It turned out that owning EOS could be a 17-for-one offer for anyone that is there before the launch. The reason for that is as once live; it will not just be the cryptocurrency which powers the EOS software which is available to the market. In fact, most EOS holders are going to find they also own a bunch of some other tokens with real-world value since loads of startups are planning to jumpstart their efforts by gifting the tokens to EOS users, the lion’s share coming in the first blocks.
Going one step back, airdrops are a broader trend in crypto, and they are not by any means something unique to EOS. Some giveaway, they have taken on particular importance as a way to quickstart group around a project at minimal cost, as well as without asking anyone to spend money.
The OMG token issued by OmiseGo pioneered that this approach in late 2017 when everyone with an Ethereum wallet received a helping of its new token. After that, the airdrops haven’t stopped, even though they became more focused, with giveaways for people that sign up based on specific criteria becoming the norm. For instance, some companies may pay to do airdrops to elite crypto communities such as 21.co or CoinList or they may also merely ask their community to complete several verifiable tasks to earn allocations.
New protocol in June
But, with EOS, that trend just seems to be accelerating. The new EOS protocol is going to go live in early June, and when it does, a transition is also going to happen, with those that own EOS tokens issued on Ethereum, having their coins locked up in smart contracts until they can be exchanged.
Soon after this happens, there are going to be many airdrops, and generally speaking, the first few airdrops is going to be distributed widely to users. A lot of them are dropping into every single wallet which has a certain number of EOS tokens in it.
An exchange devoted to the EOS community, known as Chaince, plans to do an airdrop, and it also says that the flurry of activity around the lunch was only too good a marketing opportunity to pass up. A representative told CoinDesk that EOS is very popular in recent times.
Some new projects surely would like to choose a local chain.
As for the other companies which are involved, their mission varies widely. Some of them are attacking evergreen problems which are chased by startup founders like job search or payroll. There is a few taking on one of the perennial favorite industries of the crypto: gambling. However, several of them appear to be designed to build out the functionality of EOS.
Here, we are going to present you a selection of those more infrastructural efforts which happen to yield piles of new tokens:
Those that use Ethereum may be familiar with Metamask, which is a browser extension which makes it easier to interact with the blockchain in the Chrome browser project. Scatter aims to do the same for EOS.
Another goal that Scatter has is to give the user a way to interact with products which are built on EOS without the need to reveal more information than they want. When a user logs into Scatter once, he/she can use various EOS dapps without registering in one more time, as they move across the web, but Scatter also permits users to have multiple identities.
For instance, a user can have one login for social networking sites, as well as another to buy real things which are going to be shipped to their home.
The team of Scatter plans to create a token to take on the problem of reputation permitting different identities to earn tokens to improve their status as needed on a given network the token is going to be called RIDL.
In an email, the founder of Scatter named Nathan James told CoinDesk that for them, it is a way actually to create the initial supply. There is no maximum supply for the RIDL token. He also said that they are minted whenever a new identity is registered.
The token of Scatter is unique in some other way: it gives them to identities, not matching EOS balances, and no identity can hold more than 100 RIDL. Reputation can also not go any higher than that.
It is an EOS-oriented exchange which is unique on the list because it is already live.
Chaince is going to run an audit process which publishes reports about tokens listed on the platform. This process, which is also called the choice of Chaince, is meant to make the platform one which reduces information asymmetry for token investors.
The white paper states that the Choice of Chaince adult team is going to focus on high-quality decentralized applications which are based on the EOS system and which look forward to projects which pass the adult having the chance to develop into multi-billion dollar commercial giants.
Chaince tokens are also going to be distributed to all of the holders of EOS early on, and the Chaince exchange is going to share a portion of its earnings with the holders of the tokens.
According to one representative, Chaince is already well funded, and the main aim for the airdrop is to drive user adoption rather than to finance development.
Do you remember the DAO? EOSDAC will bring the same concept back, with the launching of a version which will decide projects to take on democratically, as well as return the value which is realized back to the community.
EOSDAC is interesting as it already did its airdrop on the 15th of April, based on block 300 of the EOS token sale. So, only those people who were following EOS before the buzz in the final days before the airdrop could get the tokens.
But, the airdrop has also complicated the launch of the primary net somehow. To access EOS tokens after their start, the users will need to have established an EOS wallet and connected it with their Ethereum wallet before. A lot of conversations about the best wallets to choose addressed whether or not they were built in order to support EOSDAC tokens and EOS itself too.
EOSDAC dropped about 75% of its tokens to EOS holders
After all of the talks about wide distribution of tokens, the platform will obviously need a tool in order to allow for permission, as well as targeted token giveaways. Enter: Parachute, a project of the block producer candidate EOS Dublin.
Parachute is on its way to creating a membership-based system where a person can share information about himself or herself, as well as receive offers for free tokens which are based on that information.
EOS Dublin is not offering a new token to run Parachute, but users are going to get airdrops, provided it works out. If the idea of creating new tokens for startups is still, something like Parachute is going to be needed for a while.