Today we are excited to provide more details about the upcoming striim token airdrop. To quote the previous discussions of the airdrop from earlier blog posts,
Striim will be a community driven solution which will be tokenised. However, there will be no token sale.
120 billion tokens will be created and air-dropped over a 10 year period. 100% of striim’s revenue will be distributed to the token holders and the community of protocol facilitators. The revenue will be obtained from transactions happening within hubii core’s exchange and payment system. Though this project was not described in the white paper and was sponsored by Hubii AS, we recognise our existing hubii community and as such the token split for each monthly airdrop will be as follows:
50% proportionally to HBT token holders (including any HBT on deposit within hubii core)
20% proportionally to Ethereum holders that register or deposit in hubii core
20% to a strategic growth fund
10% to key partners in this endeavour
The token we will generate for striim will be a slightly modified ERC20 token. This is required to make striim a trustless protocol, in particular it will enable trustless revenue allocation to the token holders. The token will have a critical function within the protocol and this will become apparent in the coming days as we deploy the protocol to testnet and release the whitepaper.
In order to receive their airdrop HBT holders will not need to do anything, so long as their HBT is held in an Ethereum address that they control. We will try to avoid airdrops to any exchange addresses we can confidently identify, unless exchanges approach us and wish to help facilitate the airdrop to those users with HBT on deposit.
ETH holders who wish to receive their allocation of the airdrop will need to download and install hubii core and sign a message to prove ownership of an Ethereum address. We will also credit any ETH balance deposited into striim itself. Instructions to perform both of these methods will be given nearer to the time of the airdrop. Users will not be limited to a single Ethereum address and may link as many as they want within hubii core. Once an Ethereum address is linked, it will be linked in perpetuity and will receive airdropped tokens so long as there is a qualifying ETH balance during each month.
There will be a minimum balance Vs time requirement to receive any airdrop. Please refer to the balance-blocks description below.
The minimum balance and time requirements are a necessary anti-spam measure and hubii reserves the right to adjust these minimums in future.
Hubii will take all possible steps to ensure the generation and airdrop of striim tokens will be as trustless as possible.
An airdrop can stress the Ethereum network and also can suffer from unpredictable cost due to fees. Hubii will reserve the right to adjust the timing and speed of the monthly airdrop to minimise cost and the impact on the network. At some point in future, we will switch to use striim for the airdrop itself. These entirely predictable costs and reduced minimum HBT/ETH balance required to receive airdrops. It will be the ultimate showcase of striim technology.
Balance-blocks for fair distribution
In order to calculate the appropriate airdrop share for each address holding HBT/ETH, we introduce the concept of balance-blocks.
This concept is used within striim itself also. The airdrop will take place based not on the balance of each address at a certain block height, but instead using balance-blocks.
A balance-block is the integral under the balance Vs block height chart for an address. In other words, if an address holds 1,000HBT for a period of 10,000 blocks in a certain month, then for that month that address has accrued 1,000 x 10,000 = 10,000,000 HBT balance-blocks. Airdropped striim tokens will be distributed proportionally according to the balance-blocks accrued.
We will use this method primarily to minimise monthly liquidity squeezes on HBT/ETH due to the periodic airdrop nature. However, we also believe it is the fairest possible method of distributing an airdrop. The minimum balance-blocks requirements for receiving airdrop will be announced at a later date.