Warning: Ethertanks has not updated their website until now. While we reserve from passing any judgements, we strongly advice our readers to please stay away from investing in Ethertanks/Etherarmy before the market/game is launched.
Some key Points before we begin the review:
- Ethertanks is a Real-browser based Game based on Ethereum Blockchain – Metamask required for purchases.
- Way to Earn: Buy a tank, every subsequent purchase by another customer earns you a small share of the profit.
- The Market Place: The Market goes live on 7th Jan, 2018. You can start buying and selling, upgrading your tanks from the market once it goes live. This is another way of earning.
- Battle – Ethertanks promises Mini-games that can be participated in with your purchased tanks.
What is Ethertanks?
Following what looks like the footsteps of the popular game crypto-kitties, Ethertanks starts by offering you to buy tanks as of now and sharing the profits from the subsequent purchases. It is “a real browser-based online game, with more interactive stuff than just trading” is what the official channel says.
There are 4 tabs on the website:
(Update: Ethertanks got an upgrade, added 2 more tabs, Ships and Ship Hangar)
Tab #1 – Store:
In the store you will find all the tanks up for grab. As of this writing, there are 16 tanks live for purchase. You can purchase the tanks for the price mentioned and you will receive the profit from each subsequent sale of the tank. The profit per tank sold is mentioned on the tank page.
Simple math – If you purchase a tank for 0.2 ETH that promises 0.0001 ETH profit per tank sold, you will receive 0.2 ETH when the same tank is bought by 2000 other users. The tanks’s profitability depends on the price which increases with their purchases.
A tank sold for 0.2 ETH with 0.0001 ETH profit once bought will then be priced at 0.2001 ETH for the next buyer. When the next buyer buys it for 0.2001 ETH, the tank price goes up to 0.2002 ETH and so on.
It looks a multi-level marketing or a pyramid scheme from this model. Even I thought so at first instance when my friend recommended it to me. Since the forums I am part of were no help, I had to do my own research. The other tabs should move the confusion away.
Tab #2 – My Hangar:
This is where you will find your purchased tanks. You can see the profits made by your tanks. You can cash-out your profits as well from here.
Tab #3 – Market:
Alright this is where things get interesting. Since the market is not live now, you’ll only see a simple note encouraging you to read the smart contract. Hence I did.
Within the smart-contract I understand there will be multiple options available in the market place like:
- Upgrade your tank’s armor, damage capacity and speed.
- Only 5 upgrades allowed per tank
- Transfer: Sending tanks to other players, the ownership changes from yours to their and any subsequent earning will be in the receiver’s account only.
- Transfer Action: Send a tank to another player under another contract. This will not change the ownership and you will be able to get your tank back. Owner still receives the earnings from the tank.
The Transfer action is as I understand a contract to loan your tank to another player while they are in a battle. This way you give them the fire-power when they are under siege.
- Buy: Place a bid on the tank you wish to purchase, the highest bidder will receive the tank.
- Sell: Put your tank on auction with a start price. You can also enter a finishing price, the tank will be sold to the finishing price bidder.
Tab #4 – Battle:
This is where the things will get really interesting. The battles go live on 14th January, 2018 and this is what I am personally waiting for.
Now, I don’t know what games are coming live. Quite frankly I would love to be surprised. There is nothing in the current smart contract about these games.
Is this a Ponzi scheme?
The community like always is divided about the topic. Many Redditers are calling it a ponzi scheme, some even found bugs in the code to determine the same. Another group is claiming windfall gains from the little tanks.
Ethertanks has updated a code vulnerability that could have been a disaster for the investors and so far the results look promising. I have invested in 3 tanks, I am yet to recover 100% of my investment from either of them but it has only been an hour.
Will there be more tanks?
Yes, but only upto 121 tanks. The new tanks are released when the number of tanks owned by users reaches a certain count. The smart contract has implemented a formula to determine that.
Can the tanks always be profitable?
The answer is yes. They can always be profitable, but the chances of profits are lowered as the price of the tank goes up.
A tank is priced at the amount of profit it gives. Hence a tank claiming 0.0007 ETH profit will be launched at the price of 0.0007 ETH.
Every subsequent purchase increase the price of the tank by 0.0007 ETH.
Hence the 1st buyer will buy it for 0.0007 ETH
10th buyer will buy it for 0.007 ETH
100th buyer will buy it for 0.07 ETH
and so on.
Chances are that new buyers will look for cheaper and profitable options after a certain amount of sales.
The faster you buy a tank, the better.
Here’s a post on imgur that shows the profitability of each tank.
Should you enter the game?
My opinion: Yes. Now is the time. Once the market goes live on 7th Jan, it can go both ways. However buying a tank now can be very valuable to auction in the market if the game does well which I think it will.
I am hoping the craze doesn’t die down like it did for cryptokitties, but it may as well soon enough like every other game these days. Take Pokemon Go for example, people were hoping for it to cure obesity because of the need of excessive walking, but do you see a pokemon go user anywhere right now?
Ethertanks has been rechristened as “EtherArmy” as Ships get added to the fleet. Read about it here.
Update1: The limit of tanks is set to 121, that was updated.
Update2: Ethertank Renamed As EtherArmy, adds ships to Fleet.