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Eagle Network is a crypto mining application similar to Pi network and Bee network allows users to mine currency by simply pushing a button every day to collect a coin/hour. According to the Eagle Network website, the network currently has +590k users and ±10k followers on Twitter since launching in February 2021. However, the anonymity of creators, and whitepaper similarities to other projects, are some of the red flags that circle this app. Based on these, we do not see it as a good investment of your time.
How does the Eagle Network work?
Source: Eagle Network app
Eagle network mining does not rely on a proof-of-work concept. To mine Eagle Network currency, users are only required to download the application on their mobile phone and push the mining button every day. During a 24-hour session, users get 1 coin per hour and can receive additional coins by inviting more people to join. This is similar to the systems employed by other free-to-mine cryptocurrencies like Pi Network.
In addition, the application has a “spinning wheel” feature such that a user can spin the wheel once per day to earn 1-8 eagle coins.
- Phase 1 revolves around launching the mining mobile application and designing a wallet for both iOS and Google Play stores.
- Phase 2 aims to ensure KYC compliance and launch Eagle tokens which can be traded with different crypto tokens.
- Phase 3 will enable staking, public offering, and exchange listing. It will also be the start of the Eagle Blockchain development
- Phase 4 is the last phase which will revolve around creating partnerships and smart contracts, as well as launching a project academy and the EgonCoin blockchain and decentralized applications.
As of June 2021, developers were able to reach the first steps of the first phase (i.e. writing a mobile app).
Types of miners
There are 4 types of app users:
- Miner: A miner is a user who pushes a button every day earning 24 coins per hour.
- Keeper: A keeper is a user who actively introduces other users to the platform earning an extra 25% base rate for each new joining member.
- Witness: A witness provides a list of people they trust, and verifies pending members whom they know in person. Witnesses earn 0.2 Eagle x the number of verified people per hour to their base mining rate.
- Delegate: Delegates are high-level miners who also run the Eagle node software that runs the core algorithm on their PCs or laptops.
Is Eagle Network legit?
We don’t think so. Eagle network has many red flags surrounding both the design and mining process, which include:
A whitepaper is one of the most influential marketing materials for a cryptocurrency project. It outlines the concept, ecosystem, and usage guidelines. When we looked at the Eagle Network whitepaper, we found that some parts are similar to the Pi Network whitepaper with some rephrasing. For example, the miner’s section:
According to commenters here, the app no longer offers paid upgrades.
When it did offer such functionality, this is how we viewed it:
The application features an upgrade button allowing the users to upgrade their mining rates ranging from 2-12 coins per hour for a maximum payment of $2.99 per year, and the creators claim that the generated funds will be used to secure and grow the network to attain the third phase earlier. This is a red flag because emerging projects tend to rely on donations or in-app advertisements to fund their progress. It would be risky to invest especially at these early stages when there is no guarantee that the project will reach more advanced phases.
Initially, there was an Eagle Network app on Google Play but there was no iOS version of the application. It is relatively simple to launch an iOS app and it would have been strange if that app remained missing. The developers to built the iOS app as well so there are no issues on this front anymore.
Should you invest your time or money in Eagle Network?
Moreover, Eagle Network has yet to launch a tradable coin. The app developers and users have a conflict of interest because
- the developers are already collecting revenue from in-app ads and upgrades
- the users have no tangible benefit from the current app but would only get value if the coin is launched on an exchange
How to avoid getting scammed?
We do not recommend projects promising people easy money while the developers benefit from the project. That’s why we investigated different projects to help others identify good and bad investment opportunities for your time or money. Feel free to read our articles to avoid getting scammed:
- Tether USDT is possibly a scam but it can remain valuable
- Smart trade coin is most probably a scam, stay clear of it
- Spotter is an anonymous Pi Network clone monetizing users’ time
- Timestope is possibly a big waste of time for its users
And before investing in any cryptocurrency project, make sure you check our guide on investing in crypto to avoid scams & pick winners and our comprehensive list of cryptocurrency exchanges.
This is our opinion about Eagle Network, feel free to share your thoughts in the comments.
Cem has been the principal analyst at AIMultiple since 2017. AIMultiple informs hundreds of thousands of businesses (as per similarWeb) including 60% of Fortune 500 every month.
Cem's work has been cited by leading global publications including Business Insider, Forbes, Washington Post, global firms like Deloitte, HPE, NGOs like World Economic Forum and supranational organizations like European Commission. You can see more reputable companies and media that referenced AIMultiple.
Throughout his career, Cem served as a tech consultant, tech buyer and tech entrepreneur. He advised businesses on their enterprise software, automation, cloud, AI / ML and other technology related decisions at McKinsey & Company and Altman Solon for more than a decade. He also published a McKinsey report on digitalization.
He led technology strategy and procurement of a telco while reporting to the CEO. He has also led commercial growth of deep tech company Hypatos that reached a 7 digit annual recurring revenue and a 9 digit valuation from 0 within 2 years. Cem's work in Hypatos was covered by leading technology publications like TechCrunch and Business Insider.
Cem regularly speaks at international technology conferences. He graduated from Bogazici University as a computer engineer and holds an MBA from Columbia Business School.
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