Today’s airdrop recommendation is Ferrum Network. Airdrop participants can receive 200 FRM tokens if they complete all the tasks. Ferrum is airdropping a total of 1 million FRM tokens to its community members.
How It Works
Ferrum was built to address two major problems in the cryptocurrency world: slow transaction speeds and lack of interoperability between networks. So the network aims to be a “decentralized interoperability network” that connects with every blockchain and confirms transactions in milliseconds for very low fees.
Users can deposit nearly any digital asset (including fiat) into Ferrum to create proxy tokens that can be used and exchanged peer to peer using the Ferrum wallet or exchange.
From its website:
Like the Lightning Network for every blockchain, Ferrum’s revolutionary technology brings networks together, for a consistently high-speed, low-cost transaction experience for every digital asset, whether BTC, ETH, XRP, EOS, Zcash, and so forth. It even works with fiat currencies. Laser-focused on user-acquisition and global adoption, Ferrum Network has built a vertically integrated line of financial applications on top of the network, allowing users to buy, exchange, transact, and store any digital asset with no counter-party risk.
The network uses a decentralized acyclic graph ledger, which is designed for fast transactions, minimal network fees and zero miners. And Ferrum has four primary dApps (decentralized applications): the Ferrum Wallet and OTC (over-the-counter) platform, the Ferrum Decentralized Exchange, the Ferrum fiat exchange via ripple and Kudi Exchange, and the Ferrum Sub-Zero Wallet.
Ferrum founder, CEO and lead developer, Naiem Yeganeh, Ph.D., has experience engineering artificial intelligence systems at Microsoft, Amazon and Bloomberg. Ian Friend, co-founder, chief operating officer and general counsel, co-founded a blockchain practice team at a major New York law firm and has extensive law experience.
Not all tokens prioritize having a good lawyer on their teams – especially one familiar with blockchain. So it’s helpful for Ferrum to be prepared while the SEC continues to look into how to define initial coin offerings.
Why We Like It
Ferrum is ambitious. Addressing two of the biggest obstacles to mainstream crypto adoption is no small task. Ferrum seems to recognize this and wants to attack from all angles. It has an impressive variety of functions: a mechanism for importing and exporting value from other networks; a fiat gateway; a decentralized exchange; a decentralized wallet; a cold-storage application; a protocol for tokenizing fiat currencies; a payment solution for the everyday use of cryptocurrencies; and other functions in early development.
It’s also thoughtful in its approach. The team has clearly outlined the tokenomics of Ferrum. Forty percent of the tokens will be for sale, while the remaining 60% will be used for research and development, strategic partnerships, and other important areas. There’s a limited supply of tokens – 1 billion total – which is also a good sign. Spending FRM burns FRM, so the system inherently limits the supply.
Ferrum is already adding value to its ecosystem with the Kudi Exchange, a fiat gateway based in Nigeria that runs on the Ferrum network. Ferrum owns the Kudi Exchange in partnership with a Nigerian blockchain venture capital firm. Nigeria’s population has one of the highest rates of cryptocurrency usage, which makes it an appealing market for Ferrum. Users on the Kudi Exchange must use FRM tokens for every transaction, which brings both value and revenue to Ferrum Network.
How to Claim the Airdrop
Go to Ferrum’s airdrop page on airdrops.io. Follow the step-by-step guide listed there. You’ll need to join its Telegram group, follow it on Twitter, sign up for its newsletter and complete a handful of other tasks. To receive FRM tokens, participants must download the free UniFyre Wallet.
To qualify for the airdrop, participants must have at least 50 real Twitter followers. If you’re not Twitter-savvy, check out this article on how to gain more followers.
Never give anyone your password or private keys. No legitimate airdrop will ask for that stuff.
Never reuse your email or exchange passwords. Always use unique, random passwords. Write them down and store them somewhere safe. We also recommend setting up a separate email account for airdrops.
Assistant Managing Editor, First Stage Investor