Stellar Development Foundation to airdrop 2 billion XLM crypto tokens worth $121M to 'WhatsApp-alternative' app Keybase
Tue, 10 Sep 2019, 05:22 am UTC
The Stellar Development Foundation (SDF), a non-profit organization behind the open-source Stellar blockchain network, is launching a $121 million airdrop in cooperation with encrypted messenger Keybase.
As per an announcement, the organization will be giving away a total of 2 billion Stellar Lumens tokens (XLM), currently worth $121 million, to users of Keybase, an encrypted “alternative to Slack, WhatsApp, Telegram, and other chat apps.”
To start with, the foundation is airdropping 100 million XLMs (~$6.1 million) to 300,000 Keybase users today. Then, the remaining tokens will be distributed every 15th day of each month over the next 20 months.
Although the SDF-Keybase partnership is not new, the airdrop program is “SDF’s mission to get Lumens in the world, into the hands of real people. Keybase provides the real people,” Denelle Dixon, SDF Executive Director and CEO, told The Block.
“We’ve built a way for people to prove identity, collaborate securely, and store cryptocurrency. Because Keybase is doing this Airdrop, SDF knows that is Lumens are reaching real humans in a secure way,” she continued.
Notably, Keybase is not crypto-native, which means its users are expected to have not much idea about blockchain. Dixon said that SDF hopes that giving out free lumens would allow Keybase users to gain familiarity with blockchain and the Stellar network.
Eligible participants must own a Keybase account, or if they are new to the messenger, they must connect their Keybase accounts to a Github or HackerNews account. Each Keybase user is limited to receive a maximum of $500 worth of XLMs over the course of 20 months.
The airdrop will initially run for 3 months before the Stellar Development Foundation determines if the program was a success or not and if it should be continued.
In March, Stellar announced that it is launching as Coinbase’s largest Earn partner-to-date, a program that allows users to earn cryptocurrencies while learning about them in a simple and engaging way. The educational initiative allowed users to get $2 in XLM for completing video lessons and up to $10 for their referrals that qualify and go through a lesson.
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