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Spammers Stop Stellar From Giving Away 2B XLM Tokens On Keybase

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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.”

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Stellar News

The Stellar Platform: 11 Exciting Projects Opening A New Horizon

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The Stellar platform has gained a lot of attention in the crypto news lately and proved that it still has a strong ratio against Bitcoin. One reason for all of this excitement behind the cryptocurrency are the projects that are created using its platform.So far, Ethereum has been credited for opening a new horizon in blockchain-based applications. Stellar has earned credibility through projects - a lot of them - and maintained its reputation proving that it is a powerful player in the crypto space. Below, we are listing its eleven exciting projects which are opening up a new horizon and solving real-life problems.
  1. 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.
  2. 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.
  3. Stellar X - Creating a great user interface through the "decentralized" aspect.
  4. Open Garden - Allowing the users to turn their phone into a WiFi hotspot and get paid in Stelalr Lumens (XLM) for data they used.
  5. TillBilly - A platform which aims to establish a thoroughbred point-of-sale (POS) service on the Stellar Network, easing the burden of paper receipts.
  6. Slice - Slice is tokenizing real estate projects which were previously only accessible to institutions that are established in the United States.
  7. Sure Remit - A remittance network that Africans can use to send money home to their loved ones..
  8. SmartLands - The Stellar platform wants to tokenize agricultural lands and enable the use of crypto for acquiring landed properties.
  9. 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.
  10. Stronghold - A USD anchor that helps the Stellar platform to issue tokens including BTC, ETH and USD.
  11. 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.
All of these projects stand as proof that the Stellar platform is developing in the right direction.
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Stellar News

Stellar Foundation Published Mandate For New Future Spending Plans

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The stellar foundation published a mandate that clearly explains the plans for the future spending of the company. SDF has 30 billion Stellar Lumens (XLM) in possession which is roughly equivalent to $1.3 billion and the company aims to spend these funds on making Stellar bigger and to promote it further as we are reading in the XLM news today.In the published mandate, the Stellar Foundation announced that they have actually set the funding aside. As of December, 20,9 billion XLM or $400 million has been transferred to escrow accounts that are set to unlock annually until 2023 and the rest of the funds will be distributed over the next ten years or maybe even sooner. The mandate indicates that about 12 billion XLM is allocated to direct development and these funds will be spent for the development of XLM as well as operational costs, policy efforts, salaries, and business relations. The Stellar development foundation noted that it often sells XLM in this category on exchanges and a part of the funds could end up in circulating supply.SDF has dedicated 10 billion XLM to use-cases investments and they will spend it on other projects, acquisitions and venture capital-style backing and the company separately allocated 2 billion XLM to support the ecosystem which involves grants to independent projects and future events. The SDF reserved 6 billion XLM for user acquisition and the funds in this category will go towards marketing campaigns but some of the funds will reach the users directly through in-app distribution and airdrops.Back in November, SDF reduced the holdings from 85 billion XLM to 30 billion XLM and the token burn destroyed more than half of Stellar’s entire supply and they expected that this decision will boost the value of each XLM token so the ‘’SDF can be leaner and do the work it was created to do using fewer lumens.’’ Stellar discontinued inflation since the inflation rewards didn’t reach the ecosystem projects but the users often claimed the rewards for themselves. The end of inflation means that the entire ecosystem funding has to be drawn from the existing funds which is something the SDF’s new mandate should do this more effectively.
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Stellar News

Stellar Development Foundation: 2 Billion Lumens Airdrop Cancelled

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The Stellar Development foundation will not be airdropping 2 billion lumens tokens after all and in our Stellar news today we find out why.In a blog post yesterday, the Stellar development foundation and Keybase announced they are canceling the airdrop of 2 billion lumens after they got attacked by ‘’hordes’’ of fake accounts and as the blog post noted:
“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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Stellar News

XLM Forms A Bearish Wedge And A Bearish Short-Term Trading Outlook

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XLM forms a bearish wedge pattern and a bearish short-term and medium-term trading outlook as we are about to see further in the XLM news today.Stellar has formed a bearish short-term and medium-term trading outlook and the four-hour time frame shows a bearish wedge breakout has taken place by forming a bearish head and shoulders pattern being triggered. Stellar Lumens remained under downside pressure following the recent technical rejection from the $0.54 level but with a heavy downtrend still underway on the broader crypto market. XLM recovered to above $0.56 when BTC suddenly surged and took the rest of the market with it.The XLM/USD pair lost about 40 percent from the November price peak and it is currently trading around one percent lower than the December opening price. The technical analysis shows that the XLM forms a bearish wedge and a head and shoulders breakout on the daily time frame moving the cryptocurrency back towards the November swing-low.  The four-hour time frame shows that the bearish breakout from the rising wedges pattern taking place, provoking a 14 percent decline in the cryptocurrency.A breakout under the November lows encouraged further selling pressure and pushed Stellar Lumens towards the September 2019 monthly low closing to the $0.48 level. The bulls ideally have to rally the cryptocurrency toward the $0.66 level just to stabilize the XLM/USD pair which would require a rally of more than 20 percent from the current levels. Breaking the November swing-low at about $0.51 support level could even cause a strong buying reaction among the XLM/USD bulls. The Relative Strenght index on the daily time frame shows that the XLM is quite oversold while the MACD indicator is still bearish.According to the latest sentiment data, the short-term sentiment towards Stellar Lumen is neutral at 64 percent and the overall long-term sentiment towards the cryptocurrency is bearish at 22 percent. The four-hour time frame shows that the key technical resistance is now located at $0.66 and $0.69 levels and the technical resistance over the medium term is located at $0.85 levels. The four-hour time frame shows that the XRP/USD pair is now in a strong medium-term technical support around $0.51. The critical long-term technical support for XRP is located at a $0.40 support level and the altcoin is proving that it failed to rally and shake off the bearish medium-term pressure.
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