• In the latest announcement, Stellar Lumen has launched the Stellar Asset Sandbox to make it easier for users to issue, mint, and burn new assets using the Stellar testet network.

This week was a dramatic one for the crypto industry as the major assets moved to and fro on the price curve and also announced some incredible development across the crypto sphere. This features some heavyweights including Ripple, VeChain, IOTA, Dogecoin, and Stellar Lumen which saw marginal falls in the market in the last 24 hours despite making huge news in the mainstream media. 

Ripple (XRP) price to go 10x after win over SEC, floats a $250M creators fund

Ripple Labs’ win over the US Securities and Exchange Commission (SEC) in the ongoing lawsuit could trigger a 10 times price surge facilitated by its use of tokenization. It is important to note that the XRP Lenger (XRPL) is the first blockchain to assist tokenization for several assets within the category of NFTs, Stablecoins, and cryptos. Considering that the value of tokenization is expected to hit $1 trillion by 2024, XRP could be a huge beneficiary. 

Ripple has also launched a whooping $250 million creator’s fund in a bid to get NFT artists to draft their collections to the XRP ledger. The company has long sought to explore ways to facilitate the growth of the Ripple ecosystem, and this could be possible by bringing talented developers and creators on board. It is reported that the beneficiaries will be defined by those with NFT utility and community engagements while having little to do with location. Application for the third wave is closed with the fourth expected to be opened soon. Beneficiaries of the second wave of the fund were announced in October last year.

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Dell partners with IOTA to bring sustainable energy uses to the digital cities

IOTA Foundation has in partnership with Dell Technologies sought to bring sustainable energy use cases to digital cities in a bid to transform Urban Mobility using Intelligent Security systems (ISS). According to the report, the solution would make use of the combined approach featuring video recordings, analytics, and control center modules that run on a dedicated computer environment. One merit of this partnership is the cost-effective path for proper traffic management while taking note of the citizens’ safety. 

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Doge community awaits Elon Musk to push Dogecoin again as Twitter launches new ad share model

The Dogecoin community has maintained its excitement since Elon Musk took over Twitter in a pretty interesting fashion. Financial Times reported that Elon Musk wants fiat currencies to be used as Twitter’s primary payment method.

However, he wants engineers to make it flexible for crypto payments to be added in the future. Dogecoin investors have been more excited as Twitter rolls out a new ad share model. Elon Musk Tweeted that part of the revenue generated from advertising on the platform would be handed over to creditors. Many crypto enthusiasts are certain that this could accelerate the implementation of digital assets on Twitter. It is expected that once payments begin to be processed, fiat and cryptos could be added to the platform. 

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Stellar Lumens introduces a groundbreaking tool to issue, mint, and burn new assets on the XLM blockchain

In the latest announcement, Stellar Lumen has launched the Stellar Asset Sandbox to make it easier for users to issue, mint, and burn new assets using the Stellar testnet network. This does not need any coding knowledge. In addition, it also makes asset issuance easy for businesses and individuals. This development means users can create, issue, and manage the digital representation of fiat on the network. Using Steller’s custom and compliance tools, users can tokenize assets such as CBDCs, stablecoins, and securities. 

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VeChain announces new major partners that will take digital ecosystems to the next level

Source: Diego Ioppolo – Shutterstock

At the beginning of this month, VeChain launched a sustainability and Web3-focused IRL event called HiVe, which is expected to take place in March 2023. This would take over the VeChain summit which last occurred in 2019. Part of the idea is to foster collaboration across the Web3 community. VeChain has also partnered with the United Nations to realize the 17 sustainable development goals (SDGs) established by the UN.

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Der Beitrag CNF Brief: 6 of the biggest headlines in past week – Ripple, VeChain, IOTA, Dogecoin and Stellar Lumen  erschien zuerst auf Crypto News Flash.

Stellar Lumen is still working on its Soroban platform – a new smart contract platform designed for scalability and sensibility. Last month, a preview was released and was met with feedback from developers writing the smart contract. In the latest preview, Stellar has released several updates on its smart contract with a brief statement on its next move.

In response to the feedback received from the previous updates, Stellar has decided to introduce a small number of built-in contracts. This is expected to provide useful core functionality, cheap to run, and fast. The machinery to deploy them including an initial pass of the first built-in contract has been implemented in the latest release. The latest update has also made provision for the expansion of metering. This is to ensure that most of the contract environment’s functionality is covered. This will be done in the form of “inputs to abstract cost-models”. 

This release also improves the code used to calibrate cost models to true CPU costs. Currently, the cost models are not calibrated, nor are they subject to any limits. In the future, the cost models will be fully calibrated and when run on production networks, subject to limits and fees. 

New commands introduced on Soroban

Soroban-SDK has also been updated to have an improved user experience and to have some new functionality. Similarly, The soroban-cli has been updated with new commands to have an improved user experience. The added commands are the soroban-cli serve command, the soroban-cli read command, soroban-cli gen command, and soroban-cli completion. 

In addition, a new Auth SDK (soroban-auth) has been added with functionality to enable most contracts to verify invocations to ensure that they have been signed by appropriate signers. 

Contracts on Soroban can implement the authentication scheme they prefer, but this SDK will provide a default option that is compatible with Stellar accounts, Ed25519 signatures, and cross-contract calls.

The report discloses that this contract is under serious revision and so may be improved in the next preview release.

The developers aim to design Soroban to be a batteries-included smart contracts platform in the next few months. In doing so, they would heavily rely on feedback to make it developer-friendly, sensible, and built-to-scale.

The project has relied on the input of users from the onset. In June, the team settled on Soroban as the name of the project after starting a thread on the Stellar Dev Discord and asking for suggestions. Even though it is new, it is built on prominent technologies namely: WASM and Rust. 

In the next few iterations, we will be introducing an events system, indexing service, better gas metering, a Stellar Core integration, and much more.

Der Beitrag Stellar Lumens launches smart contract platform Soroban – Big updates erschien zuerst auf Crypto News Flash.

The German real estate group Vonovia, which is headquartered in Bochum, owns more than 400,000 apartments in Germany, Austria and Sweden. In order to further expand the digitalization of its financial operations, the housing company has issued its first fully digital registered bond in the amount of €20 million.

What a great way to start 2021! @Vonovia_SE a #DAX30 company, issues a bond on a public permissionless #blockchain. The security token was offered via @firstwiremarket. We are proud to be the tech partner providing the underlying #tokenization #technology!https://t.co/rYO8Whm2sc pic.twitter.com/kKGC5KeFdQ

— Bitbond (@Bitbond) January 13, 2021

The bond has a total term of 3 years. Security tokens were used for the issue to transfer ownership under the highest security standards. For the actual settlement of the transaction and the transfer of ownership, the tokens were issued on the Stellar Blockchain. In the process, Vonovia independently launched the token via the online marketplace firstwire.

firstwire is a platform that brings issuers and investors together directly and in real time. The company had already placed a promissory note loan in the amount of € 50 million on the platform in September 2019. In mid-December 2020, the German federal cabinet had approved a new draft law for the introduction of electronic securities, which is intended to further advance the digitalization of Germany’s financial center and fulfill the central requirement of the blockchain strategy for more transparency, market integrity and investor protection.

Helene Roeder, Chief Financial Officer of Vonovia, explains that the use of blockchain is to be driven forward:

We want to try out the new technology to gain experience. We can well imagine that it will play a significant role in the capital market in the future. Issues are transparent and traceable in real time, which guarantees a professional transaction standard. It also allows us to reach new investors globally.

One of the first investors in firstwire’s marketplace is banking giant Warburg. Joachim Olearius, spokesperson for the partners of the owner-managed M.M. Warburg bank, describes that tokenization will significantly expand the range of services offered by banks:

Tokenization will significantly expand and structurally change the range of financial products and services. We are pleased to have successfully completed this transaction with an experienced issuer. It underlines the innovative strength of our bank.

Michael Greiner, CEO and founder of the online marketplace firstwire sees the first transaction as an important milestone that marks the use of tokens by institutional investors and can change the financial market in the long term.

Against the backdrop of the draft legislation for electronic securities, this transaction shows how bond issues can also be structured in the future. On firstwire, companies can now digitally close their issues in real time, which means immediate settlement and no more multi-day settlement risk.

The marketplace realized the technological implementation with its cooperation partner Bitbond, which offers the first blockchain bond in Germany in the form of a security token offering for investors.

Adaptation of Stellar blockchain continues to rise

As CNF reported, more than 800 companies rely on Stellar’s technology to offer a wide variety of products and financial services. In the first week of January, it was announced that Ukraine has signed an agreement with Stellar Development Foundation to develop a national Central Bank Digital Currency (CBDC). As a result, the price of XLM has risen massively. Within the last 24 hours, XLM recorded a 3% increase in price and was trading at a price of USD 0.30 at the time of writing.

Der Beitrag German real estate giant issues debt via Stellar blockchain erschien zuerst auf Crypto News Flash.

The Velo Labs team has announced that two of the company’s partners have conducted the first live transaction with the Federated Credit Exchange Network (FCX). The transaction involved fintech pioneers Lightnet Group and SEBA Bank. Velo Labs Chairman Tridbodi Arunanondchai commented:

Velo Labs provides fast, secure, flexible and cost-effective remittance services to its partners through its Federated Credit Exchange Network. The successful completion of this live transaction between Lightnet Group and SEBA Bank is an important milestone in our journey to make these types of services available to the masses.

The FCX is a distributed network of regulated access points connecting a range of traditional, centralized and decentralized financial partners. It is designed to combine the efficiency and freedom of DeFi with the proven, mature practices and standards of CeFi and legacy systems.

The first transaction used the vUSD/vCHF trading pair

FCX enables the liquid exchange of digital credits pegged to any fiat currency, while settling the transaction using the VELO token as collateral within the ecosystem. Velo Labs not only leverages the technology of the Stellar network, but is also financially supported by the Stellar Development Foundation to drive further development. The Velo token is issued on the Stellar Blockchain and serves as collateral to secure the digital loans. However, according to the official whitepaper, the Velo Token can also serve as collateral for other financial services:

Velo aims to create a decentralized settlement network that allows partners to match value in a secure, timely and transparent manner. It leverages Stellar to increase liquidity and transaction volumes, and it has a robust feature set that enables trusted partners to effortlessly interact and provide services across physical and digital barriers The VELO token serves as collateral to ensure settlement and represents the value of digital loans and fiat deposits on the network.

In its first transaction, SEBA Bank opted for a digital loan pegged to the Swiss franc (vCHF). Meanwhile, Lightnet Group opted for a loan which is pegged to the USD. Consequently, the transaction used a vUSD/vCHF trading pair. The exact process of the transaction is described by Velo Labs as follows:

To fully settle the transaction, SEBA Bank and Lightnet Group can convert their vUSD and vCHF into VELO tokens at any time – the same asset they used to initiate the transaction. In this way, VELO tokens act as both a bridge asset and a universal security for FCX.

Velo Labs is looking to expand further

As we previously reported, Velo Labs entered into a collaboration with financial giant VISA at the end of November. Other partners from legacy finance, CeFi and DeFi are expected to follow. The ability to provide liquidity from various financial ecosystems positions Velo Labs as one of the blockchain projects in the market that could enable mass adoption.

Der Beitrag Stellar Lumen based Federated Credit Exchange performs first live transaction erschien zuerst auf Crypto News Flash.

Denelle Dixon, CEO of the Stellar Development Foundation (SDF), explains that SDF’s goal is to build an equitable financial system that everyone can access, whether an individual or a business, regardless of geography. The Smartlands team has been able to make great strides in 2020, actively supporting a disadvantaged population.

Agroxy supports farmers in East Africa

In October 2020, it was announced that the USDC stablecoin on the Stellar blockchain will be issued starting in the first quarter of 2021. The USDC was developed by Centre Consortium and originally launched on the Ethereum Blockchain and later extended to Algorand. However, Centre Consortium offers a free multi-chain swap service that allows USD_eth to USDC_Stellar exchanges. There are currently 2.8 billion USDC in circulation, so Stellar Blockchain usage will continue to grow in the near future:

The addition of USDC to Stellar will allow us to further expand our global reach in pursuit of this mission, while opening new avenues for growth and innovation for the developers and companies that build on the network.

Smartlands has entered into a joint venture with agricultural trading platform Agroxy, where more than 15,000 farmers will use the Agroxy system to sell their grain and buy seed and fertilizer. All transactions in this will be executed in USDC and processed through the XLM ledger. Many of the connected farmers are based in East Africa, where banking remains severely underdeveloped. Stellar’s involvement provides all players with low-cost access to the financial system, where costs are reduced and efficiencies are increased for Agroxy’s customer base, creating immediate value for both sides of the transaction.

Smartlands tokenizes real estate on Stellar blockchain

Smartlands is currently in advanced negotiations with large real estate owners from several countries, managing more than 1,000 apartments. The goal is to tokenize the assets and issue tokens on the Smartlands network, which will then be listed on a secondary market on the Smartlands bulletin board. In addition to USDC, the stablecoin EURB, developed in cooperation with Bitbond, Germany’s leading provider of tokenization and custody technology for digital assets, is also available.

The EURB is pegged to the fiat currency euro at a ratio of 1:1. This allows customers from Europe to participate in the trading of the property and significantly expand their market. Smartlands states that this eliminates any concerns about exchange rate risk:

The creation of USDC and EURB on Stellar is seen as a very positive development by the Smartlands team, as it allows European investors to purchase tokens with Euro and US dollar stablecoins, eliminating any investor concerns about exchange rate risk.

Smartlands is also committed to using the Stellar Blockchain, as the infrastructure for all further business processes. The project is a global platform for tokenization of assets through the issuance of security tokens, which will increase the adoption of Stellar and could attract many more interesting projects in the future.

Der Beitrag 15.000 farmers will use USDC on Stellar blockchain for payment erschien zuerst auf Crypto News Flash.

The SEC’s upcoming lawsuit against Ripple shows that opaque and lacking regulatory frameworks in the financial industry can block innovation. Although prudent financial market regulation fosters a vibrant and competitive ecosystem, the ever-faster development of new technologies puts constant strain on regulatory frameworks and regulators.

However, to create a marketplace that meets various requirements of international jurisdictions, IT security company Securrency has launched a pilot project at the request of securities regulators that can be flexibly designed and thus adapted to the legal frameworks of different countries. The marketplace is said to have the ability to build into the asset itself sets of rules that define applicable securities regulations, holding periods and exclusions of multiple jurisdictions.

Furthermore, these rules should be automated for primary as well as secondary cross-border market transactions without the need for further adjustments. The pilot project relies on the Stellar Lumen network to process cross-border transfers and implement the legal requirements. Here, it is possible for issuers of digital assets to integrate self-executing regulatory policies into a given securities token through an intuitive plain-text interface. Securrency elaborates in detail:

Importantly, these policies are machine-readable representations of securities regulations that can be interpreted “on-chain” — through an instance of Securrency’s policy engine built directly into the Stellar ledger — and “off-chain” simultaneously for security and auditability.

The programmed policies can be reviewed by regulators worldwide and adjusted as needed. There is no need to create and issue a new token, as all regulations in the same token can be manually modified. This adaptability is a key advantage that allows companies and institutions to respond quickly to new financial market regulations.

The successful pilot demonstrated how new tokenized and regulated financial instruments with regulatory guidelines reflected in the respective tokens always comply with international jurisdictions, encouraging innovation instead of leaving a black hole of ignorance. Securrency summarizes the findings as follows:

This is a significant development with massive potential for the digital assets space and the future of finance. As demonstrated, the use of an open and interoperable compliance framework can reduce market friction, reduce legal and compliance costs, generate greater transparency and consistency in the application of certain securities laws, provide for enhanced regulatory oversight and reduced fraud and market manipulation, and expand global access to capital and investment opportunity.

In the coming months, additional features such as investor registration and qualification, custody functions of tokenized securities, a clearing and settlement functionality, interactions between transfer agents, brokers and other interactions, and reporting requirements and disclosures will be tested.

More and more companies are turning to Stellar blockchain

As Crypto News Flash previously reported, the number of companies using the Stellar Blockchain and XLM token has grown to over 250 this year. Stellar provides a versatile infrastructure to process cross-border payments cheaply and quickly. Most recently, the Stellar Development Foundation announced the launch of the USDC stablecoin on the Stellar Blockchain in February 2021.

Der Beitrag Securrency develops Stellar (XLM) based marketplace for financial instruments erschien zuerst auf Crypto News Flash.

A few hours ago Velo Labs Technologie Ltd. (Velo Labs) announced a cooperation with Lightnet Pte. Ltd. and Visa Worldwide Pte. Limited (Visa). The cooperation will develop intelligent payment solutions for the Asian region, where the VELO token will serve as a digital asset to secure financial solutions.

We are thrilled to announce our partnership with Visa!

Through this strategic partnership Velo Labs, Lightnet, and Visa will collaborate on payment solutions in Asia. $VELO tokens will serve as the digital asset collateralizing financial solutions.https://t.co/QMlQffJz5H

— Velo Official (@veloprotocol) November 30, 2020

The International Finance Corporation estimates that more than $5.2 trillion of loans to mid-sized companies worldwide are not served each year, with more than half of this amount in the Asia-Pacific region (APAC). Tridbodi Arunanondchai, Vice Chairman and Group CEO of Lightnet Group, stated that many people in Asia are unable to achieve their financial and personal goals due to a lack of creditworthinesses:

Being new-to-credit or lacking creditworthiness is often an obstacle to achieving one’s financial goals, such as securing loans to start a business or even buying a car.

For this reason, his company has entered into a cooperation with Visa and Velo Labs to offer small and medium-sized companies with few financial resources a way to get a loan:

We are providing customers from the MSME market with another pathway to build credit and improve financial wellness.

The partnership will significantly expand the reach of all three companies by enabling near real-time transactions between participating banks, money transfer companies and other financial services providers worldwide. The initiative aims to provide digital assets as collateral to users with poor or non-existent credit histories. According to current estimates, over one billion people with and sometimes without a bank account can obtain a loan through this.

VELO tokens will serve as a digital asset to secure financial services, in this case a loan. The VELO token will be issued on the Stellar blockchain and, according to the white paper, will act as a digital asset to secure the loans:

Velo aims to create a decentralized settlement network that allows partners to transfer value safely and securely between each other in a timely and transparent way. It uses Stellar to increase liquidity and transaction volume, and it has a robust feature set that enables Trusted Partners to interact effortlessly with each other and offer services across physical and digital barriers. The VELO token acts as collateral to ensure settlement, representing the value of digital credits and fiat deposits in the network.

The following video shows briefly how the VELO protocol works.

Velo Labs is not only using the technology of the Stellar Network, but is also financially supported by Stellar to advance its further development worldwide. The two founders of the Stellar Development Foundation, Jed McCaleb and David Maziéres, act as consultants to Velo Labs. The company is also supported by other heavyweights of the tech industry, such as Michael Cowans, who has already advised software companies such as Ripple, CipherTrace and IBM.

XLM continues rally

XLM, together with XRP, is one of the biggest winners of the last days. The Stellar (XLM) price has risen more than 157% in the last 30 days and increased 3.0% in the last 24 hours to a price of $0.1994. The exact reasons for the rally have been discussed in detail in this article.

Der Beitrag Stellar Lumen, Visa and Velo Labs develop payment solution for Asia erschien zuerst auf Crypto News Flash.

As Crypto News Flash already reported in April of this year, the crypto-savvy rapper Akon has launched a project that has recently made great progress. In Mwale Medical and Technology City (MMTC) in Kenya, there is a hospital with 5,000 beds and accommodating over 35,000 people. To ensure that all patients have access to financial services, the Akoin was created. The Akoin is based on the Stellar Lumen blockchain.

At the MMTC, the companies will also be connected to the new network so that they can pay with Akoin in the supermarket as well as at the gas station. In a new update Akon announced that a first test run will be carried out, where selected residents of MMTC and companies will be able to pay for goods and services with the Akoin. In addition, salary will also be paid in the form of the AKN token.

Julias Mwale, founder of MMTC and entrepreneur, presented his vision for the $2 billion project at last month’s “BlockDown 3.0”. All transactions can be executed in near real-time and can be used for immediate currency conversion through Atomic Swaps. In addition, there will be Akoin credit and debit cards.

By the end of next year, more than 20,000 workers should be connected to the network and all retail stores should be able to accept the Akoin. Also airports, gas stations as well as institutions of the public life are to use the new cryptocurrency. According to Akoin co-founders Lynn Liss and Jon Karas, more than 30,000 transactions are expected to be processed via the network by the end of November:

We’re ready for this. We’ve been working week in and week out with the Akoin team. We’re expecting an initial 30,000 transactions next month (November).

Liss goes on to say that the number of transactions per month is expected to rise to 1.5 million:

We want to scale it up to 1.5 million transactions per month. We expect the city to complete fully by the end of this year. We’re working on utility and bill payments. It will be an explosive cryptocurrency city.

Akon as well as its supporters want to improve development and access to financial services in Africa. The decision to choose Stellar (XLM) was easy because the blockchain is equipped with smart contracts and is much more scalable than the competition, the press release says. In the following video you can watch the big vision of founder Mwale and Akoin:

AKN token listed on Bittrex

Yesterday, the AKN token was listed on one of the world’s largest stock exchanges, Bittrex, and has already started trading with a volume of more than $500,000.

Der Beitrag Stellar Lumen (XLM): Akoin ready for mass adoption in mega project erschien zuerst auf Crypto News Flash.

In a new report, Coinmetrics has examined the reasons for the expiration of the Stellar Lumens (XLM) inflation system and the impact on Stellar’s on-chain metrics. As the study notes, each crypto network has a different way of dealing with inflation. Bitcoin, for example, has a maximum supply and the Halvings, both of which are fixed in the protocol. Ethereum‘s issuance has been adjusted several times since 2017 and was recently reduced from 3 ETH to 2 ETH per block (plus the Uncle Reward).

The Stellar network had a unique inflation system until October 2019, where XLMs were created and distributed to XLM holders at a rate of 1% per year. Each Stellar account (with at least 0.05% of the offer) could designate an “inflation target” account that received the XLM. However, since the Stellar Foundation (SF) controlled 80 percent of the offering, much of the inflation issue was transferred to the SF.

When the inflation process was originally developed, it was designed to support the development and growth of the Stellar ecosystem. The reality was different. In the blog post announcing the abolition of the inflation process, the SDF stated that the new offer, which “was supposed to support the development and growth of the ecosystem,” had failed, effectively admitting that the old system was not working.

As Coinmetrics writes, the inflation pools that were created to reach the 0.05% limit were claimed by people who were not actively working on development projects. Exchanges like Binance and Poloniex also indulged in the process and distributed their proceeds to their XLM holders. In total, the report identified 1,087,306 addresses as targets for inflation payments, representing only 18.3% of the accounts created before the end of the inflation process.

Source: https://coinmetrics.substack.com/p/coin-metrics-state-of-the-network-cd7

The above chart thus shows that only a few thousand participated in the inflation process and benefited from it, as Coinmetrics writes:

This means that only 18.3% of the accounts ever created before the end of the inflation process participated in it. While this represents only a fraction of the accounts, it likely represented a large proportion of the supply since many of the largest accounts participated.

The largest amount, as described above, went to the Stellar Foundation (98%). However, this was just 834,000 XLMs, which at the current price is about $41,000 USD. An efficient funding of the project was therefore by no means possible. However, the money was not intended to support the SF but external projects. Coinmetrics therefore drew the following conclusion:

Furthermore, since 98% of the newly created money went to the SDF despite it controlling 80% of the total supply, the inflation process arguably worsened inequities.

The Stellar inflation process was an interesting economics experiment. Analyzing it draws parallels with current hot topics like the Cantillon effect. It also helps in showing that each network has idiosyncrasies that have to be taken into account in order to better understand its activity and usage.

After the end of the inflationary process, the Stellar Foundation decided to “burn” 55 billion XLM (out of 85 billion XLM in its own possession). This reduced the offer to 50 billion XLM. The decision was to increase the value of each XLM token.

In late December last year, the Stellar Development Foundation also published a funding plan for the next 10 years. A large part of the approximately 30 billion XLM still owned by the Foundation will be used for the further development of the project and use-case investments.

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Der Beitrag Report: This is why Stellar Lumen’s inflation system has failed erschien zuerst auf Crypto News Flash.

With a short and concise announcement Keybase and the Stellar Development Foundation announced yesterday that they will immediately stop their 2 billion XLM airdrop (worth about 120 million US dollars). With that, the airdrop which was announced in September this year, will end surprisingly after a distribution of only 300 million Lumen (XLM). Originally, the Airdrop was supposed to run for 20 months.

The XLM Stellar Space Drop Giveaway was initiated in collaboration by Keybase, a messaging and file sharing application and the Stellar Development Foundation. The beneficiaries of the campaign were to be the more than 300,000 Keybase users worldwide. The aim of both companies was to promote the use of XLM on the Keybase messaging platform and to attract new users to the platform.

Termination because of “hordes” of fake accounts

In September Keybase explained that an authenticated Keybase account is sufficient to automatically receive a certain amount of XLM on a wallet every month as long as the airdrop is running. As Keybase now announced, the last 100 million XLM will be distributed “to all qualified users” during the week starting December 15th. Keybase justifies this by stating that “hordes” of fake accounts have stormed the platform:

While this giveaway mostly worked, it’s clear that there will be decreasing returns and massively increased effort required. Why? Starting in the last week or so, hordes of fake people were beginning to come in, far beyond the capacity of Keybase or SDF to filter. It’s not in the Stellar network’s interest to reward those people; it is also not in Keybase’s interest to have them as Keybase users.

So the end of the airdrop was triggered by too many fake accounts that were impossible to filter from the real accounts. However, it was clear from the beginning that the airdrop could also be cancelled, perhaps because both companies foresaw evil.

As we’ve said from the beginning, SDF reserves the right to end this giveaway early. The last month will go out, of course.

Both Stellar and Keybase received a lot of positive press in the run-up to the airdrop. The XLM price benefited briefly from the news, as did the Keybase platform, which received tens of thousands of new registrations and increased its user base by a quarter.

Meanwhile, the Stellar Lumens (XLM) price has continued its downward trend over the past month, falling from 0.07681 USD on November 12 to 0.052582 USD (at the time of writing).

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Der Beitrag Stelllar Lumens: Keybase and SDF end 2 billion XLM airdrop erschien zuerst auf Crypto News Flash.