Some time ago I discovered something called an airdrop. I had no clue what it was but it had something to do with a fork I was participating in.
If you are a total newbie, or, noob, as the crypto traders call it, you’re probably thinking ‘What is she talking about? Participating in a FORK? And that’s how these people make money? And it’s not even real, hard cash? I’m out of here.’
Let’s start with the definition…
– not governed by a single authority
– the decision making power and control are spread out
– all news data can be viewed and curated by a community of creators and readers
– advertising and censorship are made obsolete
– writers, readers and reviewers are rewarded with cryptocurrency tokens
Is this news business model necessary?
According to BusinessInsider.com, only 6 corporations control 90% of the media in the United States today (down from 50 in the 1980’s).
Ever seen one of those YouTube videos showing news anchors from different networks say the same things word for word? Did it make you wonder if that’s all that’s happening in the world that’s newsworthy? Or even factual?
Decentralized News Network ICO:
– rated 4.5 by IcoBench and 4.8 by TrackICO
– conceptualized in 2016
– whitepaper: yes
– website: yes, multiple
– alpha: yes
– alpha testnet: yes
– bugs sorted out: yes
– beta mainnet: not yet
– community development: in progress
– Token: DNN (ERC20)
– 1 ETH = 3000 DNN
– Minimum investment: 0.001 ETH
– Hard cap: 35,000 ETH
– KYC: yes
Where to begin?
Start by joining 25,000 of their members on Telegram. You’ll get some free tokens and learn more. Make sure to click the pinned message. It’ll give you a summary of what the team has to offer and where to go from there:
What’s a bounty?
A bounty is when an ICO (Initial Coin Offering) team invites people to learn about their project. This is typically conducted by the ICO’s marketing team. The marketers get a bounty (a form of compensation, similar to an affiliate commission). You get the airdrop (a small sample of coins). The purpose is to give you an incentive and pique your interest so that you consider learning more about the product or service they are offering and, perhaps, decide to invest your time or money.
Time or money?
If you have extra time or are looking for a new job or even a new career, you may be surprised to discover that there’s an endless supply of freelancer gigs and professional jobs offered by this novel industry — anything from earning a few bucks in your free time to getting a $60,000-$100,000/year full time job.
If you are too busy or lack interest in investing your time, but you happen to be looking for new investment opportunities, you’ll discover that there is no shortage of ICOs with working products and generous discounts for early investors.
Money out of thin air
At this point you may be wondering how it’s possible for people to derive monetary rewards for reading or reviewing articles without income generated through ads.
Firstly, networks like DNN, offer cryptocurrency to investors during ICOs and traders on cryptocurrency exchanges. After the cryptocurrency is listed on one or more exchanges, it is bought and sold in crypto/crypto or crypto/fiat pairs. The buying and selling, in most cases, is a trade of one cryptocurrency for another.
During this process a monetary value of the traded cryptocurrency is established. The market sets the price when buyers and sellers place their buy and sell orders. News, events and announcements also play a role in the valuation and price fluctuation of a given cryptocurrency.
The general rule at the moment is to buy the rumor and sell the news, i.e. buy at the time of the rumor and sell before the newsworthy event takes place. To avoid a dump (mass sell off), ICOs and established cryptocurrency teams offer further incentives in the form of crypto dividends of which there are different types (we’ll get into that some other time).
After the price has been established, the cryptocurrency is than used as payment in exchange for goods and services placed on the market by its blockchain company (or developer team if it’s a community coin).
The users (customers), contributors, employees, contractors, and team members pay with and/or are paid with that cryptocurrency, which further supports the economy of both, the cryptocurrency and the product or service provided through it.
Such currency can then, once again, be traded (peer-to-peer or via exchanges) for other cryptocurrency, fiat money, and/or other goods and services. Alternatively, it can be stored privately in cryptocurrency wallets or on exchanges, for as long as the holder (also known as ‘hodler’) wishes (long term investing, savings, retirement, etc.).
In fiat terms, the same ‘money’ touches as many hands as possible. High circulation of fiat cash has typically been observed during historic economic booms. High circulation creates a more balanced economic equilibrium. It reduces scarcity and creates contentment. It’s overall healthier.
The bottom line is that in this new and booming financial technology industry you can get monetary rewards for just about anything and you can do with it as you please. Of course, once you exchange crypto back into fiat and it’s more than you put in, you have capital gains or at least newly created income which may or may not be taxable, depending on where you pay your taxes.
And that’s it for today. I hope you’ve learned something and I hope you find the idea of a Decentralized News Network that rewards it’s community and is free of annoying ads intriguing.