OMG to SNGLS: Airdropping Airdropped Tokens
Showcasing the Awesome Dynamic Power of the Ethereum Network!
Looking back on the journey SingularDTV has taken with the #BestofSingularDTV Series. This article was originally run on September 5th, 2017.
Zach LeBeau, CEO of SingularDTV
Provided OmiseGo distributes 5% of OMG tokens to ETH addresses, SingularDTV will airdrop its portion of OMG tokens to all SNGLS token holders. We are inspired by the folks at OmiseGo and excited to participate in showcasing the dynamic power of the Ethereum Network.
The exact date SingularDTV will airdrop its OMG to SNGLS holders will be announced upon the successful conclusion of OmiseGo airdropping OMG tokens into ETH addresses.
When SNGLS token holder “mikk mikk” asked on SingularDTV’s slack what we intend to do with our airdropped OMG tokens, the thought struck us — “We should airdrop the airdropped OMG tokens to every SNGLS token holder.” SingularDTV is fortunate to have more than 300k ETH in reserve so the value of our OMG tokens is significant enough to distribute to our token holders. Plus, it’s an interesting way to showcase the dynamic power of tokens before the launch of Tokit, our project creation application launching later this year. Tokens and tokenized ecosystems created in Tokit will be able to push ETH in the form of revenue, royalties and rewards to other tokens that are generated in Tokit. We’re excited to see what emergent economic features and activities Tokit will make possible for artists and creators around the world!
AIRDROPS & HOW THEY WORK
It’s interesting to note the various mechanisms at play with regard to airdropping tokens. OmiseGo is employing an airdrop method whereby they send OMG tokens to any address that holds more than 0.1 ETH at block 3988888. That means more than 450k transactions will be sent to the Ethereum network over a 1 week period. This airdrop will not be done through a smart contract because technically it’s not possible to get an account’s balance at a block height programmatically. OmiseGo will take a snapshot at block 3988888, and will generate a transaction for each address.
SingularDTV will take a similar approach for airdropping OMG tokens to SNGLS holders, but at a different block height, to allow SNGLS holders to move their tokens to a supported wallet.
In the future, for airdropping ETH, SingularDTV will use the built-in reward distribution function of the SNGLS token, that allows token holders to withdraw their part directly from our “Fund Smart Contract”, without the need to send huge amounts of transactions.
WHAT WALLET SHOULD I USE?
In order to receive your OMG tokens collected from the 300k+ ETH in SingularDTV’s reserves, you must have your SNGLS tokens in a wallet that can store multiple ERC20 tokens or a wallet that allows you to export its private key(s). So please move your SNGLS out of exchanges and into the wallets mentioned below. If you have your SNGLS tokens stored on exchanges or in wallets not listed below, you will not receive your OMG tokens.
MEW — My Ether Wallet and Parity’s wallet are easy to use and already have the ability to store SNGLS and OMG. You can also store SNGLS and OMG in the Mist/Ethereum Foundation Wallet by adding the SNGLS and OMG token addresses. By the time SingularDTV airdrops OMG to SNGLS holders, OMG functionality will be operational in SingularDTV’s Lighwallet. It’s not ready just yet, but stay tuned!
BEWARE OF PHISHING SCAMS
Only store or send SNGLS tokens to wallets that you control. Be vigilant! Scammers are everywhere in the cryptosphere and may even try to impersonate SingularDTV personnel.
What is OmiseGO/OMG?
OmiseGO is a public Ethereum-based financial technology for use in mainstream digital wallets, that enables real-time, peer-to-peer value exchange and payment services agnostically across jurisdictions and organizational silos, and across both fiat money and decentralized currencies. Designed to enable financial inclusion and disrupt existing institutions, access will be made available to everyone via the OmiseGO network and digital wallet framework, starting in Q4 2017.
The team behind Omise has been around since 2013, OmiseGO being their blockchain project. The OMG board of advisers includes Vitalik Buterin (Ethereum Foundation), Dr. Gavin Wood (Parity lead) , Vlad Zamfir (Casper protocol), Joseph Poon (Lightning Net) and Roger Ver of (Bitcoin.com).
OMG is OmiseGo’s token. For more information visit https://omg.omise.co/.
Learn More About SingularDTV and the SNGLS token:
A Blockchain Entertainment Studio Empowering artists with applications to manage and create projects from development…singulardtv.com