1 Week Experience with COINApp

By OvermindSB | Bitcoin Faucets and Casinos | 8 Jun 2020

Have you ever heard about Geominging, Geoclaim, Geomines?

No? Doesn´t matter. I´ll explain the major feautures of the CoinApp and show why you should keep your noise killers inside your ears.

As many of us the attention for a new project is drawn by Airdrops or AirdropChannels on telegram, whatsapp or whatever. I just looked for a way to mine some coins with my phone and i found the CoinApp.

History

In early 2019, COIN launched its mobile app COINApp enabling over 750,000 users to earn rewards for validating geospatial location data when traveling, commuting, jogging or moving around the globe. User can enjoy in-app challenges while interacting with other geominers.

First of all the project claim:

- Your geospatial data has a value where are you going today? Where do you stay very long? Questions that google already know but do not pay us for this information. COIN is different to that it values the users geospatial data by geomining.

But just have a look on their image video:

So what is COINApp?

The COINapp is the first app you can download for your adroid or iOS smartphone that allows you to travel in the real world and collect digital assets so called coins by a process called geomining. These coins be redeemed for cryptocurrencies or merchandise. So you might think, wow that is pretty cool! Yes it is cool, but you need to consider some bottleneck points. Ill explain that later i just focus on the explanation of the app. How does the App look like (Fig. 1).

Fig. 1: COINApp Screen. On the Screen you have different symbols starting from the lower left moving to the right you have the geodrop symbol, geomining pickaxe, the purple geoclaim flag. On the right hand side 3 further symbols: HODL reward (Staked coins), Background rewards (A robot), Bonus drop (A box with a star on it).On the upper left, the home base symbol and the, Big Geomines Symbol, Profile section.

Geodrop

This feature allows you to send you coins anywhere on the earth or just in front of you right in the tile. So you are able to hare your coins to anybody or restricted to somebody with an email adress. Funny thing is that you can add a note (Fig. 2).

Fig. 2: COINApp GeoDrop. Geodrop allows you to send you coins to someone you want to receive some coins. A minimum is 10 coins.

Geomining

The pickaxe in the middle of the screen (Fig. 1) is the symbol for geomining. You can doit manuall by a tap or activate the automatic geomining by mining manually 15 times in a row. So Geomining itself is the bottleneck you need to consider if starting geoming because geomining is so hard that its only worth if you upgrade. The only way to increase the mining rate is by selecting a plan which cost you a lot of money (Fig. 3).

Fig. 3: Plans for COINApp

In-App there should be some Big geomines you can always witness and get, if you were fast enough a tiny fraction of it, depends on the time you witness the big geomine, first place get 1% 200th get 0.01% of the total of the big geomine, but they are so rare to find. So you end up with a mining rate about 70 COIN/day! So giving away your coins by GeoDrop is not a good idea when the minimum is 10 COINS.

Geoclaim

Geoclaiming (Fig.4) makes no sense for me at all. You pay for claiming a region and get 10 % of all coins that have been geomined in that area by other users if you own 100% of the area. If you own less you get less:

An Owner with 100% ownership of a Geoclaimed Area will receive the 10% of rewards every time.

An Owner with 50% ownership of a Geoclaimed Area will receive the 10% of rewards half of the time.

I noticed that you spend more in claiming the area than you get back return, so you waste your coins. DO NOT Geoclaim! HODL your coins! The spent coins will not be reimbursed.

Fig. 4: Geoclaiming an useless tool to "increase" your income.

Redeem your digital assets

So you may ask right know, ok when can i redeem (Fig. 5) my coins in real assets. I likely would say yes you can but what it takes is time or money. It is like pay&win games. But when you do the math you will notice that you lose money instead of gaining some. With a mining rate of 70 COINS/day, this excludes the ads you can watch to get some extra coins, you might redeem your coins, when you don´t spend any of these, in about 20 years! YOU BETTER START RIGHT NOW TO GEOMINE OR WHEN YOU ARE RETIRED.

Fig.5: Rewards you can get by redeeming your coins into digital assets.

Ok, if you are an active user, after 7 days you get some extra coins about 100-300 Coins. If its getting more i´ll let you know.

A Last Overview

This is a collage of all opened modi.

Summary

COINAPP has a good idea wizarding your moving data in cash! Good point! But it need the time to walk to the moon to redeem your coins. I will continue using the app and keep you informed about any changes or accomplished challenges.