Crypto Academy Season 3 Week 3: Homework Post for Professor @wahyunahrul | Beginners' Course: Airdrop - Giveaway In Cryptocurrency
Introduction
Hello everyone,
It is with great joy I am posting this homework here in this community again. I am @msquaretwins. Let me firstly appreciate professor @wahyunahrul for doing a great job to the topic "Airdrop - Giveaway In Cryptocurrency" for Beginner Course, Season 3 Week 3. Professor asked us to answer all questions posted in his post, so I will be taking them one after the other.
Let me begin with question one.
1). What do you think about Airdrop in cryptocurrency?
Airdrop is a giveaway in cryptocurrency. This is the free distribution of coin to people who participate in it at the early start of any cryptocurrency. At the early start of cryptocurrency, many people may not be aware of the coin that is about to be launched. So, the founder or owner of such cryptocurrency would give out free coins, through airdrop process to get the attention of people, thereby resulting in large adoption of the cryptocurrency.
Key to Note:
• Airdrop is a marketing method employed to promote the awareness of a new coin.
• It involves distributing coins to the wallets of those who participate in it either for free or in exchange for promotional services.
• It aims to increase the ownership of the new cryptocurrency.
2). How can we know about an Airdrop event so that we can participate?
The best way to know Airdrop event is to join a group where Airdrop or Promotional Airdrop is dropped on a regular basis. Let me show you example of what I meant through this screenshot below.
The screenshot displayed a WhatsApp
group where many Airdrops are dropped. If a person position himself well in this kind of group, he will take advantage of any Airdrop.
Another way to get to know Airdrop event is through some exchange platform. E.g binance, Trustwallet and some exchange site do send news of Airdrop or giveaway to users' mail. Example of this is displayed as a screenshot below
This was a mail from binance sent to me on June 27, 2021 informing me of Hackathon giveaway.
Check the total give away in the next screenshot
Lastly, Information about Airdrop can be gotten on social media like facebook, Telegram channel, Twitter etc.
3). Where are Airdrop events often held?
Airdrop events can be held in the official website of the owner. Although some cryptocurrency owner prefer to have another website entirely for Airdrop. Additionally, Airdrop event is also held on telegram bot, where users will be given some bot questions to respond to. Also, google form is use for Airdrop event. In this case, a google link containing Airdrop procedures would be sent to every participant to fill in their details, and this is majorly used for promotional Airdrop.
4). Are all Airdrop events free from scams? Otherwise, how can we avoid the scam?
All Airdrop events are not free from scam. In fact 80 to 90% of Airdrop are scam. One must be very careful to avoid being scammed. Therefore to know real Airdrop, note the followings;
- Airdrop is always free: Airdrop is a free distribution of coin by startups. So, if any Airdrop request for donation before it could be distributed, just know it is a scam.
- Private Key: Please do away with any Airdrop that ask for your private key. Any Airdrop that asks for private key is scam.
- Another way to know if Airdrop is scam is the use of third party website like google form, telegram bot as mentioned above. The use of this platform does not mean it is a scam, but one must verify to be sure of its authenticity.
- Another way to detect fake Airdrop is through the amount they promise. If the amount is too high, that may be an indication that the Airdrop is fake.
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)
Yes. I have participated in many crypto Airdrop before. The one I want to share with you is called Winstex. I did this Airdrop sometimes ago. Below is the telegram group I was asked to join when I registered.
The Airdrop promised 3000 WIN which is the Winstex coin. At the said date, the account was credited with 3000 WIN, which I added to Trustwallet. But the coin has not gotten any value since.
See the screenshot below
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).
Ecoin is one of the airdrop I did that was successful. I did it last year. On 21st July a friend share an Airdrop called E Coin, I registered for it. Below is the screenshot of a picture confirming the date I joined the Airdrop.
To check this site for validity, kindly go to click here You will see a page like the screenshot uploaded below
Currently, 1 ecoin is equal to $ 0.001252.
Let me show you via the screenshot below
Today, I have a total of 6797 ecoin that worth $10.88. Let me show you this via screenshot
7). Look for examples of ongoing Airdrop events, make an analysis that proves that the Airdrop of your choice is good. (Screenshot required).
One of the ongoing Airdrop event that I am doing is Pie Network. Pi Network is a cryptocurrency project developed by Standford PhDs and graduates Nicolas Kokkalis, Chengdiao Fan, and Vince McPhillip, designed to run on mobile phones. It is a peer to peer cryptocurrency. This cryptocurrency is the first crypto that people are allowed to mine on their phone. The reason why I believe this Airdrop is good are:
- Airdrop did not ask for donation from anyone that one to participate. People are allow to mine it free of charge on their phone. This mining is done every 24hr with a single click.
- The owners identity are known to the public. Their identity are not hidden. They have facebook, instagram and twitter page for this cryptocurrency Airdrop where they communicate the progress of this crypto to every participant.
- Another reason why Pie Network coin is good is that they have App for mining and also allow every users to interact. Not only that, they ask for feedback from time to time.
Below is the screenshot of Pie App.
<>A screenshot Showing Pie App
From the screenshot, every user open pie App to mine every 24hours. The section squared with blue is clicked to initiate mining foe the next 24 hours. The total coin i have mined since I registered is 2482.9927π.
8). Explain the steps to participate in the Airdrop of your choice. (Screenshot required).
The steps to register for the Pie Network Airdrop are;
• Follow this link Click this link
• When you click the link, you will be directed to where to download the pie App. Download it and register.
Check the screenshot below to see where to download.
)
After you have registered, you can then begin to mine by simply clicking the section I marked with blue in the screenshot below. And the number of what you are mining will be displayed at the top of the App. The number is circled at the top in the screenshot with red.
Conclusion
Airdrop is a quick way of getting cryptocurrency at startups to the limelight. The Airdrop is also done to make great awareness of the coin thereby getting attention of people from diverse culture and different part of the world.
Cryptocurrency airdropping is not only beneficial to the company, but it is also beneficial to the users as it is a way of earning more tokens. As mentioned earlier in this post, fake Airdrops are out there. Therefore it is advisable to always check the authenticity of any Airdrop before you participate in it.
Written by: @msquaretwins
Cc:-wahyunahrul