What did you think about airdrop in cryptocurrency ?
From my own perspective,we can say that airdrop in crypto currency is like making transaction easier, better and more effective in the line of business because it is a marketing stunt that deals with sending coins, token to wallet addresses for the promotion to make a new virtual currency known to all. it is given to everyone that participate in the airdrop whether the person invest in the crypto currency or not all they need is met the requirements, and follow the rules.
It is meant to create awareness as earlier said and make an increment in the ownership of the currency start up and also get more people trading in it when it lists on an exchange as an Initial coin offering (ICO). These tokens are great opportunity for an individual to get an early blockchain project and hopefully make gain if it succeeds.
Also,airdrops main objective is to promote, attract investors into the coin, and gain more reputation unlike some crypto scam which they get involve in making transaction of micro amount of Bitcoin or other related to unsuspecting recipients in what is known as dusting scam
How can we know about an airdrop so that we can participate?
Making participation in airdrops event can be a better way of earning token while seeking knowledge about it when blockchain projects are built. They sometimes issue a token which help to promote the event (project) for them. Some token that are issued through airdrops include: eBTC,polymath,Hydro, the project coin itself and so on.
Most airdrop are been advertise on social media (Facebook, Twitter, Instagram etc) and you can also go through an exchange or website to know about any new airdrop available.
There are many ways to learn how to participate in an airdrop event which some include
1 . Finding an Airdrop Opportunity: One of essential needs is to find an opportunity which several websites provide information on upcoming airdrops, then a token is choosen, here diligence has to be in the individual's work. It is best to choose a well known token than a new token die to high level of scammer
2 . Sign up for an Candy Box account: what is needed next is to sign up and create a candyBox account,Input your password and choose an email address.After that is done,check the email for information from them. If you find it difficult, then it is advised you check your spam folder as your email may see it as spam.
3 . Follow the project on Social media: The candyBox will provide some links on social media to follow the project where you can earn points there,which will be converted to aelf token (ELF) at the end of each day.Once you have signed in, something like this pops up
All you need to do is scroll down and earn points by following aelf on three platforms which are :Telegram, YouTube and Reddit,A sum of 40 points is earned by subscribing and liking a a video on AELF account which will bring about 0.22ELF(4 cents) at the end of the day.The money might small for a start but as a business personnel having patience is part of the attributes, after all this, you have the ability to withdraw these token and transfer them to an ERC-20 Wallet(My Ether Wallet)
4 . Subscribe to the Bitcoin market journal: As we know that we continue learning forever,so for you to learn more about digital currencies and blockchain projects , subscribe to the (Bitcoin Market Journal) Newsletter.
Where are airdrop event often held?
For one to participate in an Airdrop it is obligatory to know where it is being held, most airdrop are been made know to the public through social media so some of them are also held on social media, website, THORSWAP, VOLTNFT, OPENOCEAN, HI, SMARTVALOR, SAFEBULL, TAI and exchange depending on the nature of the airdrop.
Are all Airdrop events free from scam?how can it be avoided?
It is impossible to say all Airdrop events are free from scam, because they are many scammers that are always ready to rip off money from those participating in it if there is no detailed understanding of token drops ,It is very important for a participant to have the high level of knowledge and also asked those involved before he started to shed more light on the process which will make him/ her to be experienced in the field.In order to avoid being scam.
The following are some of the things that could help:
1 . It will not be linked from an official channel:any channel that send links on airdrops are always official when you discover an unofficial channel it should be known that the tendency of it being a scam is very high so it is advisable one should not click on it.
2 . It is posted from a brand new account:Unless it is a new crypto brand, whenever it is seen that an existing has a new account without a proper announcement then know it is scam.
3 . Make research about Airdrop before joining by checking their white paper and the info of their team.
4 . Do not download an unknown wallet because most of the unverified wallet have higher tendency of being a scam.
5 . There should be certainty with the use of hardware wallet address to ensure security of your coin like ledger.
Airdrops are like free money and they can be abused by scammers so it is always advisable that one has a clear and deep understanding of token airdrops in order not to fall into that traps.Some of which are never to give out your private keys,what should be given out is your wallet address.Also, airdrops are generally free anyone that ask you for money could be seen as scam.
Have you participate in Airdrop?
No, One of the Airdrop that I heard about was the THORSWAP Airdrop which is the first Multichain DEX that deals with the utilization of the THORChain network to make provision for front-end user interface in order to make a cross chain swaps,It is done in a manner that does not follow the custodian and it is purely native They Airdrop a total percentage of 5% of their total supply to different early users of the platform.For enquires and updates their social media channels should be followed that is where announcement will be made on the snapshot detail,this is only eligible to the THORSWAP trader and other related members.
Proof of THORSWAP airdrop.
This screenshot is form Google if one browse about the airdrop has you can see from the arrow it has expired.
Another way you can check is by going to
1 . https:||coinmarketcap.com.
2 . Click on the three line that the blue arrow is pointing.
3 . Click on calendar.
4 . Click on free airdrops
5 . Click on ended
6 . Click on the search and type THORChain.
7 . Since you can see it, it show that the airdrop has passed because we search for it under ended airdrops. To know the current price of the coin you can click on it if you like.
Successful and Freud airdrop
One of the successful AIRDROPS and has passed is the SHIELD FINANCE,Shield Finance is Airdrop that is airdropping a total of 90% of the total supply of BULL token to SHLD holders.The Airdrop is divided into five stages and on each of the stages,1.8% of the total supply will be distributed.where the snapshot for each stages will be taken at random and eligible holders will be Free BULL at a ratio of 10000BULL:1SHLD.Some of the way to participate include: Connecting your wallet and claiming of your BULL and if you are eligible you will be able to obtain to claim the BULL at the ratio earlier said.
A typical example of Airdrop scam is CORBIT,which is supposed to be a modern decentralized exchange with low fees,the participation to this Airdrop is done by signing up on their Twitter and Telegram channels.At the end of their Initial Coin Offering (ICO),each of the participant would receive a total amount of 30coins around $6.
In less than a week,over 80000 people joined the CORBIT community,if you visit their website (which is now gone)you would different typical alert that has pointed it as a scam like the white paper that was not finished,and the information concerning of their was missing.Overnight, the entire project of CORBIT project which include their telegram channel websites and social media profiles converted into a new Airdrop channel.Although some benefits were gotten by some parts of the participant and many participant were scammed.
Ongoing airdrop.
SHAPE PAY(SPP) is a revolutionary digital payment system and it's among the ongoing Airdrop that enable you to transfer, borrow,send, receive and trade in any flat currentcy anywhere,you can get up to 100 SPP ($50)token by joining the Airdrop bad 10 SPP token for each referral.SPP token has been listed on Mixbit and Pancakesnap exchanges.Airdrop will be distributed to the individual's wallet address
How to participate
1 . Join Shapepay on Telegram group and channel
2 . Follow Shapepay on Twitter and reweet pinned tweet
3 . Submit your BSC-BEP 20 address.
4 . Get to SPP token for each referral
5 . Airdrop reward will be distributed on the specific(the date will be notified)
And they are listed on MIxbit and Pancake exchange.
In conclusion
Airdrops are means of advertising and it is used to get the attention of the public to a coin.
Thanks to professor @wahyunahrul this is my homework post.