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Stellar Wallet to Airdrop $125 Million Crypto: Will Airdrops also go the ICO Way?

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A Stellar-Wallet keeper, named simply as Blockchain, has announced on Tuesday the launch of an airdrop of Stellar Lumens (XLM).

A Stellar-Wallet keeper, named simply as Blockchain, has announced on Tuesday the launch of an airdrop of Stellar Lumens (XLM).  The airdrop it is valued at $125 million, making it probably the largest such consignment ever to be distributed to users in following months.

Each user shall receive $20 and thereby draw them into owning or trading in these decentralized assets. The estimated value of one lumen to the dollar stands at $0.2538 varying by 5.05% in trading times, according to market charts. The Stellar Lumen is the six highest in market cap rankings currently.

CEO of Blockchain Peter Smith made in his Tweet called the airdrop the “biggest digital giveaway,” adding that the introductory offer was on the back of adding XLM to the blockchain wallet.

 

Airdrops and their Ethics

Airdrops are the latest and most funky way to feed users with cryptos and get them to adopt the decentralized system. Airdrops are marketing gimmick or the generosity of spirit of wallet providers the question of ‘airdrops,’ and their genuineness looms large.

 

More by Blockchain

The Blockchain giveaway of XLM says it is encouraged by its “30M wallet users” and is excited that XLM is now available on their wallet platform with full support.” Additionally, the wallet has said that it will not keep any of the XLM for themselves.

According to Smith, the reason Blockchain chose the Airdrop method is because it will help drive decentralization as well as the adoption of new networks. For crypto users also, it is a highly useful option. It will allow users to trade, test as well as transact on crypto assets and will not have to worry about technical issues involved in buying these assets or mining these assets. The bottom-line is that the Blockchain Wallet is the safest method to use crypto.

 

Why Stellar was inducted

Besides, with the launch of Stellar on Blockchain, there is added scope, the CEO believes. The platform on which Stellar is built allows easy scaling solutions, which is just the base which Blockchain itself needs to move forward to meet strategic goals. Stellar’s token XLM is low cost, fast and easily lends itself to cross-border transactions despite millions of transactions happening in parallel.

The advantage with Stellar is that it is easy to create tokens which are customized for such use. They also allow real-world services or virtual services and more importantly a functioning ecosystem.

 

Airdrop Partners

The wallet provider has indicated that the airdrop will be in association with Standford d.school’s tech initiative called Code.org, along with Network for Good. These organizations will provide the necessary transformational technology for building a promising future, Blockchain authorities said.  The use of airdrop is to provide a stepping stone for the users to obtain and access tokens which will give them control over their financial future.

#Breaking News

Stellar Alert: 2.25 billion extra XLM were printed due to software glitch

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According to a report released by Messari, Stellar was affected by a glitch in the software which had led to 2.25 billion extra XLM to be printed in 2017.

According to a report released by Messari, a research company located in the New York, Stellar or XLM was affected by a glitch in the software which had led to 2.25 billion extra stellar tokens (XLM) to be printed in 2017 which valued at almost $10 million dollars at that particular time).

 

According to the report, the Stellar platform had faced an inflation bug in April 2017. The research firm told that they were always inspecting the supply of the top 50 cryptocurrencies according to market capitalization and while inspecting, they came to know about the inflation bug which was there in the software code of Stellar and was exploited by a hacker back in 2017.

 

No public announcement made by the Stellar team:

According to the researchers, the Stellar Development Foundation or SDF did not publically disclose the bug or the printing of the extra 2.5 million XLM tokens. The inflation bug was inside the “MergeOPFrame::doApply” function of the Stellar protocol due to which the total supply of XLM was increased by almost 25% back then.

 

The Stellar Development Foundation, on the other hand, had burnt the same amount of XLM tokens from the community reserve in order to counterbalance the inflation. Thus, the news agencies and other researchers were not able to notice the significant change in the supply.

 

What happened with the extra XLM?

It is not exactly known what happened with the extra printed 2.5 billion XLM tokens, the research firm is considering that the tokens were most probably transferred to a crypto exchange and sold during the bull market of 2017.

 

Response from Stellar Development Foundation:

The Stellar Development foundation reacted to the claims being made by Messari, stating that Stellar was a developing open source project that had a small dedicated team of developers. Therefore, the announcement of the inflation bug in their released notes made sense. SDF team stated that they had mentioned it twice in the release notes of the project and made it quite clear that the bug was exploited. Then, the team burnt the same amount of XLM tokens to balance the supply.

 

The SDF team also said that since then, there has not been any bug reported in the software, and if there was any bug, the team would be disclosing it in proper detailing as soon as it was mended. They added that they had also made an announcement a few weeks back in their roadmap of 2019 that they are already performing the total accounting of all XLM tokens by the year-end and the detailing around the inflation bug was and is going to be a portion of the same.

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#Stellar

Stellar Lumens listed on Coinbase Pro: XLM surging after confirmation

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Stellar Lumes is being listed on Coinbase Pro as announced by Coinbase in an article on their website. Stellar lumens focuses on cross border payments.

Stellar Lumes is being listed on Coinbase Pro as announced by Coinbase in an article on their website. Stellar lumens is a coin that focuses on cross border payments. Earlier, Coinbase had announced the listing of XRP on the same platform and just as XRP, Stellar Lumens shall be available in states which are supported by Coinbase apart from New York.

After the announcement, people are expecting that Stellar Lumens shall also soon be available on Coinbase customer’s platform too as most of the tokens that are listed first on Coinbase Pro, soon get listed on the other platforms too. However, there is no confirmation from Coinbase about the same yet.

Coinbase had already made announcements in December last year that they would add thirty new tokens on the platform which included Stellar Lumens as well. As a testing phase, XLM listing shall be carried out in several stages before the actual trading starts. It will firstly be listed on transfer-only mode and later full trading shall start.

Stellar Lumens (XLM) is the native token of the stellar network which was founded by Jed McCaleb, the founder of Mt.Gox and also the co-founder of Ripple with Joyce Kim, a former lawyer. Coinbase described Stellar Network as a token that has an aim to connect banking institutions, payment systems and independent parties or individuals with each other in a rapid and authenticated way.

Stellar Lumens Daily Price Analysis:

XLMUSD Price Chart

XLMUSD Price Chart

Stellar Lumens (XLM) was trading around $0.1015 yesterday and soon after the announcement by Coinbase, it spiked upwards. It reached up to $0.1130 before starting to correct downwards. There are numerous resistances formed around $0.108 and $0.111 which are preventing XLM to rise further. Currently, XLM is correcting downwards with major support at $0.105. If this support is broken, XLM might crash down to the same level where from where it started the bull rally.

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#Stellar

Stellar Surging, Now on Number 8: What’s the reason? XLM Price Analysis

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Steller Lumens or XLM is surging today with more than 13% rise in the last 24 hours. Börsenmedien AG is all set to buy a large amount of stake in SatoshiPay

Steller Lumens or XLM is surging today with more than 13% rise in the last 24 hours. Also Stellar is now the 8th largest cryptocurrency according to market capitalization (data from coinmarketcap). The market cap of Stellar is now more than $2 billion. Not only in the last 24 hours but in the last week as well, Stellar has been rising continuously due to the recent updates. On a weekly basis, Stellar is up by more than 22%.

 

Why did Stellar rise?

Börsenmedien AG, a giant financial information media company based in Germany is all set to buy a large amount of stake in SatoshiPay which is a startup based on Steller. This is one of the reasons which led to the sudden surge in the price of XLM. Börsenmedien AG wants to include SatoshiPay payment solution on their platform for their users to make payments on a single click.

 

Stellar Price Analysis:

XLM was trading at around $0.08 last week before the price started a bullish momentum. Stellar faced a lot of hurdles in between. Rising up to $0.088 on 8th March, the price started a downward correction but soon started the bullish force again on the 9th of March. With the continuous rise, Stellar has reached a monthly high of around $0.1097 today. XLM is currently correcting lower but it well supported around $0.1000. The current resistance lies around $0.1100 and if the buyers are able to break through this resistance, XLM may rise more to test the next resistance around $0.13000. However, if the current support of $0.1000 is broken, XLM might fall down to around $0.9400 where a large number of buyers are currently placed.

 

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