1). What do you think about Airdrop in cryptocurrency?
In of cryptocurrency business, Airdrop is a marketing skill which involves sending tokens or coins to wallet addresses for the purpose of promoting awareness of a new virtual currency. little amounts of the new virtual currency are either freely sent to wallets of active members of the blockchain community or in return for a little service, like retweeting a post sent by the company giving out the currency.
Airdrop is a promotional activity performed in a typical manner by startups based on blockchain for the purpose of helping bootstrap a virtual currency project. Its objective is to disseminate awareness about the project of cryptocurrency and to have greater number of people trading in it when listed on an exchange as an ICO (Initial Coin Offering).
Companies promoted Airdrops on their websites, including cryptocurrency forums, and the tokens or coins are sent to only current crypto wallets holders, mostly those of ethereum or bitcoin.
To be qualified for the free gift, it might be necessary for a recipient to hold a the smallest quantity of the crypto coins in their various wallets. Alternatively, they might need to execute a certain task, like making a posting about the currency on a social media forum, writing a blog post, or connecting with a specific member of the blockchain project.
Simply put, an Airdrop is an event by which a blockchain project recompense people with free tokens. Tokens are usually given for free to a crypto community for assisting in sharing the news about a recently created cryptocurrency or project in the industry. The free coins issued can be substituted for ETH, BTC, and LTC among disparate cryptocurrencies.
Rather than spending enormous substantial amount of money advertising and marketing a new project, a team responsible for an ICO project might look at the blockchain of an established token to assemble every person who own coins in their wallet then divide into portions and dispense their own coins free, proportional to the amount of coins in the digital wallet.
2). How can we know about an Airdrop event so that we can participate?
There are manifold sites as well as online groups that are known for notifying people about upcoming and active Airdrops. Icodrops, Airdropalert as well as Coinmarketcap make attainable a list of all approaching airdrop events and going as far as presenting the number of days left before they take place. The sites also make attainable information on the kind of currency that one must own in their wallet and the amount one must own, to get free coins.
Being active on social media is another easy way to be in the know, concerning upcoming Airdrops and following the accounts of the forthcoming projects.
4). Are all Airdrop events free from scams? Otherwise, how can we avoid the scam?
All Airdrop events are free from scam however, in order to avoid the scam, it is imperative to know the various Airdrop scam so as to know how to avoid them. The following are some of the Airdrop scams and how to have them avoided:
- Private Key Scams
These are entirely fake. They are patterned to swindle one into giving out one's wallet private. A legitimate airdrop will only asks participants for the public address of their wallet. A scam airdrop, however, would as well asks for the wallet private key.
It is quite simple to avoid this scam. Do not issue out your private key for any reason. The only motive someone would ask for wallet private key is to steal whatever is in your wallet.
- Information Tolling
This is another type of scam airdrop designed to get personal information, for the purpose of either selling to third party or to make use it for the purpose of future phishing attempts.
To avoid an information trolling airdrop, carry out research on the project that is behind it. Supposing a project doesn't have website or whitepaper, any airdrop it is giving notice of should be avoided.
Avoid Getting Scammed with Crypto Airdrops
There are many other Airdrop scams withthier various ways to avoid them but generally, in order in order not fall victim to Airdrop scams:
- 1.) Protect Your Private Keys
Supposing an airdrop is requesting for your private key, automatically it’s not legitimate. Private keys are confidential and are only to be known by the owner of the wallet. Supposing someone else acquires possession of access to your private key, automatically the wallet is susceptible.
- 2.) Be Careful With Your Personal Information
Some airdrops demands for your personal information, like your email. Now, you’ll in all likelihood need to type in personal information for legitimate airdrops, which is where this becomes tricky.
Prior to signing up for an airdrop, do a few background research on the company in question. Find out what others say concerning them on social media, and as well try to read their whitepaper – and that is if they even have one!
5). 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)
Airdrop event is new to my ear owing to the fact that I have not lasted for an ample time. Consequently, I have not participated in any Airdrop events in the time past however, this lecture have got my eyes opened and I bet myself to participate in Airdrop events for the purpose of acquisition of knowledge.
6). 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. (It is not allowed to take the example that has been taken in question number 5).
Below is an analysis of a recently concluded Airdrop carried out by Coinmarketcap.
- The project is on KCCPAD
- The participants was 365,910
- The number of winners is 2,000
- The total Airdrop was 4.2M KCCPAD
- The start off date was Jul. 8, 2021
- The ending date was Jul.17, 2021
- The Airdrop lasted for 9 days
7). Look for an example of ongoing Airdrop events, make an analysis that proves that the Airdrop of your choice is good. (Screenshot required).
8). Explain the steps to participate in the Airdrop of your choice. (Screenshot required).
Below are the steps to participate in Bounty Airdrop
Procedures:
- From your browser, go to coinmarketcap.com
- Click the three (3) horizontal lines at the top-right on your screen
- Select login if have an account otherwise, select create account
- Enter email address and password then click login
- Select calenders, options pups out, select free Airdrop
- The next interface shows a list of ongoing, upcoming and ended Airdrop. Choose from the ongoing Airdrop event. To do so, click on ongoing and select preferred coin or token
- On the next interface, follow the instructions and fill the required informations, agree to terms and conditions then click join Airdrop
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This is my entry Professor @wahyunahrul
Thanks for reading through