Blockchain, the provider of data for block chains and cryptocurrency wallets, presented its framework for the distribution of gift tokens, known as airdrops. The guide, called The Airdrop Program, was announced on Wednesday, October 17, through the firm’s official blog.
Building on the foundation of creating connections between users and token creators, the Program includes a set of principles for the selection and distribution of cryptocurrencies. In addition, it defines the advantages that the use of a tool such as airdrops can have for the ecosystem of a token-based network.
The Blockchain team noted that, through the use of an airdrop, the creators of token-based networks will be able to distribute their cryptocurrencies directly to the 30 million Blockchain users. In this way, issuers can drive the decentralization of new networks or expand the reach of existing ones.
“At Blockchain, we know that cryptocurrency tokens thrive on decentralization and network effects: the more individual users a network has, the more useful and valuable the token of this network becomes,” says the company’s statement. They also say that the free distribution of tokens boosts users’ exposure to new assets and creates a beneficial testing space for network participants.
The principles of the program were presented in a technical document, which states that facilitating airdrop through the Blockchain platform would allow safer interaction between users and new cryptocurrencies. Other possible methods of acquiring tokens, such as Initial Coin Offers (ICOs), buying at exchanges and mining, can be very expensive or inaccessible to users.
From the point of view of token makers, airdrops can quickly dynamize the network and, in many cases, reduce the risks posed by securities laws and regulators.
As part of the rationale for distributing tokens, the document points out that it should be direct, directed to accounts where users control their private keys. In this way, the creditors of the new cryptocurrencies will be able to interact directly with the network. This is not the case with custodial services as users need permission from the platform owner to use and dispose of tokens.
The cryptocurrencies that can be distributed to Blockchain users will be selected according to criteria such as: user need, technical quality, strength of the project community, network activity, and regulatory compliance. However, the company did not mention more details about requirements for token issuers who want to use its services, nor for users who are interested in receiving the new cryptocurrencies offered through the platform.
CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com