Most cryptocurrency enthusiasts are only familiar with ICOs. The word airdrop sounds foreign to many crypto users. What comes to their minds upon the mention of this word is a certain software by Apple Inc. However in the world of digital currency, an airdrop is simply a procedure whereby cryptocurrency gets distributed by awarding current holders of the blockchain with tokens.
Some time back, cryptocurrencies realized that there is a lot to be gained when their tokens are held on as much wallets as is possible. With more coins, it means that a heighteren experience as well as interest is generated in a particular currency. All these factors combined increase trade volumes of a cryptocurrency once listed in an exchange. This then led to the birth or airdrops.
Binance has since realized the effectiveness of airdrops and has not been left behind. Unlike ICOs, an airdrop incurs no payments. Furthermore, it giveseople about the offering and an opportunity to own tokens. On 8th march, Binance concluded its distribution of its maiden ontology airdrop. Ontology (ONT) is a new version of public blockchains. Likewise it is also a platform based on trust collaboration that is distributive in nature.
Its primary feature is that a high performance blockchain with a series of smart contract systems and distributed ledgers. Other components include the support for public blockchains, customization of blockchain for different uses as well as collaborations support.
17th March 2018
As a celebration of the listing of Ontology in its platform, Binance has set up a competition with about 6250000 ONT tokens to give away. And this applies to all its users worldwide! In the contest, users will get ranked from position 1 all the way to 5050. Ranking will be based on the ONT amount within every account on the 17th of March 2018 at 2:00 AM (UTC). it will encompass purchases, deposits and any other available balance per account.
The ranking structure is a s detailed below:
Position 1: Gets ONTs amounting to 200000
Position 2: Gets 150000 ONT
Position 3: Gets 100000 ONT
Position 4-10: split up 300000 ONT
Position 11-20: split up 200000 ONT
Position 21-50: split up 300000 ONT
1000 ONT per account amounting to a total of 500000
Binance plans to make a 2nd Ontology airdrop sometime in the second quarter of 2018 upon the implementation of the EOS MainNet Token Swap. This system is based on EOS.IO which is a groundbreaking software of its kind that allowed blockchain architecture aimed at facilitating both horizontal and vertical scaling of scattered applications.
The software makes the following provisions: authentication, account creation, databases, scheduled applications across cpu clusters and cores. Finally, you also get the benefit of asynchronous communication. Therefore, the EOS MainNet nas the potentiality of scaling millions of transactions per second.