It seems Initial Coin Offerings, or ICOs, are everywhere these days. I have written a few articles on the impact of ICOs on Ethereum and have even recommended a great airdrop from the company Current. You may be wondering, what are these ICOs and Airdrops that are all over social media and other news outlets you may be following?
What is an Airdrop?
An airdrop is when coins/tokens are distributed to the company’s community for free or, for small tasks. This is done to ensure early distributions grow a community around the coin and draw support. Most of the tasks that are required to earn bonus coins are focused on “spreading the word.” This process could also be referred to as a bounty program although; a bounty program is a different method, however it does follow the same idea as rewarding posts in social media.
Many people don’t know what ENS names are; never mind what they are used for or the function they provide. With Ether at a lower level than normal, now might be a good time to purchase one.
Ethereum Name Service or ENS simply put eliminates the need to copy the long addresses by replacing them with unique domains. This means you can send money to friends or from an exchange to example.eth instead of the long addresses we have all become familiar with.
The market has been seeing a drastic decline and most new investors are beginning to panic. We have been riding a constant upswing for so long now, that too not see that constant increase is alarming. This might just be a time to panic though. In my previous article, I touched on how ICO are hurting Ether and the Ethereum network but the news got worse as more accusations have come out against Tether.
Some people in the industry will say all these ICOs are great for Ethereum and the more exposure the Ethereum blockchain receives the better. In a recent interview, Charles Hoskinson seems to feel quite differently about it.
If you are reading this and have heard the term cryptocurrencies before but have been for further explanation on what they are, how they work and their advantages are, you have come to the right place.
Up until just recently, Litecoin was second to Bitcoin until it was firmly displaced by Ethereum. Comparing the two is like comparing a carrot with a beetroot. They may both be vegetables but that is where the similarity ends. Litecoin was originally released in 2011, as a way of overcoming challenges in Bitcoin mining.