If Davido Tries to do this, he may be arrested and Imprisoned.
NewsReport gathered that Davido’s music career and social standing could be jeopardized as a result of this.
The Nigerian government and the general public will not take him lightly.
Davido used his Instagram account to announce the launch of a new social token called ‘ECHOKE.’ The ticker ECHOKE is derived from a slang term commonly used by Nigerian Afrobeats artists, which eventually became an internet slang term that means ‘pressure.’
According to the token’s whitepaper, it is a cryptocurrency built on the Binance Smart Chain (BSC) that is intended to “provide access to giveaways, NFTs, festivals, exclusive merchandise, and other entertainment, media, and hospitality benefits.
“This comes after the afrobeats artist put up his Wema Bank account details on his Twitter page and asked that his friends donate N1 million each.
His friends responded overwhelmingly as Davido was able to raise a little over N200 million. He later announced that he was giving the money to charity after adding N50 million of his own money, putting the total funds at N250 million.
What You Should Know About $Echoke
Davido’s announcement explained that he was able to build the token with the help of Bitsika Africa, a remittance company, who reportedly launched a crypto platform called Omegoat.
“I built this with @bitsikaafrica’s new crypto company @omegoat on the Binance Smart Chain (BEP-20). Make sure to follow them.”
Davido also stated that there will not be betoken sales in the spirit of ‘democracy’ but he will be giving out the tokens through periodic giveaways and the first one is slated to begin on the 28th of November 2021.
“In the spirit of democracy, we will not be selling the tokens to the public. We will release the tokens to the fans through periodic giveaways throughout the next 12 months. First giveaway on NOV 28th. Check @omegoat for more details.”
According to the whitepaper, the token was created, “To turn fans in the entertainment and media industry from spectators into influencers and stakeholders,” as it cited the growth of the global entertainment industry.
“$ECHOKE partners with artists, festivals, streaming apps, fintech, parties, hotels, clubs, and more to offer giveaways and discounts on their services. These partners are provided $ECHOKE tokens, and in return, they offer giveaways in exchange for the tokens as well as exclusive discounts on services,” the whitepaper stated.
According to tokenomics, there will be a total supply of 2.5 billion tokens and no new tokens can be minted. Here is the breakdown of the token allocation:
Public sale – 12.5%
Private sale – 5%
Team ownership – 35%
EChoke Foundation – 10%
Product & marketing – 5%
Partnerships – 15%
Giveaways / Faucets – 7.5%
Community Treasury – 10%
Now if you really know what’s up and how tokenomics works, you’d agree with me that Davido and his team are up to something disastrous.
These guys are out to defraud people big time. I don’t know if Davido truly understands what’s going on and what’s about to happen. All I know is that e no go end well. It will end in premium tears las las.
He has been promoting PONZI SCHEMES, people invest and lose money, and now this! Hmmm
Davido Might Be Arrested & Jailed If He Tries To Do This
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