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The State of Goodomy — February, 2021

Feb 14

It's time for some long-overdue updates on what's happening with Goodomy. Here's where we are at:

The block explorer of our new network, Fantom, built by the Etherscan team, has finally arrived and displays the needed smart contract transaction information.

Our move to Fantom has, although requiring patience, proven to be a good one. Ethereum fees continue to be an obstacle, with users spending up to a total of $3,000,000 a day on gas. (If these transactions were, instead, on Fantom all of these users would be paying about $5 a day total in fees.)

Such high fees can easily kill any project that relies on smart contracts and doesn't offer a way for users to get 'high yields' to justify the fees. Indeed, many community-based projects running on Ethereum have died as a result.

The Token Swap

Goodomy has completed its token swap (Ethereum-based to Fantom-based), distributing 1,055,446 tokens to holders..The majority of the 22,200,000 supply went unclaimed, allowing for more funding opportunities in future.

Transfers of the new token to your ERC20 address (on Opera) have also included a bit of FTM for gas in future, about 5,000 transactions' worth.

Funding

Everything we do that matters to the marketplace depends on project funding. Without additional funding, the project is unable to move forward.

Unlike most other projects, Goodomy never had an ICO or similar mechanism for its funding. The funds raised in initial token sales mostly covered the cost of listing on exchanges. Since 2017, Goodomy has been relying on borrowed funds for overhead and expenses. 

Fortunately, we had the foresight to take the last of our (borrowed) marketing funds and tie our success to the success of Fantom, which has been getting a lot more traction with the upcoming release of their Fantom Finance suite, government pilots, and other developments.

With a potentially healthier financial outlook we can do many of the things we were not able to previously. But we're not quite there yet.

A Different Environment

It goes without saying that civilization has gone through some dramatic changes since we first began. We have made efforts to adapt as we go along with the limited resources we have had. For our purposes, the biggest change is in how people view cryptocurrency itself.

With the rise of Bitcoin and decentralized finance (DeFi) applications, many prefer to view cryptocurrency as an investment rather than a utility. Not being an investment-related project, we face additional hurdles in making Goodomy into a competitive and viable product.

For this, we'll be looking for freshen up the Goodomy brand and concept to make it more attractive to the public.

Once we have suffient funding, of course.

As always, your feedback is appreciated!