Many of these platforms are popping up and promise to pay their users crypto points for profit, which one can then convert into several cryptocurrencies.
Among them, in a very short time period, TapSwap became very famous and is arguably the most used. Due to some recent changes, many cryptocurrency experts started to doubt the authenticity of this Telegram coin mining app.
TapSwap uniquely combines gamification with token accumulation—something quite different in the crypto universe.
It has been called a Telegram-based crypto project with the biggest number of participants, which outpaced other crypto projects hosted on Telegram, such as Blum and Hamster Kombat.
How Tapswap works TapSwap coin mining involves a series of activities whereby users get tokens that can be exchanged to Tapswap tokens on the Solana blockchain. It’s just an aideu process for other clicker games, such as the need to have end users engage with the bot in continuously tapping its interface and accumulating score points.
These points rank a user, one after another, based on the number of taps. The more clicks made by a user, the more Tapswap tokens or coins are exchanged to the user. This is an exciting new form of crypto mining that does not need some sort of sophisticated, high-cost hardware or technical knowledge. Olumide Adesina, a financial market analyst with Quantum Economics, argues that it provides huge incentives for the usage of TapSwap by common citizens.
Legitimacy Concerns of TapSwap With the immense publicity and users, TapSwap is getting, its recent changes has made many cryptocurrency experts question the legitimacy of this Telegram coin mining app.
Failure to launch: It failed to launch on a couple of occasions after setting up a few scheduled dates. The first announcement was on May 30 and then it shifted to July 1 but it still didn’t happen.
This was the first red flag to many former enthusiasts. Chima Uzoamaka, marketing officer with a Lagos-based crypto platform, said,in TapSwap’s frequent cases of postponement of launch dates makes one sceptical. He said: “Honestly, the secrecy surrounding TapSwap is large, and the continuous failure to launch, as announced in multiplied instances, comes with its concerns.
TapSwap had introduced a coin-doubling feature.
Users could double their tokens by purchasing with one TON coin, approximately six dollars. Though common in the crypto world, the timing and execution of this feature heightened scepticism about the project. Owners unknown: A check on WHOIS a query used to check ownership of a website revealed that website’s owner identity is concealed. Though there could be obvious reasons for anonymity, in a case like this, it is a red flag in itself. According to Dubawa, a fact-checking platform, this is what it said concerning the secret ownership status of TapSwap: “There is no information about their development team.
TapSwap may seem perfect, but they didn’t mention their development team anywhere, which makes the project’s legitimacy kind of doubtful.” Departure from Solana TapSwap used to brag about its relationship with Solana, a reputable blockchain with the characteristics of speed and efficiency. Crypto Nawaz, a popular cryptocurrency analyst on social media, took it to be one of the reasons for not being invested in the TapSwap project in his viral Facebook post. As he had said, “TapSwap started saying they are powered by Solana but having a huge community #Solana distanced itself from TapSwap.” The discovered lack of transparency in this huge change hugely boosted suspicions against its happenings.
Requesting users to link TON wallets: One of the major concerns regarding TapSwap is that it asks users to link their TON wallets with the mining bot. Though it sounds quite easily done, it brings security risks into line. One must be highly hardened while linking wallets to third-party services. This can further lead to phishingCORE and unauthorized access. Frequent glitches: Another major concern of the users is regarding the frequent technical glitches. Despite TapSwap being a larger project in Web3, the user experience is terrible; there are constant complaints about technical issues. According to Tobi Mukaila, a crypto enthusiast and TapSwap user whose interview was sought by this magazine, frequent glitches may be very discouraging.
The frequent technical glitches on TapSwap trouble me. Many users often have issues with the access of the Telegram interface and connecting wallets, which gives a frustrating experience of it all. It got to a point where we thought Nigerians were banned from accessing the project.” Such persistent problems raise serious questions regarding the reliability of such a high-profile Web 3 project and the overall user satisfaction it is able to provide. Many users from Nigeria could not get access to the TapSwap Telegram interface, while many others face issues in terms of wallet connectivity.
Enjoy rewards, beware of risks Although it is very early to categorically state that TapSwap is a scam, the numerous red flags make it so. Any potential contributor has to be extremely cautious in committing time and other resources to such a project.
Adesina also insinuated why many Nigerians would stick with TapSwap—as well as with other projects in this basket of Telegram coin mining apps promising a way to make money.
He said: “Many in Nigerians are tapping away all day on their smartphone screens, hoping to earn foreign exchange that can act as a safeguard against the naira’s unpredictability.”
Currently, there are a lot of opportunities within the crypto world; however, it is also accompanied by big risk factors. For this reason, users must do their proper research and look for credible reviews; moreover, they have to be very cautious against scams.
Tapswap speaks on banning Nigerian users In related news, TapSwap has spoken about banning Nigerians from using the app. Organization response has come after some Nigerians insisted they found it hard to span the coin mining app on Telegram.
In a statement issued on X on Friday, May 24, TapSwap gee A clarification to the issues bordering on the rumours and maintained that it has no plan to ban any Nigerian from the app.