Stellar Lumens 19 Billion Lumen Giveaway Starts Tomorrow!

Back in October 2016, Stellar Lumens completed their first lumen distribution program for bitcoin holders. This was done as part of Stellar's commitment to reserve 19% of the initial lumens, 19 billion lumens, for people who hold bitcoin.

https://www.stellar.org/about/mandate/#Lumen_distribution

Stellar announced in March that they would be distributing up to 16 BILLION lumens to bitcoin holders or 16% of the initial lumens, on June 27th, 2017 (tomorrow). Stellar.org will distribute these lumens to any bitcoin holder who wants them.

How will it work?
Today June 26, 2017: Stellar took a snapshot of the blockchain at the first block mined after midnight on June 26th (UTC/GMT). This snapshot recorded the coin balances of all bitcoin accounts at that time. You can find the snapshot here. https://blockchain.info/block/00000000000000000159c6d590497c65281934c9b3d530c5fb812f1beb96d15a

Tomorrow June 27, 2017, Stellar will publish a claim page, allowing bitcoin holders to verify that they control a given bitcoin address. They will then send that address’s share of lumens to the provided Stellar account.

Here's the math.
Let's say you had 10 bitcoins, and at the time of the snapshot there were 16,215,950 bitcoins in existence.
You could then claim 16,000,000,000 * (10/16,215,950) = 9,866.83 lumens

10 bitcoins would have equaled .00006167% of the bitcoins in existence at the time of the snapshot.
your 9,866.83 lumens therefore equals .00006167% of lumens given away.

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On August 27th, 2017 the bitcoin lumen program will conclude. If there are unclaimed lumens at this time, they will be transferred to Stellar.org’s operational fund and to the Build Challenge.

This program is not available everywhere. Due to government regulations, the lumen distribution program is closed to residents of the U.S. states of New York, Georgia, New Hampshire, and Connecticut as well as the nations of Iran, Cuba, North Korea, and other countries subject to sanctions by the United States. In addition members and board members of Stellar.org will not participate in the bitcoin-lumen program or claim any lumens from it.

How to claim your Lumens:
On June 27th: Stellar will provide a link to the claim page where you will be able to complete the process.

• Authenticate with Facebook.
• Enter your Stellar account ID.
• Enter your Bitcoin address.
• Sign a displayed message.
• If signatures are correct, lumens will be sent to your Stellar account.

Which wallets support this?

Most bitcoin wallets support this, including but not limited to:

Mycelium
Bitcoind
Trezor
Bitcoin-qt
Nano
Electrum

It is IMPORTANT to note, if your bitcoins are with coinbase you WON'T be able to claim your lumens.

Why must you use Facebook for authentication?
If you’re not using an exchange, then the law requires Stellar Lumens to ensure you’re not on the U.S. sanctions list or located in any of the restricted jurisdictions listed above. They're using Facebook account verification to complete this check.

Stellar recognizes Privacy is a top concern for the Bitcoin ecosystem. As such Stellar.org won’t use your Facebook data for any purpose outside of authentication as mandated by U.S. law and Stellar.org will never post to your account. If you’d rather not share your Facebook information, you can still claim your lumens but you would need to have them on one of the exchanges listed below.

Poloniex
BTC38
Yuanbao
NaoBTC
Deribit
Kraken
Bit-Z

If your bitcoins were stored on any of the above exchanges at the time of the snapshot then there's nothing you need to do in order to claim your lumens. The exchange will handle the process of automatically crediting your account with the appropriate amount of lumens.

If your exchange is not on the above list then you must either ask them to participate or move your bitcoins elsewhere to claim.

You have no bitcoins?
Well what about Ripple? Yup there's a distribution for Ripple holders as well
In addition to distributing lumens to bitcoin holders,Stellar.org has also reserved 1% of the initial lumens (1 billion) to holders of XRP. For XRP, they took a snapshot of the ripple ledger 6,762,000 (a ledger occurring May 22nd 2014). Any ripple account holder with less than 7.5 million XRP (~$50,000 USD at that time) in their account at that ledger qualifies for the giveaway. Every qualified XRP holder can participate in either one of two ways:

Pro-rata: Similar to the bitcoin holders, eligible XRP holders may receive their pro-rata share of lumens allocated to this giveaway (1%) and be credited for up to 1.5 million XRP.

On June 27th Stellar.org will provide a link to the claim page, which will walk you through ripple distribution process:

Authenticate with Facebook.
Enter your Stellar public key or generate a new one.
Send a small amount of XRP (even 1 drop is OK) to the provided Ripple address with a displayed destination tag. Please note that we will not be able to send your XRP back!
After receiving a payment to the provided Ripple address, lumens will be sent to your Stellar account.
How does Stellar compare to Bitcoin and other networks?
The Stellar network is inspired by Bitcoin—we’ve taken lessons from it and added the ability to tolerate non-rational actors in an environment with low computing power.

Aaron M Daley
Daley BTC News
https://daleybtcnews.org
https://twitter.com/DaleyBTCNews

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