The team behind XLM, Stellar, have announced a new partnership with the Blockchain Wallet, one that is being celebrated with a huge airdrop of free XLM tokens. The airdrop promises to donate around $125 million worth of XLM tokens to people who sign up to the Blockchain Wallet during this week. The bounty is set at around $25.00 per user, so actually, this is quite a fruitful reward.
What is an Airdrop?
For those who don’t know, an airdrop is a form of token giveaway, a little like an ICO however, airdrops aren’t carried out for financial gain. As you may know, an ICO or Initial Coin Offering is set up to help fund startups and projects within the cryptocurrency and blockchain industry (generally). An airdrop, on the other hand, may be used to engage the community a bit and generate some hype around the project, giving people a sum of free tokens in the process.
According to Investopedia:
“In the cryptocurrency world, airdrop refers to a procedure through which a blockchain project distributes free tokens to community members. To qualify for the free gift, one may need to hold a minimum quantity of the cryptocoins in his/her wallet, or may need to perform certain tasks that include posting on social media forums, connecting with a particular member of the blockchain project, or writing a blog post. Airdrop can be viewed as a promotional activity mostly performed by blockchain-based startups to bootstrap their virtual currency projects. Its aim is to spread awareness about the cryptocurrency project, and to get the maximum people in the game. For instance, CloudBounce, a decentralized AI audio ecosystem, airdropped 8 million DB tokens to its community members in March 2018.”
It sounds too good to be true
Often, airdrops are too good to be true and the term ‘airdrop’ is frequently used to mask other scams too, however in this instance, this is a legitimate airdrop that people can partake in with very little effort, they simply just need to sign up to the Blockchain Wallet.
What is the Blockchain Wallet
The Blockchain Wallet is a series of wallets owned by Blockchain.com. They are working alongside the Stellar Development Foundation to giveaway XLM tokens in order to promote both XLM and their own Wallet too. According to Blockchain.com:
“At Blockchain, we’re passionate about connecting the world to crypto and helping our users interact with crypto assets in a safe and easy way. The first step to becoming an active participant in the crypto ecosystem is getting a crypto asset. By offering XLM to our users for free, we hope to help build a bigger community of crypto users. We have partnered with the Stellar Development Foundation to give free Stellar Lumens (XLM) to Blockchain Wallet users. XLM is a token that enables quick, low cost worldwide transactions. Whether you already own crypto, or are crypto curious, this is your chance to help build the future of finance.”
According to Ethereum World News, Jed McCaleb the Co-Founder of Stellar has commented on this new partnership and airdrop:
“We believe that airdrops are central to creating a more inclusive digital economy. Giving away lumens for free is an invitation to communities to design the services they need. By working with Blockchain to increase the availability and active use of lumens on the network, we will increase the network’s utility by many orders of magnitude.”
If you’re interested in signing up for the Blockchain Wallet and want to take part in the XLM airdrop, head to the Blockchain.com website.
What happens when I sign up?
It’s worth noting that in order to take part in this, users will need to giveaway some personal information, including an email address and users will need to pass an identification check too. Then, according to Blockchain.com:
“We’ll send you an email with instructions when it’s your turn to claim your XLM. You’ll need to have a Blockchain Wallet to receive your funds. If you already have one – great! No need to create another. We will also require participants to verify their identity to ensure that no one is trying to claim more XLM than they are entitled to (one XLM distribution per person, unless participating in any bonus activities). You can still use your Blockchain Wallet without verifying.”
Users who take part in the giveaway and receive the airdrop should receive around $25.00 worth of XLM and may be given the opportunity to gain further funds as a result of this initial airdrop too. Once you have the XLM in your Blockchain Wallet, you are free to use it as you please too. There are however a few terms and conditions to consider, as per the Blockchain.com website:
“Because you apparently have to include the lawyers when you give away this much money…
*Offer available until XLM giveaway supply is depleted. Limit 1 XLM giveaway per person, unless participating in any bonus activities. A person can receive the XLM in only 1 Blockchain Wallet. XLM is provided on a first come first rewarded basis, with priority for those with the oldest, completed (i.e., accounts with a verified email address) Blockchain Wallets. Participants must have an eligible account, be willing to verify their identity, and reside in an eligible market or jurisdiction.
This is giving lots of new investors the chance to get involved in an exciting project and will allow many more people to own a small chunk of XLM tokens. As an investment, XLM is looking great and is promising some growth over the next year. Since XLM is now pushing on as a rival to XRP, it’ll be very interesting to see how this airdrop impacts the popularity of Stellar and XLM overall, and, most importantly, it’ll be very interesting to see how this airdrop helps impact the market capitalisation of XLM too.
If you do decide to take part in this, please do check through the airdrops terms and conditions and remember that any cryptocurrency investment is risky. Take care and trade safe.