Last week saw the birth of a new generation of crypto currency tokens, eCoins as I call them. Not to be confused with eCoin or the electronic tokens from FairCash.
eCoins are ERC20 tokens - tokenized versions of crypto currencies on the Ethereum Blockchain - that began with first and foremost eBTC, the original eCoin of Bitcoin.
This new altcoin hype didn’t dissapoint either. By October 6th, days after being listed on CoinMarketCap, the coin had risen 2,500% from $0.03 to just over $0.8.
Naturally the preceeding days have corrected the price to around $0.2, therefore loosing 75% of its value whilst still maining a 500% gain within a week and a market capitalization of around $5 million. Not bad you might think, considering it all started with an airdrop!
Given this incredible initial gain its considerably unsurprisingly, that other “eCoins” - using the Ethereum blockcgain – would spawn on the heels of eBTC. And so it begun.
By October 7th, numerous eCoins had been created; Bitcoin Cash as well as Bitcoin Cash Improved, Dash, IOTA, Litecoin, Neo, Monero and two versions of Ripple. With possibly the most interested an “Ethereum meets Ethereum” (eETH), as well as Bullshit Copycat Airdrop (eBCA) just to add some opinion.
Identical to eBTC, all of these announced airdrops over at Bitcoin Talk forums as well as elsewhere and were met with tens of thousands of wallet address for users to receive their free coins.
These opportunities for free crypto didn’t last long either. Within a day or two, the airdrop signups closed, with thousands more wallet addresses than originally expected. This has left a bit of an empty crater when it comes to airdrop links to the BitcoinTalk forums.
Its clear that many of these eCoins won’t make it far once they enter the exchanges, as people dump their airdrops in favour of some other crypto that actually has a hope in life. Each of the coins, apart from their conceptual differences of currencies, have all adapted similar strategies.
The project that appears, or at least claims, to be notably more developed than others is eLitecoin (eLTC) , who have been emailing announcements as well as have a base of a website at eltc.io.
They claim that “[eLTC] is the only secure and non-vulnerable contract. The rest are all literally copy-pastes of each other.” Utilizing Litecoin’s speed with Ethereum’s fee, eLTC brags its transactions will take a quarter of the time for 10% of the cost. Not a bad sell.
There has already been a clash of identities between eRipple (eXRP) and eXRP Network (eXRPN), with the latter stating “EtherDelta listed *fake* EXRP token. The one that is a useless Ripple copy and has no community… Due to this, we will change the token ticker to EXRN (because our name is EXRP Network)”. This only goes to show how popular the eCoin business is right now.
No doubt when the tokens reach exchanges this will quickly determine which of these new eCoins, alongside eBTC, will have some rise to fame. Its clear that few, if any, will make it beyond having most of their market capitalization wiped out from airdrop dumps. But only time will tell.
In the meantime, for all of you who participated in the airdrops, the following dates for the drops are included below. However these time frames may change due to technical reasons.
eLTC for example have shifted from manual to automated airdrops for their 7,500 requests, but its not clear whether the rest of the eCoins will process their airdrops in the same manner when dealing with upto tens of thousands.
On a final note, here is the list of the past and future eCoin airdrops to keen an eye on:
eDASH: 6th October
eBCSH: 7th - 10th October
eLTC: 7th - 13th October
eXMR: 7th - 14th October
eBCH: 8th October
eNEO: 10th October
eETH: 10th October
eXRP: 12th October
eDAO: 17th October
eIOTA: 15th - 20th November
eXRPN: Unknown
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MyEtherWallet: 0x7846Bc5fE77ee59b5926f31266Ca1E9C862BD22c