INTRODUCTION
The height usage of cryptocurrency today is increasing to the extend that most people are getting involved into it, however the need to learn and study of what cryptocurrency is along with newly innovated currency is required by any who is into it. thus, More often, newly innovated cryptocurrency are created and formed on a regular bases which whenever such takes places, the need to publicizes it will be essential, to that effect, Airdrop medium would be used to enable the public to be aware of a particular new crypto coin in the market and verify if such coins are real and can be invested on. But the question now is:
WHAT DO YOU THINK ABOUT AIRDROP IN CRYPTOCURRENCY
An airdrop in cryptocurrency is the process or tool of merchandising a newly invented crypto coin or token in the market charts which are been given or shared to different digital wallets who are active in the coins charts which it aim is to create acknowledgement of the coins to the general pubic hence drawing attention from inventors to trade on such coins and get to know the project management that is backed by creating such cryptocurrency or token.
Based on the exchange platform, whenever it is be made part of an exchange, it can be refers to as an initial coin offering (ICO).
This initial coin offering (ICO) is known to be a cryptocurrency company that is aim at raising funds for a new crypto coin or token, this are mostly used by start-ups of such coins, who then establish a whitepaper creation that contains currencies that would be allowed on the coin platforms, amount of money required, the founders investment plan, the projection and objection plan and the duration of the ICO advisement.
During this advisement period, this coins which are known as token are bought by it supporters with their own digital currency which at the end of such period, the funds projected are been obtained which will forward it creation projection but if not obtained, it will result to a sudden dismiss or failure leading it way back to the anchors.
Under this, there is an initial public offering (IPO) that focuses on funds made from Individuals (Investors) with it regulation while initial coin offering (ICO) has a decentralized system that focuses on funds from the public.
For instance, an amount of $5.6 billion with the average of $12.7 million along with a successful initial coin offering (ICO) of 435 was made in 2017 which raised a 25% anchored by 10 huge project.
Based on initial coin offering (ICO) calendar platform, I do search in Coinmarketcap under 'CALENDER SECTION' to see projects that are been operated under the supervision of initial coin offering (ICO), The Image below, shows the homepage of the ICO Colander.
As new airdrop unveils daily, each of them are classified into different types, I would be explaining five type of it and as it follows:
- Holder Airdrop
- Exclusive Airdrop
- Standard Airdrop
- Hardfork Airdrop
- Bounty Airdrop
HOLDER AIRDROP
These type of airdrop requires that before one can become an investor or benefactor on such coin, they are expected to own such coins in their wallets in other words, to have been part of those using the coins previously.
EXCLUSIVE AIRDROP
These type of airdrop is meant for a particular sets of people and if one is not in that group, they are not invited to join or participate, in other words, it can be said to be unique in it own perspective.
STANDARD AIRDROP
These type of airdrop has a registration process which are expected to be followed thus, in other to patriciate, this process might calls for one's personal profile or more.
HARDFORK AIRDROP
These requires that an investor or trader must possess a particular coin and could qualify for another coins which has been created in relation to the earlier crypto coin in possession.
BOUNTY AIRDROP
To participate in this type of airdrop, one is excepted to publicize the newly created coin through social media or otherwise then would be recompensed for his or her advisement protocol.
HOW CAN WE KNOW ABOUT AN AIRDROP EVENT SO THAT WE CAN PARTICIPATE
Whenever an airdrop event is hosted, Full details or information of it projection, management and others are always announced on it different website pages. Apart from it official websites, I do visit some websites in search of the trending, upcoming or ended airdrops programs and the following websites are among them:
Airdrops.io
Airdrop-alert
Coinmarketcap
From those aforementioned websites, we would get full information on how to join and participates on any airdrop of my choice during that airdrop event which such information are now distributed to different social media platforms (more especially twitter and telegram) in order to gain the public attention thus bring in inventors or trader who would build up the coins and turn to be a huge whale for the cryptocurrency or token. Through such medium, the activity of advisement from take place for who ever is interested to bring more people and will have a remission fee or reward for such, in that way, the airdrop event will be of benefit both to the one who adverted and the one accepting the advisement to join.
WHERE ARE AIRDROP EVENTS OFTEN HELD
Like aforementioned, In order to gain attention of huge whales, the need to publicize it in almost every assessable social media or internet based platforms (Facebook, Telegram, Twitter and many others) is essential. After been officially introduced in their different official websites, it's then the duty of it participants to follow along with it directions and possibly invite as many as they can within their limits more especially those close to them. This is required because if their is an anchor to the establishment of such token that lead to hosting the airdrop event, the possibility of losing, shutting down or turning into scam will be present because the anchors must have lost their value, interest or benefits that was initiated at the start.
Additional website that can be helpful in search of airdrop event centers:
Coinmarketcap
Airdrop-alert
Airdrops.io
ARE ALL AIRDROP EVENTS FREE FROM SCAMS? OTHERWISE, HOW CAN WE AVOID THE SCAM
ARE ALL AIRDROP EVENTS FREE FROM SCAMS ?
Absolutely not, In Nigeria its been said that mad ( psychiatric disorder) people don't allow us to differentiate between an auto mechanic, this is because they both dress mostly in a torn and dirty cloths. Truthfully, Bad things are advancing from bad to worst, people who were good before has turn to be something else. The rate of scams heard almost everyday is alarming, this scammers do create suchlike airdrops events in order to scam people off their money and earnings, at most they try to be real with attractive rewards or investment package that might wow someone if not careful about such tips or means and end up in loss or tears from the angle of it investor or traders.
HOW CAN WE AVOID THE SCAM ?
A public-free money is always attractive which when one is not careful and always be in search of fishy activity can fall into the pitfall, Here are some ways that can help to avoid such pitfall:
- Pump and Dump Airdrop
- Key Theft
- Profile Theft
PUMP AND DUMP AIRDROP
Scammers do come up with the ideal of creating an airdrop with a huge fascinating project and investment plan that draws the attention of many people , whenever it objective is achieved i.e. switching over to becoming a exchange, along with huge amount of value earned from the event and the investors trolling in, the founders and developer will automatically dump the coins, take their profit and disappear. hence, everyone into the cryptocurrency needs to be careful of this means by verifying an airdrop as to it anchor, founders and developers as to their past achievement and effect on it investors.
KEY THEFT
Another scamming format is, asking you to input your active or private keys before you can access your said airdrop reward. Truthfully, if you want to give someone a gift, you won't ask him or her for his or her private information's same applies to airdrop whenever you are asked to submit your private-generated keys for any claiming, it's absolutely a scam and want to steal from you eventually leaving you in pains and tears of loss.
PROFILE THEFT
Your personal information's or data can still be used to spam you from another set of scammers, therefore the need to be careful of information's you input in any airdrop that requires such. This scammers do work hand-in-hand as to earn a living, whenever the get your data, they will transfers them to another people who will confidently chat you up to patronize them from their own market strategy.
HAVE YOU EVER PARTICIPATED IN A CRYPTOCURRENCY AIRDROP EVENT? IF SO, THEN EXPLAIN. MEANWHILE, IF YOU HAVE NEVER PARTICIPATED BUT HAVE HEARD OF THE AIRDROP EVENT, THEN EXPLAIN IT. (SHOW PROOF WITH SCREENSHOT)
Actually, I have not participated in any airdrop event but i took a step to go on a search for an ongoing airdrop event as I was giving attention to the homework, I visited Coinmarketcap to do my in-depth study of it.
Based on the image above, the screenshot shows the homepage of an ongoing airdrop event and if you notice, I have selected one out of many which would be ending in 2 days times (as of the day editing this post) which is PolyStarter.com
While I was analyzing this particular token, I realized some fishy activity behind the creation of the token. just take a good look at the image below:
In the above image, data of the market can't be tracked,based on my eagerness to known the reason behind such write-up, I clicked on the tagged link and i found something interesting about the token market dat, see the image below:
For a clearer view, see the image below:
From my research, I found out that 207,876 has participated in the airdrop which a total of 40,000 POLYS would distributed to a figure of 1,000 wallets or individuals which would benefit or be rewarded after all said, according to the image below:
Other information i gathered from this token is the screenshot of the brain or developers behind this token:
Although, am planning to participate in one of this upcoming airdrops, only for the legit one's.
GIVE AND EXPLAIN AN EXAMPLE OF AN AIRDROP EVENT THAT HAS PASSED AND THE AIRDROP WAS SUCCESSFUL. THEN GIVE ONE MORE EXAMPLE THAT HAS BEEN PROVEN TO BE A FRAUD
SUCCESSFUL AIRDROP
WAVES
This token was launched in 2016 which has a decentralized system that was followed by initial coin offering (ICO) that ended on June of that same year, in 2020, the token was approved as a ERC-20 standard asset which means that the token is now interoperable with Ethereum network. to celebrate it four years anniversary. During the year, 2018, there was an airdrop event held under WAVES, which was held during May 16th to June 2nd of that year, The image below shows the advisement and how to participate in such event.
according to the event at hand, anyone who would participates then was expected to have a wave token wallet along with 10 or more wave token, $5,000 worth of liquid tokens were to be distributed. I joined the airdrop and was able to participates in it
Currently, the WAVES Is at the price of $13.04 which has it market capitalization of $1,377,441,405 ($1.3billion+) is now rank in the Coinmarketcap at rank58
FRAUDULENT AIRDROP
CORBIT
This token when created had a huge projection along with it investment package that got peoples attention in both areas where it was publicize including the social media. As some huge investors visited and people became aware of such token which they started to put effort in order to earn from it, a sudden disappearance of the website from worldwide web took place which at first was surprising and later turned to be a painful lost to the inventors who trolled in, such token made huge amount of money and walk away with it.
LOOK FOR AN EXAMPLE OF ONGOING AIRDROP EVENTS, MAKE AN ANALYSIS THAT PROVES THAT THE AIRDROP OF YOUR CHOICE IS GOOD. (SCREENSHOT REQUIRED)
To search for an ongoing airdrop event, I visited Coinmarketcap and when the webpage loaded, the image below appear:
Under the ongoing section, I selected Kommunitas
Analysis of the Airdrop I choose
The image below shows the Whitepaper data of Kommunitas, which contains the information an investors need before investing on the token, it also contain data of it project and objectives.
Interestingly, this token is under initial cost offering (ICO), Which means 5that there is an anchor to the creation and it might possibly become and exchange. Just have a glance on the image below and see the token under Coinmarketcap:
From my analysis, I realized that this token is backed and can be of more benefit if invested on, I would try and join in the airdrop event since all process I passed through did not require my privates keys or more.
EXPLAIN THE STEPS TO PARTICIPATE IN THE AIRDROP OF YOUR CHOICE. (SCREENSHOT REQUIRED)
As earlier said, I have not participated in any airdrop event, but because of this research I will be going extra miles to get things done in the proper way. sad to say, twitter has been banned in my country (Nigeria), I would have used that medium to participate fully.
Meanwhile, I visited Coinmarketcap Zerogoki to join in airdrop made available.
From the image above, i have to add the airdrop token to my watchlist, join the telegram group, follow on twitter and add my wallet address. The image below shows the telegram i joined in order to participate in the airdrop events
CONCLUSION
The fact is that free things attractive many, to that effect, this tools can still be misuse, it therefore time for both investors and traders to be very careful of what we kind of airdrops event we engage ourselves with. The increase in scams requires one's vigilance although such do take place, there are many airdrops which we can join and help create awareness for such tokens which might later become an exchange but before you join, try to analyze what is the projection toward that token along with other necessary information about the token then try to look out on areas that might require more confidential data profile or keys which are your personal information and note that you shouldn't share such with any more especially through airdrop telegram or reward sections.
Thank you Professor @wahyunahrul for your well-detailed lectures, hope to learn more from you next time.
Hi @humblesoul, Thanks for taking my class.
Unfortunately, your post has passed the deadline. Post your homework well before the deadline that has been determined.
Thank you!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Am very sorry for not submitting on time. My laptop was faulty, i worked on it yesterday, which lead to the late submission.
Please do consider my entry and review the work.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit