It’s a great pleasure to be among the lucky ones to participate in this contest and great appreciation go to professor @wahyunahrul for coming up with such a homework task about airdrops and the following below is my own understanding about this topic
1). What do you think about Airdrop in cryptocurrency?
What is airdrop
2). How can we know about an Airdrop event so that we can participate?
- * We can know about an airdrop event by doing a detailed research about it and you can use platforms like airdrop.io to search about the airdrop events , Instagram handle of the Coinmarketcap will also provide you with information about the airdropsince it’s a world wide media platform consisting of million users , and this can help us to know about an airdrop event since information about the airdrop is being displayed on the platform.
The following are the steps a market player can follow to know about an airdrop event so that they can participate
Participating in airdrop event enables market players to learn more about air drops and how they are freely distributed and helps the market players to earn tokens like decred and many other tokens.
3). Where are Airdrop events often held?
Airdrop events are often held depending on the organizers of the airdrops therefore airdrops are held in the following ways.
Airdrop events are often held on various websites provided by the organizers of the airdrop therefore one has to sign in into the organizers website which requires your name and email , and after signing in you get updates about the email.
Airdrop events are often held by using a holder airdrop method which is organized by the airdrop organization members . This method of airdrop requires you to save a certain amount of cryptocurrency that has been set up by the organizers of the airdrop in their wallet and they will put up a limit time where they will record every participant who may have followed all the organizers rules
Airdrop events are often held on various social media platforms such as Facebook, Twitter, and instagram where the airdrop organizers set up some rules for the participants to follow such as sharing a post about airdrop on their media platform and also follow the airdrop account ,invite friends to participate in their airdrop events .The participants are given tasks to perform on their media platforms and when they are done with the tasks, they are given prizes such as cryptocurrency.
4). Are all Airdrop events free from scams?Otherwise, how can we avoid the scam?
- Not all airdrop events are free from a scam because their are bad people whose aim is to bring fraud on the platform with an aim of benefiting themselves and not minding about others and these frauds include the following.
1 . Stealing of data which is the common fraud done by the bad people by using websites that have data forms and they will ask the participants to fill out the data forms where the participants will be required to fill in your name, email, and ID
and when you fall for their trap, they will use your data to commit crimes
how to avoid the scam of data theft
- One can avoid the data theft scam by not filling out data forms from various websites that are not clear to them
2.Stealing of private keys that’s to say for anyone who has joined any cryptocurrency has a wallet account which requires your private key before you can trade in the currency and this key should only be known by the owner of the wallet. In airdrop, event organizers usually ask for your wallet address where tokens are sent to each participants wallet. Therefore bad people use the airdrop event to get the participants private keys by requesting the users to sign in using their private keys instead of public keys hence stealing all the cryptocurrency of the participants from their wallets.
How to avoid the scam of stealing private keys
- This can be avoided by not using your private keys where you know you are meant to use the public keys .
3.The criminals can use the referral scam codes to gain bonuses that they do not deserve for example in airdrop, there are referral codes or links used to invite people to join the platform and the more you invite the more you are rewarded by the organizers. The bad people use this opportunity to come up with links or codes from websites with data forms which maybe filled out by participants who will invite friends to join and all the rewards will go to the bad people or criminals instead of the participants . Therefore one can over come this by not just clicking any link that they are not sure about.
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)
I personally I have never participated in a cryptocurrency Airdrop event but have heard of an airdrop event known as pancakeswap (NFT)
This airdrop is a decentralized exchange running on a binance smart chain which let you earn and win tokens . This airdrop is very fast and affordable hence available to any one
You can earn a pancakeswap airdrop with staking and yield farms
The pancakeswap airdrop is 3D animated related to the new year . The first 8,888 people to create accounts on the pancakeswap airdrop are eligible to participate in the airdrop. To participate in this airdrop, you sign in to your wallet , create a profile and then wait for the airdrop
How to join a pancakeswap airdrop
You need to visit the pancakeswap airdrop page or account
connect to your wallet
claim your NFTs rewards if you are eligible
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).
The BRD airdrop which is also known as Bitcoin Red Diamond is an example of an airdrop event that has passed and it was successful .The BRD airdrop is currently closed. It is a decentralized financial platform and it was very secure for investors .
The BRD is very fast because it handles more than one million transactions per second and has convenient tokens which enable one to transfer BRD to any person in the world as long as the people being sent the BRD are connected to internet because it works online.
The BRD is listed on the Coinmarketcap and traded on binance exchanges
The BRD airdrop was very secure hence many users involved themselves in the platform and these are the various ways of joking the BRD airdrop
Go to airdrop form and download the BRD app and then go to settings to claim your BRD reward ID in order to receive the airdrop
Then join the various platforms of BRD such as Twitter, telegram and retweet as well as follow the account
Submit in BRD rewards ID
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).
- Rarible airdrop is one of the airdrop examples that has been proven to be fraud
Rarible airdrop is worth 75000rari tokens every week
Rarible airdrop uses RARI tokens to enable its users go on with their activities. Over half of the RARI token is given to buyers and sellers who may either receive it weekly or monthly according to their sales and purchase volumes . The Rarible is proven to be fraud because there was a NFT give away where the organizers requested the users to send their wallet addresses so that tokens or coins are added on each and every participant wallet and most of them did has they had told them by the Rarible organizers but in turn they gained nothing after sending their wallet addresses.
7). Look for examples of ongoing Airdrop events, make an analysis that proves that the Airdrop of your choice is good. (Screenshot required).
- There are very many examples of ongoing airdrop events but I will choose the Pi network airdrop.
Pi network is a digital currency which allows you to grow and allows you to invite friends and more you invite the more rewards you earn.
The Pi network is friendly and fair when using the airdrop.
The Pi network is founded by Stanford PhDs with over 3.5 million participants
The good thing about the Pi network airdrop is that it’s not scam because it’s so genuine and it was set up to allow local users to mine bitcoin.
The Pi network provides free PI coins to there participants and when the users refer it other users through inviting them to join the network they are rewarded more
When you open up a Pi network account you start to mine coins and when you refer others to join the Pi network you are rewarded with more coins for inviting people to join the Pi network airdrop .
The pi network currently has no value and is not tradable on the exchange market there right now it’s difficult to predict the value of Pi network airdrop
The pi network air drop is free of charge and allows miners to mine every after 24 hours
You can mine using your phone on their platforms like twitter , Facebook.
These are steps followed for one to participate in Pi network airdrop
These are screenshots of my pi network airdrop therefore am the source of these screenshots since I used my own phone to open up the pi network airdrop account. And these are the steps I followed to open it up.
Download the pi network app from your google App Store for iPhone users and click on get to download
- Login into Facebook by clinking continue with face book
- Sign up using your phone number
- Set up your account and include your user name
Set up your password
Then put in the referral link that invited you or the persons name who invited you to join the Pi network airdrop
- Start mining PI network coins for free
- Then finally invite your friends to signup in the PI network
8). Explain the steps to participate in the Airdrop of your choice. (Screenshot required).
These are the various steps taken to participate in the vdollar airdrop
Go to google website of vdollar airdrop https://m.vdollar.online
Tap signup to open up a vdollar airdrop account .I personally, i tapped signup since it was my first time on the platform
You may either use the email or phone number
You are then required to verify your account and confirm that the account belongs to you.
In conclusion, Airdrops are carried out as coin advancements activity made to the public to enable market players know more about there cryptocurrencies hence attracting more investors to invest in there projects.
Airdrop in crypto currency put an early value to tokens or coins as recipients begin to trade there airdropped tokens . Airdrops are used by startups to bootstrap there projects in crypto currency