In its simplest form, an airdrop is a way for a cryptocurrency project to distribute some of its tokens to the general population whilst simultaneously increasing its brand awareness.
This practice is relatively new in the crypto market. Consequently, concrete rules on the operation are yet to be created. Perhaps they are on the verge of being developed, seeing as the project has gained a lot of popularity. A few crypto websites do display the rules, however with most, one has to contact the developer for additional details.
The team behind a particular event announces a date that it shall undertake the airdrop. Once the predetermined date materializes, the crew operating the airdrop takes a ‘snapshot’ of the blockchain, resulting in holders of the relevant cryptocurrency receives free e-tokens. Most crypto blockchains, especially those in the start-up stage, prefer announcing an airdrop beforehand as opposed to surprise airdrops, all in a bid to bootstrap their projects.
The main reason for this practice is to create awareness, especially for a new virtual currency. The virtual currency world relies heavily on ‘hype’. People are constantly on the lookout for the next exciting thing and as such, free tokens provide an incentive to attract more people to a project. Announcing a forthcoming airdrop creates a much-needed buzz both on social media and in the virtual currency world.
Airdrops also help projects acquire valuable database that is essential when identifying potential customers. Some airdrops require customers to fill in several online forms. For instance, Universa.i o airdrop required potential participants to provide their Facebook list for them to qualify for the airdrop. Customers should always beware of scam sites and ensure they only provide information to official websites. One should also never reveal their personal login information to any airdrop organization.
Numerous websites and online platforms have been created all aiming at informing users on previous, forthcoming and ongoing airdrops. A good case in point is Icodrops and Airdrop alert, both of which even offer relevant advice on upcoming airdrops. Another way to access information on airdrops is by keeping track on the various social media platforms of projects you’re interested in which could be the likes of Reddit and Telegram.
Basically, an ICO airdrop arises where a company launching the first (initial) coin offering offers some of its coins to those interested in virtual currencies for free as a marketing gimmick. It may at times, however, require participants to complete simple tasks.
The team Behind Airdrop
This is highly dependent on the virtual currency involved. However, there does exist organizations like the Blockchain Education Network that organize airdrop events to create awareness and also introduce new people to digital currencies.
It is a basic requirement that one ought to have the relevant virtual currency such as BTH or ETH in their electronic wallet if they are to successfully participate in an airdrop.
One such platform issuing airdroped tokens is EOS
There around 30 EOS air drops planned to take place during the upcoming couple of months. The following are the most promising:
Lab Ledger is a blockchain based ecosystem for researchers that will include a database for scientific papers. The air drop is planned to take place on June 21st.
HoursPay is a payroll portal that utilizes the blockchain technology to securely exchange data with global payroll vendors. The air drop is planned to take place on June 30th.
Trybe is a blockchain based platform that hosts educational content about crypto in the form of lectures, courses, training videos, etc. The air drop is planned to take place in August.
Atidium is a decentralized application for payments and budget managements. It is planned to take place on June 28th.
CETOS is a blockchain based platform for the healthcare industry. It is planned to take place some time between next June and July.
EDNA is a blockchain based database for the DNA structure and genes of individuals. Its launch date is yet to be determined.
EOSBet is a blockchain based online gambling platform. Its launch date is yet to be determined.
HireVibes is a crowdsourcing decentralized application based on the blockchain technology. It is planned to take place in Q3 2018.
ONO Social Network is a decentralized blockchain based social network. It is planned to take place on June 30th.
EOX is a decentralized blockchain based e-commerce platform. It is planned to take place in June 30th.
