One of the tactics that creators of cryptocurrencies use to get people on board is called an “airdrop.” Put simply, they look for wallets (or some other means of ensuring that you are you) and drop coins or tokens into that wallet.
We’ve heard of them before, and we’re really really new to the airdrop world – but…well, this one we stumbled upon sounded like it was worth our while.
So, together, let’s learn how an airdrop works, and watch one in action.
POW Token Airdrop – Still Ongoing!
You, too, can take advantage of this one; while early adopters got on board and got huge amounts of coinage, the token creators here claim that the value of what they’re giving away is still close to $100 US.
This one is really easy to do: all you need is a Facebook account.
Here’s how it works…
Step One: Go to this Link
POW Token is where you can get started. You’ll see a screen that looks like the above, except the number of POW “lite” you’ll receive will be lower than what’s listed here.
(We’ll talk about the math behind this below.)
Step Two: Click on the “Login with Facebook” Button
The key here is that your Facebook must be locked down pretty tightly. If you’re using free Wifi at the mall, you’re probably going to get hacked. And that *could* lead to someone taking your tokens away.
Accept the terms, which are pretty straightforward.
Step Three: Wait Patiently
Now you should have a large amount of POW “lite” tokens. Cool, huh?
But…are they gonna be worth anything?
If the above chart and graph and nutritional breakdown of POW Token looks a little confusing, here’s what’s going on:
They started the process with a total supply of in excess of 231 BILLION tokens. (Wait, does that mean that your tokens won’t be worth much? Stay tuned…) Then, they used a very simple formula that 10 billion by the place you held in line. The first person in line received 10 BILLION TOKENS. (We tried, they had some technical difficulties, we had to wait 2 and a half hours, and we still were in pretty good shape.) So person 2 received 5 billion tokens, person 10 received 1 billion, and so on.
But they have capped the total supply: no more tokens will be made.
In that chart above, they claim a valuation of .00000325 ETH per POW. At the above prices, that’s pretty generous, as the entire network would then be worth $221 Million. And the person in the front of the line is officially loaded.
Except, in the chart at the very top, they use a different calculation: $0.0001 per token ($91 and change divided by the 950,000 or so tokens).
And What IS This Thing?
Yeah, it’s starting to make a little more sense. They need a system that’s faster than Ethereum, and one that enables mass market adoption and rapid peer-to-peer transactions. POW may end up doing just this. But they can’t get people to use it if people don’t have it, thus the airdrop.
It’s going to take a little time for this all to happen, though – the website tells us December is when we’ll start to see some real activity.
Til Then, Stay Tuned
And go claim your tokens, will ya?