Finally the moment that a lot of us OmiseGo “HODLers” have been waiting for, the much anticipated Airdrop announcement of Electrify Asia (ELEC)! This is occurring 6 months after the launch of the Electrify ICO and the details have now been officially released.
Eligibility for the airdrop will be distributed among 3 groups of people
1.) Community members who passed our second KYC exercise but were ultimately not selected to participate in our ICO due to luck of the draw. This airdrop is thus a small token—or rather, a few tokens—of appreciation for your interest in our project
2.) ELEC holders at the time of the cut-off block height
3.) OMG holders of 10 OMG or more at the time of the cut-off block height
You will need to hold ELEC and/or OMG in a non-exchange wallet by 23:59 UTC +8, 23rd August 2018 in order to receive the airdrop
If you belong to both groups 1 and 2, your wallet address will only be counted ONCE. For example, if Alice passed our second KYC exercise and did not get selected to participate in our ICO (group 1), then went on to buy ELEC from an exchange, which she ended up holding in a non-exchange wallet during the time of the snapshot (group 2), she will only be airdropped once. However, if she also happens to hold 10 OMG or more (group 3) in her non-exchange wallet, she will receive a second airdrop
Distribution Mechanism for this Airdrop is a bit different that the usual 1:1 ratio type that we EOS HODLers are use to seeing however once the snapshot is taken then we should see an easier to digest ratio amount that will be less confusing but for now here is the distribution model that is planned.
The number of ELEC to be distributed is:
1.5% of the total number of ELEC = 11,250,000 ELEC
The distribution of ELEC will use a weighted average:
(Individual Qualified Wallet’s Holdings ÷ Total Holdings of All Qualified Wallets) x 11,250,000
If all the qualified wallets in the distribution list have a combined holdings of 300,000,000 ELEC, and Bob holds 100,000 ELEC,
Bob will receive:
(100,000 ÷ 300,000,000) × 11,250,000 = 3750 ELEC
If all the qualified wallets in the distribution list have a combined holdings of 10,000,000 OMG, and John holds 300 OMG,
John will receive:
(300 ÷ 10,000,000) × 11,250,000 = 337.5 ELEC
Disclaimer: The numbers used in these examples are purely hypothetical. They do not reflect the actual number of wallets or actual holdings. These will be determined after the scans.
Expected End Date
As time is needed for our tech team to complete the scans and execute the smart contracts for the airdrop, we anticipate the distribution to conclude by December 2018. We thank you for your patience and ongoing support!
For more information regarding the ELEC airdrop here is the link to the official announcement
So next up lets answer the question “what is Electrify Asia”?
ELECTRIFY is the first retail electricity marketplace in Southeast-Asia addressing the need for transparency and security in the consumption of energy. With a GMV of over SGD $10 million to date, ELECTRIFY has transacted more than 60GWh of electricity for commercial and industrial customers since March 2017.
Electrify plans to build a decentralized energy marketplace that runs directly on the blockchain. This “marketplace 2.0” will allow anyone to receive energy from commercial suppliers or the additional option to purchase directly from Electrify peer-to-peer (P2P) trading platform, “SYNERGY”.
Electrify Asia also provides an “e-Wallet” service that will be used to facilitate payments via the smart contracts, allowing consumers to pay for their energy usage directly within the Electrify ecosystem. They also have a “Power Pod” that will accurately track and audit the output from a small-scale solar panel, and have developed an “IoT smart device” that will measure and execute P2P trades via Synergy smart contracts.
To learn more about Electrify Asia and get involved here is the link for their homepage
Currently ranked #492 on coinmarketcap and valued at only $0.01 USD at the time of writing this article, this is one of those Airdrops that may be worthwhile to HODL for the mid-long term as this is a real world use case that is being created to provide a needed service to millions of people in Asia. Something like this could gain a substantial marketplace even if only a small percentage of the Asian population finds the service useful and choose to use it.
(This is not investment advice; only my personal opinion. For educational purposes only)