Spammers stop stellar from making the giant airdrop on the encryption app by Keybase soon after Stellar made the announcement. Luckily, they went away as soon as the word was sent out that the free money era was done, so let’s find out more in our Stellar news today.
The CEO of Keybase Max Krohn explained that there has been a discussion lately about the serious uptick in spam on the chat features on Keybase. The explanation for that simply lies in the partnership of Keybase with Stellar Development Foundation to airdrop about 2 billion XLM to the users of the app over a period of 20 months:
“It was really an interesting experiment. In the end, it definitely achieved the goal of getting more numbers onto Keybase and more people onto Stellar.”
The trouble is that sometimes the costs outweigh the benefits as Keybase admitted when they announced the program was coming to an end. The final XLM airdrop started yesterday on December 13. What seemed to be a 2 billion XLM giveaway will not be a lot less. The airdrop occurs when a protocol or a company starts distributing tokens to some internet users that it believes will advance the brand.
Talking about the partnership with Stellar, the Keybase users could receive thousands of dollars in XLM with each airdrop and the Spammers stop the activity once they saw it accelerating according to Krohn. Eventually, the airdrop on Keybase attracted so many spammers that it was no longer worth trying to continue. The founder of Stellar Jed McCaleb noted:
“These airdrops are very hard to get right and in a way that is not overcome by fraud.’’
As Krohn put it, the amount of crypto offered was too low for someone to start bothering with tit but for users that have the ability to write scripts to run a bot farm, it could have been very lucrative. Once scammers could get thousands of bots through Keybase’s checks for similar to human behavior, it can certainly become worth their while. CEO of the Stellar Development Foundation Denelle Dixon explained:
“They had developed a lot of interesting activities for users. We were really excited about it because we liked what Keybase stands for.”
The Stellar Platform: 11 Exciting Projects Opening A New Horizon
- The IBM Universal Payment Solution - IBM uses the Stellar platform to give more transparency into their payment structure. As sources show, the company is close to helping a central bank move paper money on the Stellar blockchain network.
- Veridium - This project is in partnership with IBM and Stellar and aims to tokenize the carbon market globally. It has been in the Stellar news for a while now, dealing with automating the offsetting of carbon emissions.
- Stellar X - Creating a great user interface through the "decentralized" aspect.
- Open Garden - Allowing the users to turn their phone into a WiFi hotspot and get paid in Stelalr Lumens (XLM) for data they used.
- TillBilly - A platform which aims to establish a thoroughbred point-of-sale (POS) service on the Stellar Network, easing the burden of paper receipts.
- Slice - Slice is tokenizing real estate projects which were previously only accessible to institutions that are established in the United States.
- Sure Remit - A remittance network that Africans can use to send money home to their loved ones..
- SmartLands - The Stellar platform wants to tokenize agricultural lands and enable the use of crypto for acquiring landed properties.
- Tempo - This is a money transfer remittance company offering a well-established platform which resembles the 'European Western Union' with penny-based fees per transactions.
- Stronghold - A USD anchor that helps the Stellar platform to issue tokens including BTC, ETH and USD.
- SatoshiPay - What started as a micro-payments platform for web content on the bitcoin network is now an avenue which can help Stellar's massive adoption.
Stellar Foundation Published Mandate For New Future Spending Plans
Stellar Development Foundation: 2 Billion Lumens Airdrop Cancelled
“This month will be our last of the Stellar Space Drop. On the week starting Dec. 15, we will distribute the final 100 million Lumens among all qualifying members.”Back in September, Stellar unveiled its largest airdrop to date with about $120 million at the time and the Stellar Development Foundation partnered with Keybase which is a file-sharing application that was willing to distribute the funds over the course of 20 months to verified users on the platform. Each user that was verified was eligible for up to $500 in XLM. Both Stellar and Keybase received a lot of press from the promotion and Stellar even received coverage from almost every major publication while Keybase gained thousands of new users signing in thus growing its user base by a quarter.Keybase claims that the fake sign-ups overwhelmed their capacity to verify the accounts and therefore they had to shut down. Although they say that the campaign ‘’ mostly worked’’ the cancellation of the airdrop will have a serious impact on the users who feel that were duped. That said, the Stellar Development Foundation said that it ‘’reserves the right to end this giveaway early’’ from the beginning of the promotion.After promising to give away 2 billion in XLM, the foundation’s remaining treasury will still represent more than 30 percent of the total token supply which is a major point of centralization. As per the reports, The Cardano chief Charles Hoskinson recently had a chance to talk about the Stellar Development Foundation (SDF) and its recent decision to burn 55 million XLM tokens which were worth around $4 billion at the time. Hoskinson noted that this move has created little in the way of value for Stellar's foundation and noted that the funds should have been invested in development. However, the token has gone into a mode of suffering along with Bitcoin and other cryptocurrencies which are deep in the red today during the most recent price tumble.
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