Airdrops are one of 2018’s biggest crypto trends. In the blockchain world, the term airdrop refers to gifts. It is the process of giving the users free tokens to their wallet. Airdrop is somewhat similar to ICO. As we all are familiar with ICO, it is when the tokens are distributed for a fixed amount of coins, whereas the condition when the tokens are distributed to the users for free is termed as Airdrop.
Furthermore, airdrop can happen when there is a fork in a cryptographic money. For eg. Bitcoin clients getting Bitcoin money and Ethereum clients getting Ethereum Classic tokens levels with the estimation of that held in their original wallets.
Why conduct an Airdrop?
Airdrop can occur for various reasons, the most well-known being
1. To reward royalty:
Free tokens can be remunerated as a reward to users of cryptographic exchange websites, giving them a free token to express profound gratitude for being loyal and faithful to their platform.
Used by companies to draw attention amid ICOs in order to encourage investment in their crypto tokens. They are also often utilized at the launch of another cryptocurrency, especially when this is the result of a fork for eg. the Bitcoin Cash airdrop.
This can make a more elevated level of security for the network and its users.
How does Airdrop happen?
The only condition for the recipient of the airdrop is that they must have certain platform coins in their wallet. This can be verified from the snapshot of the chain.
The Snapshot of the blockchain will let u know the count of the platform coin with each user. With this information from the snapshot, tokens are distributed to the users at a certain proportion to the platform coin. The snapshot is taken at a pre-announced time but it is not sure that the distribution will be done on the day of the snapshot.
Some others Airdrop their coins without the help of snapshot. This is often done by online marketing. They try to attract the users of the blockchain to their websites. Then the tokens are distributed to those who register there. In such a process also the authority will check the available platform balance at that instance. In this case, the distribution of the tokens will be less as not all the users are treated with the tokens.
Airdrops are the newest format to circulate tokens in the crypto world. What's more, there are no standard guidelines yet. Maybe in the future, with the increasing popularity. Be that as it may, at the present time, each group offers an alternate arrangement of guidelines. Regardless of a couple of sites showing the guidelines, you may need to contact the developer directly to take in more.
For the circumstance where you need particular coins in your wallet, the dev group will make a photo of the relating blockchain. Besides, individuals holding the cryptocurrency in their wallet will be qualified to get the tokens. While on occasion you may get the tokens thus, you need to guarantee them on the project's website. For the airdrops through online portals and social media, you may need to share or retweet the link of the project. Henceforth you may require a specific number of followers to be qualified. A couple of developers similarly require to share your contact subtle elements.
One of two techniques are generally used to conduct airdrops:
Planned airdrops are generally announced in advance, as a component of marketing strategy to promote a project and generate excitement in the crypto community.
Surprise can likewise also generate excitement and a ton of free attention when it is a well- established cryptocurrency that leads the airdrop. This is the best part! In fact, you may have received some free coins, without even knowing it, until the point you check your wallet. Since some platforms do give away a few tokens to the users holding a portion of their coins, much the same as that.
I’d prescribe you to hold a little bit of each coin, at least the most prominent ones. With the more coins in your portfolio, the more complimentary rewards you can get!
What to do with your airdropped coins?
Toward the start, there's nothing lot to do, as no one knows the new currency. What's more, it's not by any means available in the exchanges. Without a doubt, you can get and send a few coins with your friends, however what for? Regardless of the value, the project announces, it's really worth nothing.
It ends up interesting when the new crypto lands in the crypto exchanges. What's more, you can know the real cost of what you got. The possibility is that many people need to offer their coins, to get “real” money from it. So the price may not be up to your desires. But you don’t have to offer your free crypto, you can hold it and utilize it later.
How do I keep my new crypto coins safe?
Most importantly, you require a crypto wallet to have the capacity to get, hold and send the new crypto. At that point, you have to own the private keys to your coins and tokens. Else they're not yours.
Likewise, you can share your crypto address, to get your cryptocurrency airdrop. Be that as it may, you should never share your private key! On the off chance that you do, somebody will take your coins, without a doubt.