What is airdrop in crypto world?
A crypto airdrop is when a blockchain project distributess free tokens or coins. Two types of airdrops could be identified: 1 - as amazement and 2 - announced in advanced. Blockchain based startups regularly prefer advanced announcements to achieve gossip going. As the target is typically to bootstrap the project, the airdrop practice implicates the achievement of a number of tasks by the customer in order to be eligible for the airdrop.
Why startups carry an Airdrop?
As a Reward for Loyal Customers
This type of airdrop equals to the vouchers giveaways of non-blockchain companies in the typical commercial world. Sometimes blockchain based services wish to reward users. Airdrops can be used as a method of rewarding faithful users with free cryptocurrency tokens. This act as an encouragement for continues using platforms.
To Generate Lead Database
Promotion is to generate leads. Organizations pay attention to make proper leads that will push their marketing campaigns and increase investments. Airdrops can be used by blockchain based businesses to create valuable leads databases for their organizations. In return for free cryptocurrency tokens, users’ needs to complete online forms that contain valuable information about user which can be used to develop targeted marketing tactics.
To Create Awareness About a New Cryptocurrency
The marketing promotion on social media of airdrop lead to increased awareness being paid to a new cryptocurrency. Word of mouth advertising and other forms of organic commitments brought about by an approaching cryptocurrency airdrop can lead to bigger user participation in the cryptocurrency.
What Is Airdrop mechanism in project Redenom
Team Redenom went further and embodied the idea of Airdrop as a key mechanism for the formation of crypto-economics. In the Redenom project, the value of the NOM token as an economic unit is not formed from its original value, as in the case of the classical ICO, but in the process of its circulation. All users of the system receive NOM tokens for free for a certain action in the system. Emission is carried out in the process of such actions. Accordingly, the economy of the Redenom project depends on the number of participants in the system and on their actions. The project provides a mechanism aimed at ensuring the promotion of active users through the process of the Redenomination. The system itself is a DAO system in which each participant can request funding from the Redenom DAO Fund on conditions of blockchain quadratic voting of other participants. Thus, the site aim is financing start-ups.
How to get free crypto tokens NOM
Each registered user has the opportunity to receive 0,555666xx (random) NOM for phone validation and One NOM for passing the KYC procedure. Also, each participant can receive an additional amount of NOM, for generating benefit to the project. Tokens will circulate on the leading crypto-exchanges and exchangers so the NOM tokens can be purchased on free crypto market.
The voting system as a way of expressing the will of a group of people
Voting has been known to mankind since ancient times as a way of expressing the will of people, where a common opinion is determined by counting the votes of individual members of the group.
In today’s world, a lot of important issues are solved by voting. Voting has become a kind of symbol of democracy, where every individual can influence decisions related to managing a country or company policy.
There are many different methods of voting, the only purpose of which is to achieve the best indicator of honesty as a factor of maximum conformity of results, to the general interests of the participants in the vote.
There are such important evidence as:
There are different voting systems that appeared as a result of searching for the ideal model:
Voting based on blockchain technology
Voting on the basis of blockchain technology has opened a new era in election technology. Thanks to crypto-voting it is possible to hold elections protected from falsifications, especially it became actual in DAO (Decentralized Autonomous Organization) projects where by voting it is defined where public capital will be invested. Often, at the same time, the weight of the voice is equal to the sum of investments in the DAO project. Thus, those who have invested more money have a more powerful voice in calculating the results. In contrast to ordinary voting, where the votes of all participants are equal. But even here there are unsatisfied parties. With this vote, top investors almost deprive everyone of the right to vote, as their votes can unilaterally change the balance of power.
Quadratic Blockchain voting in Redenom project
In addition to the task of excluding the possibility of falsification of the results of voting, an equally important aspect is the choice of a voting system based on a balanced and fair vote count.
To exclude the likely factor of monopolization of the election results, the Redenom project team chose the method of quadratic voting of the rule organized on top of the platform, which rules are prescribed in the smart contract code (link). Thus, in the project Redenom, the importance of the investment size was retained, but the top owners of NOM tokens are not in a position to monopolize the voting results.
In the Redenom system, the weight of each voice is equal to the square root of the amount of NOM tokens on the participant’s account at the time of voting. Thus, having in fact a more weighty voice, top investors can not alone decide the outcome of the vote.
The voting system of the Redenom project actually solved the main problems associated with circumvention of the system and the abuse of the system logic.
In this regard, we can safely assume that today, thanks to the technological breakthrough and enthusiasm of the team, the Redenom project offers its users the most promising model of voting in the process of selecting projects to be funded from the collective Redenom DAO Fund.
Some of Redenom project participants ask us why transactions and payments sometimes occur with the delays. In order to answer this question, we decided to explain about the structure of our system.
The core of the Redenom project is a crypto smart-contract in the Ethereum network. This system is still relatively new and its creators are constantly working to improve it, nevertheless it is Ethereum that is de facto the most advanced blockchain system oriented to the implementation of crypto smart-contracts.
To interact with the blockchain, you must have your own Ethereum network node called “GETH” and here lies the main reason why transactions can sometimes be delayed. The matter is that on whatever powerful server the GETH node does work, it still periodically loses synchronization with the network. Due to attacks on the blockchain system (which occur quite often), the node may temporarily lag and transactions through it cannot pass until it gets the last blocks and is not synchronized with the network.
In order to minimize the waiting time for transactions and prevent failures, we had to organize several geographically remote GETH Nodes and configure the Redenom system so that transactions are automatically sent through the node that they can process at the maximum speed.
By increasing the number of Redenom Nodes on the Ethereum network, we developed a synchronization and backup algorithm providing a high level of both executions of any transactions in the Ethereum network within the Redenom project and fault tolerance.
Another problem with Ethereum is that the price of transactions can increase 10 or more times in just a few minutes, depending on the load on the network. If the transaction was sent at a price below the average in the network before such a sudden increase in value, it may remain unconfirmed for a long time, blocking all subsequent transactions.
To avoid such a situation, we have created a tool that analyzes the information about the transaction price and the network load recently, determines how the price will change in the future and all transactions of the Redenom project are sent at a price that will take into account possible fluctuations and changes.
We will continue to develop solutions that will bypass all Ethereum imperfections to make your user experience as pleasant as possible and accelerate transactions as possible.