Steemit Crypto Academy | Airdrop - Giveaway In Cryptocurrency | Homework task for @wahyunahrul
Hello Steemians !!
Today I'm going to make my Steemit Crypto Academy Homework task by professor @wahyunahrul Lesson that talking about Airdrop - Giveaway In Cryptocurrency. A new and good lesson for me. I will try to discuss it, i hope my knowledge is more developed about that.
1. What do you think about Airdrop in cryptocurrency?
Airdrop is an event organized by the developers of a new cryptocurrency in order to promote their coin to the public especially the cryptocurrencies market participants. Market participants can take part in this airdrop event to get these coins which can be used as investment assets. This coin is given away for free to attract market participants so that the purpose and development of this coin will be achieved. This is a very positive event and has a great impact on the cryptocurrency market, where all parties involved are mutually beneficial.
Airdrop events have rules and conditions that must be followed by market participants that have been regulated by the organizers. These can be registration activities, coin holding and promotional activities. This aims to make the organizers benefit from a different perspective. However, in this case airdrop events are also often fraudulent by irresponsible parties. As savvy market participants we must really pay attention and be aware of things that are detrimental.
2. How can we know about an Airdrop event so that we can participate?
We can know about airdrop events through digital platforms and social media where this has become an inseparable part of everyday life. All airdrop event information is usually shared on cryptocurrency websites, exchanges, facebook, telegram, twitter, advertisements, and newspapers. Dissemination of information from various sectors and fields can help expand the reach to be achieved.
I usually find information related to airdrops on cryptocurrency websites that I frequently access and visit. The website is CoinMarketCap. All information about the airdrop can be seen here https://coinmarketcap.com/airdrop/. This website often provides information about airdrops because its purpose is to discuss and convey everything related to cryptocurrencies. Other social media can also be relied upon because of its enormous influence in real life.
3. Where are Airdrop events often held?
The places where airdrop events are most often held are official and trusted cryptocurrency websites such as CoinMarketCap and CoinGecko. Through this website, organizers often collaborate to reach many market players. This website has access that will make it easier and allow many market participants to participate. It is hoped that a very wide reach can be achieved by the organizers to promote and develop the coin.
In addition, the exchange is also often used as a place for airdrops to be held. This is because exchanges are platforms that market participants always use and rely on to make cryptocurrency transactions. It is expected that all exchange account holders and crypto currency asset holders can be reached efficiently. The functions and features of each exchange can be used to make it easier to participate in airdrop events.
4. Are all Airdrop events free from scams? Otherwise, how can we avoid the scam?
Airdrops cannot be said to be free from fraud. This has been proven by many facts and articles that discuss many fake and scam airdrop events. This is a criminal act committed by a handful of people for personal gain. This has worsened the image of cryptocurrencies which could cost many people. But there are also many airdrops that are true and successful in carrying out their projects. Coins that are generated and given to market participants have proven to be thriving and become cryptocurrency assets worth holding on to.
The way we can do to avoid fraud is to investigate and extract detailed information about the airdrop that we want to participate in. Valid information, understanding, background, goals, track record, white papers, developers, and prospects are points that must be investigated and considered carefully. Prudence in making decisions and actions is needed to avoid fraud.
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.
Here I will talk about I have heard of an airdrop event that has boomed among gamers. This is of course related to the NFT token that is often used and relied on by gamers to play certain games. The token is Metis. This is conveyed directly by the organizers who have the aim to provide something profitable. Metis will be given as a form of reward for the participation of many users in the community for helping them to improve the quality of products and services. Metis will be airdropped to all loyal users who have tested Prolog on the Metis Layer 2 alpha testnet.
To get Metis and participate in the airdrop, the organizers have set rules and criteria for winning. All eligible users will receive Metis based on system and points calculation. Points can be earned by performing several actions that occur in the system and will be mutually beneficial for both parties. Earning points can be described by actions such as Publish new task : 1 point, Claim task : 1 point, Add knowledge category : 3 point, Add new knowledge item : 3 point, Join as consolidator : 5 point, Join as participant : 5 point. Anyone who manages to collect at least 5 points by April 27th can earn Metis.
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
In 2020, the decentralized exchange Uniswap has provided information and held airdrop events. Here uniswap will provide UNI tokens for free to all application users. This airdrop is one of the most successful airdrops. This is evidenced by the rapid development of the UNI token which when the airdrop activity is carried out the price is around $2. Now the development of the UNI token is very clear and has risen sharply to reach the price of $16. Based on the image above, the requirements to participate in this airdrop are very easy. Each user has made at least one transaction on the Uniswap application. The prize is also very tempting because the UNI tokens given to qualified users amount to 400 tokens.
One of the scam airdrops I know of is CORBIT. They have been misusing and smearing the name of cryptocurrency with their criminal actions which cost many people. By providing information and the lure of success for the CORBIT token, they have benefited greatly through promotions on telegram and twitter. Like a common fraud, the perpetrators run away and disappear without a trace. Telegram and twitter have been removed along with the deactivated website. In this case, many market participants lose money. Caution and an investigation are worth doing before making a decision and participating in certain airdrop events.
7. Look for an example of ongoing Airdrop events, make an analysis that proves that the Airdrop of your choice is good
Here I visit https://coinmarketcap.com/airdrop/ to see the ongoing airdrop. I've done some analysis and seen a good type of airdrop. The WELL Airdrop is an Airdrop that I think is good for now. A total of 16,666 WELL will be Airdropped for 500 winners. So far, there have been 215,002 participants participating in this airdrop event. Based on these data, this indicates that this is a good airdrop and has future prospects.
We can also do fundamental analysis, WELL is ranked 349th in the cryptocurrency market list. This token has strong competitive power. Today's trading price is $0.4558. This is a low price that is suitable as a long-term asset. The market cap is $62,891,882 and the Volume in the last 24 hours is $371,744. This shows that this token is very often traded on various exchanges. The supply circulation is 137,180,000,000. The supply of this token is already very large and wide in the cryptocurrency market. Based on this fundamental analysis, WELL is a good airdrop and deserves to be considered as a long-term investment asset.
8. Explain the steps to participate in the Airdrop of your choice
- First, visit the airdrop site at https://coinmarketcap.com/airdrop/ . Analyze and see some of the airdrops on the list.
- Second, select the Airdrop that we want to follow. Here I am following the WELL Airdrop.
- Third, in the red box on the left, we can see how to participate the airdrop. Read and understand these terms.
- Fourth, in the red box on the right, we can see the details of the airdrop. Select join airdrop to continue.
- Fifth, there are many rules and regulations that must be followed and filled. Read and do all the processes. After successfully doing all the steps, we can join the airdrop.
Conclusion
Airdrop events are a very good thing and have a positive impact on market participants in the cryptocurrency world. Promotion of new tokens or coins is a great thing and shows the development of cryptocurrency in the eyes of everyone in the world. Organizers and participants are the key to the success of the airdrop event where all the processes that will occur will provide the same benefits in different fields. Investigations and research on airdrops are very influential in making the right decisions and actions. Because there are so many scams in the name of airdrops that can be detrimental. It can be said that airdrops are a small part that can affect the development of cryptocurrencies.