Announcement:We have decided to abort the AirdropCoin project.
Reasons:1) IPO did not generate as many funds as we thought it would. We needed at least 10 times as much investments to successfully execute the operation.
2) Issues brought up by the community regarding legality of airdrop execution. We still think we could have pulled it off with the right amount of funds generated and creative problem solving, but this is obviously more of an assumption than a fact at this point.
3) Overall negativity from the community. We had expected this project to get a higher level of positive feedback than it did. Most feedback turned out to be quite cynical.
4) Lack of buzz the project has generated up until now. We had expected more buzz.
The root cause of failure was lack of community believe in the project's scope.
We have decided that our professional lives are too busy to justify further time investment in a project that is more likely to fail than to succeed at this point.
Naturally (well, maybe not naturally in the world of Bitcoin), we will be fully
refunding all people who have chosen to join the IPO. They will be receiving an email with instructions on how to get their BTC back this weekend.
Finally, I'd like to say the following to all the people who have called us a 'scam'; Next time, please think twice before you call something a scam. There is a lot of cheating in this scene, but there are some good people that actually want to make a difference.
We would have gotten a free trip to a cool place somewhere in the world, and would have done something really cool for the local community there and generate a shitload of buzz. Why wouldn't we?
We have no hard feelings though, trolls were expected, as was the chance of failure.
If you have anything to add this, it would be good to hear your thoughts on where you think we went wrong.
The AirdropCoin Team
Want to join the IPO? Invest here Note: Please review the action plan before questioning the feasibility of the project's scope.
AirdropCoin is a cryptocurrency based on litecoin.
Half of the coins will be premined and will be physically dropped from an airplane at noon local time 6th of June 2014, which is the 70th anniversary of D-Day.
The community will decide the location for the airdrop through voting on AirdropCoin.com. Voting will be closed on 16th of April 2014.
The goal of the project is to raise cryptocurrency awareness for the general public.
Events- 16 March 2014: AirdropCoin is announced
- 23 March 2014: AirdropCoin is opened for investors through an IPO
- 31 March 2014: AirdropCoin will be launched, IPO is closed
- 16 April 2014: Voting on global coordinates will be closed and airdrop location will be announced
- 6 June 2014 (noon): Airdrop will be executed at the winning location (D-Day)
Websites
Important Links
Discussion
Social Media
Press
Downloads- Windows: Soon!
- Mac: Soon!
- Source: Soon!
Block ExplorersSoon!
PoolsSoon!
The Team- TheFlyingDutchman (The Netherlands), Marketing & Communications
- ClevelandRocks (n/a), Currency Dev
- 1ndergy (Finland), Web Dev
- ClausClay (UK), Risk Mitigation & Safety
- TBD after winning location has been announced, Legal
For more details and background stories on our team members, click
here
Specifications- 70 million coins total
- 50% premined
- Scrypt based with gravity well
- 1 minute blocks
- 175,000 blocks between halving
- 100 coins a block immediately after premine
DetailsMotivesThe goal of the project is to raise the general public's awareness of cryptocurrency. Just to clarify, it is not our main goal to gain from this project financially. We're expecting to reinvest most proceeds back into the project.
FundingPerforming an actual airdrop somewhere on the planet will require a certain level of funding for operational expenses like travel, accomodation, video equipment, legal assistance, pilot(s) and aircraft(s), We have decided that an IPO (Initial Public Offering) is most suitable for this.
Investors will be able to buy a piece of the premine before the coin is launched. The amount of premined coins that go the investors depends on the total amount of BTC invested. The investors cannot receive more than half of the premine, this is to ensure that the winning location receives a big share during the airdrop. The remainder of the premine will be airdropped. The IPO opens on 23rd of March 2014 and closes at 00:00 AM GMT on 31th of March 2014. Further details on the IPO can be found in the 'Invest' section of the
website.
We are also opening up the project to sponsors. Sponsors will have their branding displayed on the website and on the aircraft. Other ways for sponsors to get involved will be negotiable. If you'd like to be a sponsor, please
contact us.
Type of AirplaneThe chosen aircraft will depend on many factors. The biggest factor will be the voted location and amount of funds raised. We will announce aircraft details after the winning location has been announced. Renting a helicopter will not be ruled out if it makes more sense for the venue and budget. We will also be considering renting a second aircraft for video capturing purposes.
Form and Shape of the CoinsWe will be airdropping paper wallets, much like the ones already widely used in the cryptocurrency community. The printed coins will include usage instructions in the appropriate language to allow anyone to get full value from their coins. We will show an example of a physical AirdropCoin wallet further down the road.
LocationThe airdrop location will be determined by heat-mapping the results of the location voting. We will airdrop the coins at the area that recieved the most votes. Voting closes on 16th of April 2014. Further information on location voting can be found at the
'Location Vote' page of the website.
Voting PreferenceYour voting preference will be entirely up to you. You may decide to help the poor or to have the coins dropped above your hometown. There can be many considerations. Do what you think is best.
Blacklisted AreasWe will not be allowing votes for airdrops above unsafe areas or countries. We are obviously not looking to risk our lives. We have identifed these areas as blacklisted areas. Votes for locations above blacklisted areas will not be counted. You can find the blacklisted areas on the
'Location Vote' page of the website. Votes on locations above seas, oceans or big lakes will also be disqualified.
Ground SafetySafety comes first. Motorway avoidance and other obvious precautions will be taken. We will be seeking guidance from local authorities to ensure maximum safety. Please note that we won't be dropping metal coins, but paper wallets.
Environmental ImpactAirdropCoin is eco-friendly: We will be printing the paper wallets onto eco-friendly paper. We are currently looking into EcoPaper (
http://www.ecopaper.com). After we've given the local community enough time to collect the paper wallets, our team members will clean the streets from paper wallets if many remain unclaimed.
Local Littering LawsOur research has shown that laws that affect this project vary a lot between jurisdictions. For example,
see the difference between litter laws in states in the US. This means that we cannot get into too much detail until the winning location has been announced. However, we have created an action plan that will maximize the potential of our operation while minimizing the risks. This action plan will apply to any jurisdiction.
Action PlanWe have identified 5 steps necessary to maximize the potential of a successful operation, shown below in chronological order:
1) Wait for the winning location to be determined (16 April 2014).
2) Determine the maximum number of paper wallets we can drop from the aircraft (x) with no or little legal consequences (up to a small fine not exceeding $1000) according to local litter laws. This number will vary per jurisdiction. A legal expert will assist with this.
3) Start a dialog with local authorities to see if we can increase the maximum number of paper wallets we can airdrop (x) by getting them on our side. For example, we will tell the authorities that we won't be throwing litter from the aircraft, but money. We'll also highlight the eco-friendliness of the paper wallets and the fact that it is a positive event for the local community and media. In addition, we will try to negotiate details like time of day and areas to be avoided, which will help our case as well. After this dialog, we will announce the final number of paper wallets to be airdropped (x).
4) Number of AirdropCoins remaining from the premine to be dropped from the airdcraft will be:
% of coins to be dropped = x / 400 * 100% and cannot exceed 100%.
Example 1: If we can drop 400 or more paper wallets from the aircraft, 100% of the remaining premined coins will be dropped from the aircraft.
Example 2: If we can drop 200 paper wallets from the aircraft, 50% of the remaining premined coins will be dropped from the aircraft.
Example 3: If we can to drop 10 paper wallets from the aircraft, 2.5% of the remaining premined coins will be dropped from the aircraft.
Reason for this logic is that we don't want each wallet to contain a too large quantity of coins; this will result in just a few individuals gaining from the airdrop. We want to ensure that a big number of people get a share of the coins for a greater reach.
Each wallet will contain the same amount of coins. The formula for this will be:
Coins per airdropped wallet = (remaining coins in the premine * % of remaining coins to be dropped) / x 5) If less than 100% of the remaining premined coins were airdropped as per the logic above, we will hand out the remaining premined coins at a crowded location nearby. This will happen after the airdrop. The exact location and time will be announced up front so you will know where to find us. We will be wearing AirdropCoin t-shirts so we can be easily identified. Each paper wallet will contain as many coins as there were in each airdropped wallet. Locals who received a wallet will be stamped to ensure they cannot get a wallet multiple times.
We expect to always be able to airdrop at least a couple of paper wallets, even in the worst possible scenario.
Detailed Action Plan Based on Winning LocationDetails to be announced after winning location is known. ParachutesWe will see if we can attach small parachutes to the paper wallets to be airdropped to make the descending paper wallets more visible from the ground. This decision will depend on local laws and on the number of paper wallets we will airdrop and cannot be made until after the winning location is known.
BlogWe are adding a blog to this site after the winning location has been announced. Things will get interesting from then on, as the team members will be travelling to the winning location to prepare the event. We will be posting daily updates with images, videos and stories.
Sharing the Event with the WorldWe will capture videos from various locations during the event, including shots from the ground and from within the aircraft. We will also be considering renting a second aircraft to get a very nice view of the airdrop. This will be decided at a later stage and depends on many factors, including financial ones. All the videos will be compiled into one and uploaded to Youtube and posted on the
website later on.
Press InvolvementWe will be issuing multiple press releases before and after the event as we believe that the airdrop will be a very interesting event for the general public. We will also be inviting a selection of world press on board of the aircraft. We will not make this event go unnoticed!
IPO details (taken from the AirdropCoin.com website):How many of the premined coins go towards the IPO contributors?
The total amount of premined coins that will be sent to our IPO participants will depend on how much the IPO raises. The more is raised, the bigger the share that goes to the IPO participants.
The investors cannot receive more than half of the premine, which is to ensure that the winning location receives a big share during the airdrop. Whatever is left of the premine after the IPO will be airdropped.
Less than 40 BTC raised:
20% of the premine (7 million ADC) goes to the IPO participants
80% of the premine (28 million ADC) goes to the airdrop
Between 40 and 200 BTC raised:
30% of the premine (10.5 million ADC) goes to the IPO participants
70% of the premine (24.5 million ADC) goes to the airdrop
More than 200 BTC raised:
50% of the premine (17.5 million ADC) goes to the IPO participants
50% of the premine (17.5 million ADC) goes the the airdrop
Distribution
The earlier you join the IPO, the better you will be rewarded. This is a measure we have decided to take to compensate investors who choose to take a bigger risk by joining the IPO at an early stage, rather than to wait until the last day of the IPO to see who else invests. The logic will be as following:
Investments on days 1 and 2 (23-24 March 2014): 1.5x multiplier
Investments on days 3 and 4 (25-26 March 2014): 1.3x multiplier
Investments on days 5 and 6 (27-28 March 2014): 1.1x multiplier
Investments on days 7 and 8 (29-30 March 2014): 1x multiplier
To determine on which day investments were made, the system will be checking the blockchain based on GMT time zone.
Example: Let's say I invest 2 BTC on day 2 of the IPO. In this case, my investment will count as a 2 * 1.5 = 3 BTC investment after multiplier adjustment. When I invest 2 BTC on day 8 of the IPO, my investment will count as a 2 * 1 = 2 BTC investment after multiplier adjustment.
The IPO AirdropCoins will be distributed over the investors based on relative investment size, taking into account the multiplier.
Example: How to calculate my share in ADC?
Let's say I invested 5 BTC on day 3 of the IPO.
20 BTC were raised on each day of the IPO (the 20 BTC raised on day 3 includes my own investment).
This means that a total number of 20 * 8 = 160 BTC were raised it total
Since 160 BTC were raised in total, 10.5 million ADC will go to the IPO contributors (30% of the premine).
To calculate my share, I first have calculate the total number of BTC raised after multiplier adjustment. This is calculated as following: (20 * 1.5) + (20 * 1.5) + (20 * 1.3) + (20 * 1.3) + (20 * 1.1) + (20 * 1.1) + (20 * 1) + (20 * 1) = 30 + 30 + 26 + 26 + 22 + 22 + 20 + 20 = 196 BTC after multiplier adjustment
I invested 5 * 1.3 = 6.5 BTC after multiplier adjustment which means I should receive (6.5 / 196) * 100% = 3.316336530612245% of the total number of premined AirdropCoins that go to the IPO contributors.
3.316336530612245% of 10.5 million ADC = 348,215.3357142852 AirdropCoins
In this specific scenario, I will receive 348,215.3357142852 ADC as a compensation for my investment.
When will I receive my share in ADC?
The IPO closes just before the currency is launched, at 00:00 AM (GMT) on the 31th of March 2014. You will receive instructions on how to access your share in ADC shortly after.
For any questions, please email
[email protected] or post in this thread.
