Popular cryptocurrency wallet provider, Blockchain has announced it will be doing a huge giveaway in an airdrop that will see its users across the globe receive $125 million worth of Stellar XLM tokens. The figures speak for themselves as this is tipped to be the biggest airdrop of its kind ever.
The Stellar XLM is presently the sixth largest cryptocurrency in the what is now murky cryptocurrency market with a market cap of $5 billion. The airdrop is expected to “reward” each user with a total of $25 – that doesn’t sound so huge when it’s brought down to the individual gains.
The company’s CEO, Peter Smith has mentioned that Stellar XLM is the choice for this airdrop because he believes the network is representative of a blockchain that has the capacity to process massive volumes of transaction at a time. And at a time where the cryptocurrency market is gradually expanding and adoption by the masses is becoming more of a reality, many of such networks are going to be needed to avoid scaling issues. Blockchain mentioned concerning the airdrop that it would be
“accessible to anyone with a Blockchain Wallet, the first batch of recipients will receive their lumens, Stellar’s native currency (XLM) this week – for free”
Stellar was created by the mastermind behind Ripple, Jed McCaleb, and also happens to be the chief rival to Ripple XRP on the cryptocurrency market. The company has over the span of this year entered into key partnerships with companies like IBM in an effort to enable real time cross-border currency transactions. Earlier in September, it also purchased Chain blockchain, one of the few blockchain companies recognised by Visa.
The airdrop, which was announced on Tuesday, is a partnership with Stellar and thus Blockchain claims it is not paying for anything actually. Stellar is rather using Blockchain as an avenue to reach out to most people and get them to own their tokens through a free distribution.
Our initial estimation of $25 per head in the distribution could vary depending on geographical location according to Peter Smith. He further explained that the distribution isn’t going to be a one-time project but a process spread over a period of months and that existing wallet owners are going to be top priority in the distribution. Jed of Stellar described the deal between Blockchain and Stellar as
“We believe that airdrops are central to creating a more inclusive digital economy. Giving away lumens (Stellar XLM) for free is an invitation to communities to design the services they need. Our hope is to eventually have global citizens own and use lumens, in both developing and developed economies. By working with Blockchain to increase the availability and active use of lumens on the network, leveraging their almost 30 million wallets, we will increase the network’s utility by many orders of magnitude.”
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