Fomoex is an interesting new Filecoin mining platform offering the ability to earn passively through mining rewards or passively and actively via the attached FOMO Line referral plan. There are a few interesting things bundled in with this, specifically the Fomoex Filecoin Mining aspect as well as certain parts of the comp plan, so let’s get on with this Fomoex review.
What Is Filecoin
Filecoin aka (FIL) is a well known open-source, cryptocurrency as well as digital payment system designed to be a blockchain-based digital storage & data retrieval service. It’s designed by Protocol Labs allowing people to rent unused hard drive space via the blockchain.
It’s an open protocol that’s backed by a blockchain that records transactions created by the network’s participants. All transactions are made utilizing FIL, which is the blockchain’s currency. The Filecoin blockchain uses both proof-of-stake and proof-of-work.
Filecoins goal is to store the data in a decentralized manner, which bypasses issues that often occur in centralized storage situations. Filecoin additionally reward the network nodes that store and mine data on their network. While it’s not as well known as some other mainstream currencies, Filecoin is #27 of listed coins (at the time of writing this) on coin market cap, and is growing in popularity and usage.
Filecoin’s ICO raised $257 million in 2017, and today it’s readily available on top exchanges such as Binance, Coinbase, as well as a number of others.
Advantages Of Using Filecoin
- Cost– Due to it creating a bigger free market for data storage, it should bring the prices down.
- Scale – By integrating millions and millions of PC’s from around the globe together, it will make a huge storage network.
- Economy – Filecoin uses existing resources, instead of having to make new devices.
- Safety– With a decentralized network there is no singular point of attack, which makes it so much more difficult to compromise. Keep in mind Dropbox and iCloud have been hacked.
Think of Filecoin as a tech version of Airbnb. With Airbnb, there were properties with rooms that weren’t being used; so they created a marketplace for them. There is so much digital storage globally that’s not being used. Filecoin is changing that.
The Fomo ex Proposal
- The reason Filecoin is one of the most profitable mining coins is because it combines of POS (Proof of Stake) and POW (Proof of Work) with the profits from mining and increases the Filecoin value
- Filecoin is legal in all jurisdictions
- It utilizes the InterPlanetary File System (IPFS) which means decentralized data storage
- Bottom line is that Filecoin makes MONEY
Who Is Behind Fomoex?
Stephen Meade – Chairman
• Stephen is an well respected American Business Executive
• He created and has run 3 Public OTC companies
•Stephen took his 1st business public in 1999, which was a precursor to the massive success, PayPal.
• He has been a expert industry speaker, keynote speaker as well as global panel moderator, all around the world.
This is a Chicago based software company that specializes in redeployment tech as well as asset management. It’s most known for developing, implementing, and powering the software for the Emergency Asset Management System platform.
This company was the the 1st web based master merchant for eCommerce back in 1996. Stephen aided in developing transactional processing systems for web based stores. It was sold in 1999 and at the time provided up to seven different payment options for online merchants.
- Cenoplex is an audio messaging business that aids carriers in Lifecycle Management efforts.
- They are the 1st business globally to insert a 4 second audio message into the call sequencing gap of an outgoing cell phone call, without causing disruption to the call pathway.
Community Commerce Networks
Aka ComCom, is a transaction system for affinity groups.
This business is basically an “anti-Facebook” company to aid entertainers that want to have control over their content.
Created to aid large businesses in saving money by strategically putting idle assets to work.
This company was stood up in August 2000 by Meade and former government commissioner, Bob Gerometta. It’s a non-profit organization to help with opportunities for entrepreneurs.
This is a holding company as well as an incubator for start-ups. Meade is serves as a relationship builder, business architect, and also venture capitalist.
This company targets to save twenty billion gallons of water annually. It does so by aiming to reduce the amount of wasted water through flushes toilets. In March of 2011, he was awarded TCVN’s FastPitch Winner due to his work through this venture.
This is a business to business platform that functions as a sell-for-credit type of exchange. On this platform businesses can buy and sell goods and services with other companies in all industries.l MonetaPro has been named the winner of eight global contests so far.
David Hung – CEO
David is well known for being the owner of the largest Filecoin farms globally. He has Filecoin mining operations in the USA, Singapore and China.
Fomoex Filecoin Mining
Usually you’d have to buy computer mining rigs to do the mining. This is generally quite expensive, due to the hardware, the electricity to power them, the actual space to house them, etc.. But the Fomoex filecoin mining packages are taking care of this for the user. The interesting thing is that Fomoex aren’t taking any of the passive income from these rigs, nor are they making the rigs cost more than they actually are.
So the obvious question is “How do they make their money?”
The simple answer is that they don’t… yet.
As mentioned above Stephen Meade has already done 3 IPO’s, and they want to make this business the 4th. They are thinking long term, and know they will make plenty of profit through a successful IPO.
In order to make that happen, they need to get as many customers as possible, completely forgetting about any revenue and profits up front. By doing this they can feed this current revenue back to the users so they can create a massive community for the upcoming IPO.
To participate individuals will need to create an account and then pick a package that best suits them. The payments for these packs are made in USDT crypto-currency and the rate of the rewards are based on the size of package purchased.
The packs contain the equivalent value in Terabytes as the fifty percent USDT value of the package.
USDT is a crypto stable coin that is linked to the USD. (1 USDT=1USD)
The 500 USDT pack would have a Terabyte value of 250 USDT. The pack will then produce rewards in FUSD (another USD based stable coin) based on its Terabyte Power.
Mining rewards range from ten percent to sixteen percent per month based on fifty percent of the pack value.
It’s important to note that the package’s Max Mining Production is 3x the pack value. At that point you’ll need to buy another pack. Of course because it has just payed you back more than you put in, many people will want to go up in pack size to increase their earnings.
Here is a breakdown of the mining rewards:
- $100 Pack – Gives a token production of up to 10 percent and a maximum mining production of $300
- $300 pack – Gives a token production of up to 11 percent and a maximum mining production of $900
- $500 pack – Gives a token production of up to 12 percent and a maximum mining production of $1500
- $1000 pack – Gives a token production of up to 13 percent and a maximum mining production of $3000
- $5000 pack – Gives a token production of up to 14 percent and a maximum mining production of $15,000
- $10,000 pack – Gives a token production of up to 15 percent and a maximum mining production of $30,000
- $25,000 pack – Gives a token production of up to 16 percent and a maximum mining production of $75,000
If you prefer it in chart format, here you go:
These rewards are paid the 1st Friday of the month and are in FUSD. FUSD is a stable coin with 1 FUSD equalling 1 USD.
Fomoex Package Breakdown
- 50% of the pack goes into Mining
- 36% of it goes into the FOMO Linear Plan
- 4% goes into the rest of the Compensation Plan
Fomoex Comp Plan
Before we go any further into the Fomoex referral plan, it’s important to note the following things:
1. Owning at least one Mining Package is required to get commissions from the Fomoex referral plan.
2. The payment currency is in the FUSD stable coin.
3. There is a Commission Booster.
This means that each commission accelerates rate of your Max Mining Production from your package, which is three times the package value. If no packages have been purchased, the user does not receive any commissions.
4. The platform utilizes the Shanghai time zone.
5. All calculations for commissions close monthly, with the exception of the FOMO Linear Plan.
- Mining payments are on the 1st Friday of the month.
- Direct Bonuses are received instantly.
- The FOMO Linear Plan pays out every Friday.
- The Unilevel Residual Plan pays out on the 1st Friday of the month.
- Leadership Pool pays out 1st Friday of the month.
Alright, now that we have covered, let’s have a look at the Fomoex compensation plan.
Users get this bonus based on the purchases of users that have registered with their referral link (directs), and is equal to five percent of the purchase value. This is an instant payment.
Residual Unilevel Mining Production
This is a residual portion of the referral plan with payments being based on the mining production within the structure.
- It is paid the first Friday of the month.
- There is a requirement to be an active user.
Example:An affiliate has 5 directs in their 1st level
- $100 generates 10% Monthly on 50% of the package value → 5% on 10%
- $300 generates 11% Monthly on 50% of the package value → 5% on 11%
- $500 generates 12% Monthly on 50% of the package value → 5% on 12%
- $1000 generates 13% Monthly on 50% of the package value → 5% on 13%
- $5000 generates 14% Monthly on 50% of the package value → 5% on 14%
- $10,000 generates 15% Monthly on 50% of the package value → 5% on 15%
- $25,000 generates 16% Monthly on 50% of the package value → 5% on 16%
Here is the chart format if you prefer to see it that way:
There is no capping of commission: Affiliates can get any commissions if they have pending mining rewards from their mining packs.
FOMO Linear Plan
Here is a very unique component of this comp plan. They are using just one global linear tree.
This means it is a global network based on a line, rather than that of a classic binary tree. Every new user who qualifies for the FOMO Linear Plan is then placed alternatively left then right, and then left and right again.
This part of the plan is paid weekly.
Requirements to unlock the bonus plan:
- At least 1 package of $100 on your own personal account
- 3 active directs with $100 packages
By receiving commissions it speeds up how quickly you reach the Max Mining Production of your package. Meaning, the referral commissions are added onto the production of the pack. When you reach the Max Mining Production, the pack then closes and another is needed to be purchased to continue.
This is a great way to allow people to earn and upgrade packs.
Something to note:
The FOMO Linear Plan has 2 capping rules:
▪ 3 times the Max Mining Production (this includes a total of all affiliate income plus the weekly ROI)
▪ Weekly Capping Payout Once the Max Mining Production is reached, a new package has to be bought to keep receiving the referral commercial commission.
Example 1: The affiliate creates 1000 FUSD in commissions from the FOMO Linear Plan with the Weekly Capping on the linear plan being 25 FUSD. The affiliate gets 25 FUSD and the rest of the commissions are disqualified.
Example 2: The affiliate generates 1000 FUSD in commissions from the FOMO Linear Plan with the Weekly Capping on the linear plan being 2500 FUSD but the affiliate has only $500 in Pending Mining Rewards. They would get 500 FUSD and the rest of the commissions would be disqualified. Then the Mining Package will be closed.
Each affiliate have a left and right team.
Each day the affiliate will be able to see the FOMO Reward Points grow for the left and right counter.
The commission week ends on Friday at 11:59pm (Shanghai time).
On the 1st Wednesday of each month, the system calculates the pair and pays out 0.10 FUSD (which is a 10% matching bonus) for the weaker side.
Left Leg: 10,000 FRP
Right Leg: 5000 FRP
5000 Right team then matches with 5000 Left team = 5000 x 0.10 = 500 FUSD
Any FRP that is not matched is calculated the following week.
Any affiliates that qualify receive a monthly percentage on the turnover of the entire company. In order to qualify, affiliates need to have a total turnover volume using the 50% Rule – The maximum turnover on the firs leg is 50%.
The turnover is calculated annually.
- Bronze Pool is $50,000 in team volume and pays 1%.
- Silver Pool is $100,000 in team volume and pays 1%. Affiliates need 2 Bronzes in 2 different legs.
- Gold Pool is $250,000 in team volume and pays 1%. Affiliates need 2 Silvers in 2 different legs.
- Ruby Pool is $500,000 in team volume and pays 1%. Affiliates need 2 Golds in 2 different legs.
- Diamond Pool is $1,000,000 in team volume and pays 2%. Affiliates need 2 Rubys in 2 different legs.
- Black Diamond Pool requires 3 Diamonds in 3 different legs.
No doubt there are a number of Fomoex reviews available online. Hopefully this gave you a good breakdown of the information. Basically you join Fomoex, decide what pack you are comfortable with, and then decide if you just want the passive mining rewards, or if you want to add in the active component of referring people to the platform.
Filecoin is well known and well respected in the crypto world and filecoin mining is regarded as a solid, sustainable money maker. Add in a well known and respected entrepreneur to lead the team as well as the owner of some of the largest Filecoin farms and you have a great foundation to the platform.
While many of the Fomo ex comp plan components are fairly generic, and it does come across as a bit confusing at a first glance, the new FOMO Linear line is certainly something new and an exciting addition to things. It creates a whole new dynamic to team building.
Obviously there are other crypto opportunities such as Daisy, but Fomoex just seems to be offering something better and with more potential. If you’ve been looking for something in the crypto space that has a highly lucrative compensation plan, then FOMOex might be something to look into.
But, if crypto just isn’t your thing feel free to check out the business I recommend HERE.
About The Author
Paul’s an active Network Marketer that loves being a student of the game. Whether it’s consuming new material and techniques or teaching and sharing what he’s learned, his love of the industry is apparent.