The cryptocurrency provider Blockchain announced on Tuesday that it will distribute cryptocurrency to millions of users in what appears to be the biggest giveaway of its kind.
The giveaway, known in cryptography as "airdrop", will see that the recipients each get a value of about $ 25 of the cryptocurrency commonly known as Stellar as part of a total distribution worth $ 125 million.
Stellar is currently the sixth largest cryptocurrency with a market capitalization of around $ 5 billion.
"Accessible to anyone with a Blockchain Wallet, the first group of recipients will receive their lumens, Stellar's native digital currency this week – for free," the company said in a statement.
The managing director of Blockchain, Peter Smith, who will describe further details of the balloon on stage today during the event of the Web Summit in Portugal, said Fortuna the company collaborates with Stellar in part because it believes it represents a superior blockchain capable of huge volumes of transactions.
Stellar was born from an idea of Jed McCaleb, a famous figure in the encrypted world, known for his role in the creation of the cryptocurrency company Ripple, as well as for the now disappeared online exchange of Mt. Gox.
Stellar, which is positioning itself as a rival of Ripple and the number two of cryptocurrency, Ethereum, has also collaborated with business partners such as IBM to facilitate real-currency transactions in several countries. Recently, the company has also acquired Chain, a blockchain service highly appreciated and supported by Visa and others.
As for the giveaway announced Tuesday, Blockchain says he is not paying anything for the deal, but rather that Stellar is using his platform as a vehicle to distribute the currency of the light.
Smith says that the distribution process will take place over a period of several months and that the amount of Stellar users they will receive will vary by geography. He added that existing blockchain holders will have priority in distribution and that the company reserves the right to change the terms of the agreement in the future.
In a statement, McCaleb described the arrangement in this way: "We believe that launches are key to creating a more inclusive digital economy. [XLM] it's free for communities to design the services they need. Our hope is to finally have global citizens who possess and use light, both in developing and developed economies. Working with Blockchain to increase the availability and active use of lumens on the network, taking advantage of their nearly 30 million portfolios, we will increase the usefulness of the network by many orders of magnitude. "