikos platform. 1 OKS is currently traded for 5.5 TRX.

oks trx

Whoever owns this token can exchange it only through the same platform and the related smart contract, which, as mentioned, has not undergone an audit, so it is fair to assume that until there is at least one document certifying the security of the platform, it is better to be cautious.

Moreover, before interacting with this smart contract it is necessary to unlock it. To do so it is necessary to spend some energy on the account. To have enough energy, it is necessary to have at least 1000 “frozen” TRX.

In any case, the Oikos Telegram community currently seems to have 36 thousand users, who are accusing Justin Sun of causing havoc, accusations that are also found in the comments of Sun’s tweet. Users are pointing the finger at the BitTorrent (BTT) and Just (JST) tokens that have lost much value since their launch.

As recalled by Sun, the project is still in the early stages and therefore it is premature to make judgments. However, without adequate guarantees such as the audit of the smart contracts, Oikos is considered a high-risk project and it is better to proceed with caution.

 

Alfredo de Candia
Alfredo de Candia

Android developer for over 8 years with a dozen of developed apps, Alfredo at age 21 has climbed Mount Fuji following the saying: "He who climbs Mount Fuji once in his life is a wise man, who climbs him twice is a Crazy". Among his app we find a Japanese database, a spam and virus database, the most complete database on Anime and Manga series birthdays and a shitcoin database. Sunday Miner, Alfredo has a passion for crypto and is a fan of EOS.

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