Day 1 of web3glossary

A: Airdrop/Altcoins

It’s Day 1 of getting a hang of Web3.

We’ve all heard Airdrop quite commonly but what does it imply in Web3?

You’ve heard about bitcoin, Dogecoin and some other meme coins? What are Alt coins?

Airdrop⏬⏬

A marketing technique commonly used in the crypto space. It’s a distribution of cryptocurrency, tokens or NFTs that are sent to a web3 wallet address for free as a promotion, or as added value for participating in an experience or purchasing a digital asset.

They’re used to increase awareness & drive adoption of a brand/experience.
There are multiple types of Airdrop

Standard airdrop 👇
A certain amount of cryptocurrency is sent to you in return for completing a simple task such as sharing a social media post, signing up for a newsletter etc. You dont need to spend anything to receive the airdrop.

NFT airdrop 👇
NFT can be airdropped as part of marketing campaign, for holding a certain NFT in your wallet, participating in a giveaway, or even as a gift. Not all NFT airdrops are valuable, some can even be a scam, so DYOR(Do Your Own Research).

Altcoins = Alternative coins

the term is used to refer to any other crypto currency other than Bitcoin. It’s now also used to refer to any new cryptocurrency with a relatively small market cap!

Most altcoins are designed and released by developers who have a different vision/use for their cryptocurrency.
They attempt to improve upon the perceived limitations of whichever cryptocurrency and blockchain they are forked from.

Ethereum is also an altcoin.🤯
The first altcoin was Litecoin, forked from the Bitcoin blockchain in 2011.

Thats a wrap for Day 1!

Stay tuned for more on the new vocabulary of the web for next 30 days.

It’s like a free crash course on the jargons and terminilogies in Web3.

As ever, thank you for subscribing and reading. It matters. It’s a big deal to me.

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laisha.wadh [at] gmail [dot] com

WAGMI 🚀🚀