Airdrop is an efficient marketing tool that often gets neglected by crypto startups mainly due to the fact that it costs a lot of gas, which is a fraction of an Ethereum token. To be more precise, the cost of a single transaction in the Ethereum network has a price range of $0.01-$0.1. Therefore, it becomes evident that the expenses on an airdrop campaign usually amounts to thousands of dollars.
But as they say, when there is a problem, there is always a solution. Such a solution may come in the form of Coinstantine, the Dutch fintech startup that has developed a way to make the large-scale dispensations of ERC-20 tokens incomparably more cost-efficient.
Maleficent activities, or scams, in simpler terms, constitute another burning problem that Coinstantine plans to tackle head-on. It seems that every more or less knowledgeable crypto enthusiast is aware of how scammers beguile people into revealing the private key which ultimately leads to the vaporization of entire crypto portfolios of the unsuspecting airdrop hunters.
The solution to the issue of airdrop expensiveness turned out to be magnificently simple: to shift the transaction cost on to the shoulders of the receiving party and let Coinstantine play the role of an intermediary. The idea behind the cost cuts to the air droppers is the following. The distributor of the ERC-20 tokens, intended for the airdrop, makes a single transfer of the entire batch of tokens to the predesignated smart contract in the Coinstantine network, thus paying the transaction fee only once.
From then on, the potential receiver of the airdropped tokens must withdraw them from the smart contract at his own accord and after receiving approval from the token issuer. To receive the corresponding amount of tokens, the recipient would have to cover the transaction fee, which is negligent in most cases.
Regardless of the number of wallets that are due to receive the air dropped tokens, the issuing party will pay only a fixed fee. The participants in the airdrops will also benefit from becoming a part of the Coinstantine network. For instance, they will be relieved of the necessity of providing some personal data, along with the information about the social media accounts, upon registration for an airdrop. Instead, they will submit this info only once and it will be stored on the Ethereum blockchain.
It appears that Coinstantine decided to disregard such an important factor as social media, because their presence on Twitter, Facebook, and Discord is virtually unseen. Only 814 Twitter followers and 56 Facebook members speak volumes about the community interest towards this project.
Coinstantine is currently having a pre-sale of their utility tokens called CSN which can be used to get access to the platform and use its functional set. The pre-ICO will last until August 15, followed by the ICO planned for the time period from September 1 until November 1. Right now, the price of 1 CSN is $0.25 or 1 ETH for 1300 CSN. The project accepts investments in ETH and BNB with no information being revealed about the minimum threshold, as well as the restricted areas.
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|Start||October 1, 2019|
|End||November 30, 2019|
Coinstantine will surely make life much easier for various cryptocurrency startups that conduct airdrop programs. I have been consulting several such projects and know firsthand, how much money goes down the drain in fees and associated payments when the team decides to have an airdrop. Coinstantine's idea is simple yet very helpful as it helps to automate the process of distribution of coins and make this entire endeavor much most cost-efficient.
Task Cracker March 17, 2020 Reply
On the one hand, Coinstantine offers a solution that would relieve many crypto projects of all the hassles associated with the organization of airdrops. But on the other hand, such a move could lower the interest from crypto enthusiasts towards such startups because nobody wants to pay if you could get it for free. The people who participate in airdrops already do their fair share of marketing work. So, why would anyone want to make them pay for their efforts - that is ridiculous. The essence of an airdrop is to lower the marketing expenses and attract new "greedy" users by offering pseudo-free tokens. Coinstantine would defeat that purpose.
Gigi Johnson November 9, 2019 Reply
Coinstantine definitely has a solid concept that should be in high demand among the ICO projects. It's the rule of thumb for any business, the digital ones especially, to automate as many processes as possible in order to maintain efficient operations. Coinstantine automated the process of token distribution during airdrops, which relieves startups from plenty of hassle and expenses. The platform is still raw, of course, but I am sure that they will end up being immensely popular in the blockchain community.
Ube October 18, 2019 Reply