Bitcoin wallet Blockchain is giving away $125 million worth of Stellar cryptocurrency. About 30 million people will receive the digital coin as a part of an effort to encourage widespread adoption.
The Blockchain cryptocurrency wallet is using a massive giveaway of $125 million in Stellar digital coins to help encourage mass adoption. The crypto giveaway will be spread among about 30 million people. The purpose is to help kick start the widespread use of the wallet and the digital currency by giving people something to start with.
Blockchain was named after the tech powering the first and largest cryptocurrency, Bitcoin. That wallet will give the Stellar lumens (XLM) equivalent to $25 to its 30 million users. This will break all previous cryptocurrency giveaway records.
Though Blockchain could have given away any of the larger popular cryptocurrencies such as Bitcoin or Ethereum, it chose Stellar instead. Blockchain explained its decision in a recent blog post. It stated that it favored Stellar for the giveaway because its network is ideally designed for this type of widespread usage.
The Stellar “token, XLM, enables quick, low cost, worldwide transactions, even when millions of people are using it at once,” said Peter Smith, Blockchain CEO in the post. “We’re excited to add an entirely new way for users to get their first crypto… By growing the Blockchain community, we can help more people own and control their financial future.”
The Upcoming Airdrop
As a component of the giveaway, also known as an airdrop, Blockchain is working with a number of organizations to assist in bolstering cryptocurrency usage as a whole. Among the other organizations are the Stanford d.school’s emerging tech initiative, as well as Code.org. The goal is to give user adoption a shot in the arm by making stellar more usable and available throughout the globe. This includes both developed and the developing nations.
“By working with Blockchain to increase the availability and active use of lumens on the network, leveraging their almost 30 million wallets, we will increase the network’s utility by many orders of magnitude,” said Stellar Development Foundation co-founder Jed McCaleb.