Crypto Academy / Season 3 / Week 3 - Homework Post for professor @wahyunahrul

Hello All,

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INTRODUCTION
Let me start by saying that this is my first homework task for professor @wahyunahrul, and am impressed with the way he teaches his students.
Airdropping as you have rightly taught sir, refers to the giving away of free coins to people, usually by the team of a particular coin or organization, with the aim of improving market strategy or creating awareness for potential investors.

Having studied and understood your lecture, permit me to proceed with my homework task which is on "Airdrop - Giveaway In Cryptocurrency."

Question 1

What do you think about Airdrop in cryptocurrency?

Answer

Like I said earlier, Airdrop in cryptocurrency is a way of promoting a new crypto coin by giving it out to interested crypto holders or investors.

In most cases, the owners of a new crypto coin gives it out for free to existing investors or people who have the basic requirements for it, as a way of promoting their coin. I see airdropoing as a way of increasing/boosting the value of a coin, because in most cases investors would want to get greater amount of the coin that was airdropped to them, which will result to buying more of it, whereby increasing it's value.

Question 2

How can we know about an Airdrop event so that we can participate?

Answer

In as much as there are many Airdrop events, there are some recommended places we can check to know if any latest Airdrop event is going on. Below are some recommended places to check out for airdrops updates.

• The first place I will recommend for any airdrop update is Coinmarketcap.com Link of the coinmarketcap airdrop. With Coinmarketcap.com, you can see all the upcoming airdrops event for the next 3 months.
• Another way to know of ongoing airdrop events is by searching for "Snapshot" on your browser.
  Snapshot are used to distribute airdrop tokens, and in most casee, they are used before any airdrop event takes place.
• And we can equally get to know about Airdrop events via social media platforms like twitter. Login to twitter and search for Airdrops, and look out for the latest post.
• And finally you can get to know of airdrop events by searching for Airdrop alerts.
  
  Question 3

Where are Airdrop events often held?

Answer

In most cases, the Airdrop events are held on the websites of the company in charge of the airdropping. In some cases, the link of the website would be shared to social media platforms like twitter, Instagram, and equally on telegram channels.

To participate on any airdropping event held on the website, you would need to meet the basic requirements that would be stated on the website.

Question 4

Are all Airdrop events free from scams? Otherwise, how can we avoid the scam?

Answer

It is true that Airdrops are enticing offers, but it is also true that not all Airdrop events are free from scams.

With that said, How can we avoid these scams?

• Never Give Out Your Private Keys: Your Private Key is a very important part of your wallet, and if you eventually give it out to anyone, he/she can have access to your funds.
  No legit Airdrop event would request for your private keys, so let's proceed with caution and protect our information.
• Avoid sending tokens to receive Airdrop: If a team ask you to send them token before receiving the Airdrop, you are likely dealing with a scam.
• And we can avoid these scams by equally doing proper research on any project which we are to receive Airdrop from.
  
  Question 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)

Answer

To be sincere, I have never participated on any cryptocurrency Airdrop, because I had little or no knowledge about Airdrop events. However, I have heard of an airdrop event (The uniswap Airdrop event that was held in September 2020).
Uniswap gave out 400 UNI tokens to early users of their platform, and to be able to claim your free UNI token all you had to do was to follow the instructions below:
1. Connect your Metamask wallet to your browser, and click on Add token

Source

2. After that you paste the required address, and click on next.

Source

3. And finally, you click on Claim your UNI tokens.

Source

Question 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).

Answer

So far so good, there have been cases of Airdrop events that have been successful, and one good example is the Umbria (UMBR) airdrop that was held on the 15th of May 2021.

Users that met the requirements for the Airdrop i.e (holding 100 UMBR at that time) and so on, were successfully given 33.4% of 100,000 UMBR.

Source

And is also true that on some occasions, Airdrops have proven to be scam. A good example of an Airdrop scam is CORBIT. This was supposed to be a new coin, but it turned out to be a scam. When CORBIT started, it organized an Airdrop project worth about $6 per user, it attracted alot of people who signed up via their Twitter and Telegram channels, but in the end, it was all a fraud as the entire project disappeared overnight.

Source

Question 7

Look for an example of ongoing Airdrop events, make an analysis that proves that the Airdrop of your choice is good. (Screenshot required).

Answer

One good Airdrop event I found is the swapz (SWAPZ) Airdrop, the platform will be giving out SWAPZ token worth $10 to each user, and it is scheduled to be ending on the 19th of July 2021.

Source

I know that this Airdrop event is good because it's for lucky winners, and I don't need to submit any information that can be used against me.

Question 8

Explain the steps to participate in the Airdrop of your choice. (Screenshot required).

Answer

To participate in the swapz (SWAPZ) Airdrop event, here are the steps to follow:

• First is to visit the swapz Airdrop official website (Link)
  

• And to insert my email address, as well as Binance Smart Chain wallet address.
  

• And finally I would have to complete the social tasks, which includes sharing, retweeting, voting and so on (required social activities).
  

Conclusion

To be sincere, when I first saw this topic Airdrop, what came to my mind first was the application used for sharing on iPhones. But I got to understand through your lecture that Airdrops are giveaways in cryptocurrency.

All am trying to point out here is that I have really learnt something new, and am grateful to our professor for bringing such an educative lecture.

Thank you all..