Many people know that owning a crypto assets may provide a humble, but essential income on forks of various coins.
For example, anyone who had had some kind of balance on a bitcoin address on August 1st, 2017, has received an equal amount of Bitcoin Cash (BCH). And the most successful players were able to sell BCH at the peak of its value with a stunning price of $ 4,000 for 1 BCH!
A new cryptocurrency “breaks away” during the fork from the original blockchain due to the code modification and changes in consensus algorithm operation. Here are various goals set – to enhance the system security, to test new technologies in the blockchain, to speed up transactions, etc. During the software update, a new chain forms a new sequence of blocks – thus the original and the fork one have a common history, but continue to function independently due to incompatible block structure.
Concerning BCH, since there have been 16.48 million bitcoins, a new coin amount was exactly the same and all owners of the classic bitcoin became owners of the bitcoin cache receiving it as an airdrop.
Airdrop is also a way of free distribution for a new cryptocurrency. As forks occur a new cryptocurrency is distributed between the holders of the original coin, usually in a proportion of 1:1. A prerequisite for obtaining a new coin is the availability of original coins on a specific day – the so-called snapshot date. The snapshot date as well as the account ratio is announced in advance. To gain new coins you need to use the blockchain original address private key to access the address of blockchain fork. Sometimes there are other conditions such as registration on the site and confirmation by e-mail. However, more often there is nothing specifical, since airdrop is a marketing campaign provoking interest towards a new currency. The fork creator needs users and is ready to distribute coins as much as necessary.
A fact of having 1 BTC in a wallet enriched someone's capital with $ 4000 from just one fork! You can imagine how much money the owners of new BCH coins could earn! There are already about a hundred currencies that split off from BTC. About twenty of them are traded on exchanges and have a US dollar equivalent, the rest are still gaining weight and are preparing for listing and going public. And this is only BTC fork!
Forks also occur among the other altcoins, which also attract users through airdrop. There are a lot of news about forks, their appearance might be explained by the fact that developers allocate priorities in different ways: for one the main thing about cryptocurrencies is anonymity, for another it is transaction speed, others try to find the perfect solution for all problems in blockchain. Forks differ from one another and even there have been some services simplifying the process of forks' creation. Thus making it possible to predict the further growth of their number.
At the same time, there is an obvious fact: the more currencies are, the higher the likelihood that one satisfies certain community needs and gets real value and demand. The negative point of ‘The Fork Boom’ is clear too – every new project seeks to create a stir and to make hype, but not everyone reaches the launch of an operational network that brings real community benefits. We have to undertake in-depth analysis to reveal the ‘vitality’ of the project.
There are a couple of well-known resources on this topic:
EtherZero fork and project progress
As far for EtherZero, which is the fork of Ethereum from January 19th, 2018, this project has already received confirmation of its efficiency and has achieved its goals in accordance with the development plan. In August, an EtherZero network was launched based on the MPOS consensus algorithm and masternodes (already more than 500 at the network).
EtherZero has its own wallets:
https://wallet.etherzero.org – Web Wallet
EasyETZ – https://easyetz.io – mobile wallet (for iOS and Android)
There is a manual “How to get ETZ”, and there are exchanges where you can exchange ETZ for other crypto-assets and fiat.
But in fact, not all ETH owners took the opportunity to manage their ETZ assets. One of the reasons – not everyone remembers how much ETH they had at the time of the fork. Another reason is mistrust towards new network and its wallets, as well as hesitation with transferring ETH (if it is still present on the balance) to other ETH addresses in order to minimize the risk of losing the funds.
Magnum Wallet solution
And here we are pleased to introduce an eminent project that has become an EtherZero partner and which task is to help the owners of various coins in obtaining airdrops:
Magnum is a decentralized or ‘cold’ wallet, it does not store private keys, backup user files and information about them. A cold wallet is the most reliable and secure way to work with crypto assets. Users retain full access to private keys that never leave the device, since they are encrypted in the browser local storage. All transactions with the blockchain are performed via an encrypted SSL connection.
The main goal of the Magnum Wallet project is to quickly add new forks (pre-tested, reliable), much earlier than they are added to other multi-currency wallets. Wallet supports most popular coins: BTC, ETH and their popular derivatives. You can send-receive coins without switching between tabs in the wallet UI. There is a section with future forks info. It is planned to connect the exchange functionality, which will greatly facilitate the transfer of airdrop to the desired currency.
Magnum works with a backup file that contains private keys in encrypted form. Backup file must be saved in a safe place. Backup file can be used to access all wallets through another browser or device. A user must enter the password to access the data in the backup file. Magnum Wallet will not be able to restore the user's backup files or private keys if they are lost or the password is forgotten. You need to enter a password every time you interact with private keys (each time you access a backup file). This action is also necessary if a user is going to complete a transaction, delete or rename the wallet.
Registration process with the Magnum Wallet is standard, after logging in, a user gets access to the control panel, where he is able to request coins of the required forks – here, EtherZero:
First you need to create a new ETN-wallet having connected with the private key ETN-address (if you still have concerns and to avoid any risks – transfer the funds to new ETN-addresses before):
Then request an ETZ receipt:
The coins will be credited to the ETZ address created in Magnum Wallet, where they can be transferred to other ETZ addresses.
Thus, a user can safely check all his ETH-addresses and collect ETZ coins getting full airdrop.
About the team and project
The project team has a Telegram group: https://t.me/magnumwallet
We hope that this tool will attract a lot of new ETZ users and will let ETZ assets owners to finally use them!
And also users are able to check out other airdrops with Magnum Wallet and, perhaps, thereby unexpectedly for themselves receive additional earnings!