The world's most popular bitcoin wallet is giving away $125
million worth of the cryptocurrency Stellar as part of a major
initiative to encourage its use as a mainstream form of
payment.
Blockchain, which is named after the technology
behind bitcoin , will offer $25 of Stellar lumens (XLM) for free
to its 30 million users starting this week, making it the largest
cryptocurrency giveaway in history.
The reason for giving away stellar rather than other popular
cryptocurrencies like bitcoin or ethereum, Blockchain
explained in a blog post, is because its network is well suited
to large-scale usage.
Bitcoin's volatile history in pictures Show all 8
"[Stellar's] token, XLM, enables quick, low cost, worldwide
transactions, even when millions of people are using it at
once," Blockchain CEO Peter Smith wrote.
"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."
As part of the giveaway, or 'airdrop', Blockchain is partnering
with organisations to help build up the crypto community,
including Code.org and the Stanford d.school's emerging tech
initiative.
It is hoped these partnerships will help drive user adoption by
increasing the availability and usability of Stellar in both
developing and developed countries.
"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 Jed McCaleb, co-founder of
Stellar Development Foundation.
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The price of Stellar has largely mirrored that of bitcoin, having
experienced massive growth in late 2017 before seeing
significant losses in 2018. In recent months, its price has been
relatively stable and is currently trading at around $0.26
(£0.20), however Stellar's current transaction volume is less
than 2 per cent of bitcoin's.
Speaking at the Web Summit conference in Lisbon on Tuesday,
6 November, Blockchain CEO Peter Smith explained his vision
for spreading awareness and usage of cryptocurrency.
"We're doing this because we want you to truly understand
crypto," he told the audience. "And the only way to truly
understand it is to use it."
million worth of the cryptocurrency Stellar as part of a major
initiative to encourage its use as a mainstream form of
payment.
Blockchain, which is named after the technology
behind bitcoin , will offer $25 of Stellar lumens (XLM) for free
to its 30 million users starting this week, making it the largest
cryptocurrency giveaway in history.
The reason for giving away stellar rather than other popular
cryptocurrencies like bitcoin or ethereum, Blockchain
explained in a blog post, is because its network is well suited
to large-scale usage.
Bitcoin's volatile history in pictures Show all 8
"[Stellar's] token, XLM, enables quick, low cost, worldwide
transactions, even when millions of people are using it at
once," Blockchain CEO Peter Smith wrote.
"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."
As part of the giveaway, or 'airdrop', Blockchain is partnering
with organisations to help build up the crypto community,
including Code.org and the Stanford d.school's emerging tech
initiative.
It is hoped these partnerships will help drive user adoption by
increasing the availability and usability of Stellar in both
developing and developed countries.
"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 Jed McCaleb, co-founder of
Stellar Development Foundation.
Support free-thinking journalism and subscribe to Independent Minds
The price of Stellar has largely mirrored that of bitcoin, having
experienced massive growth in late 2017 before seeing
significant losses in 2018. In recent months, its price has been
relatively stable and is currently trading at around $0.26
(£0.20), however Stellar's current transaction volume is less
than 2 per cent of bitcoin's.
Speaking at the Web Summit conference in Lisbon on Tuesday,
6 November, Blockchain CEO Peter Smith explained his vision
for spreading awareness and usage of cryptocurrency.
"We're doing this because we want you to truly understand
crypto," he told the audience. "And the only way to truly
understand it is to use it."
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