Until an alternative exists

Anything directly related to the XRP Ledger BITx token
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bitx
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Until an alternative exists

Post by bitx »

BITx tokens are currently being distributed manually, this is for two reasons:

1) It allows for better filtering out of probable token farmers/bad actors
2) It has the effect of slowing down the distribution of BITx, similar to Bitcoin we hope the supply will generally be less than the growth of the demand

Manual distribution is time consuming (it's a bit like an alternative to Bitcoin with us doing all the 'proof of work' that Bitcoin miners do for Bitcoin..) and there is an amount of trust that is placed in the BITx team, especially if the value of BITx rises dramatically. If there comes a time when a suitable alternative exists, we will be happy to seek to offload the burden of manual distribution, this becomes more possible the greater the number of BITx holders/users there are or when/if a suitable automated ID/wallet check and airdrop tool exists. Until that time, we give our word that we will always act in good faith.
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notsatoshi
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Re: Until an alternative exists

Post by notsatoshi »

hope so, there are a few good airdrop tools out there, but maybe not good enough I do not know, it is good to go slow with it though, like the bitcoin mining
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bitx
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Re: Until an alternative exists

Post by bitx »

We spoke with some other projects that had used some of the tools out there and what we took away from that is that, even though some may have good intentions.. it isn't currently possible to avoid sending tokens to a large number of farmer wallets and other 'bad actors'.

In complete honesty we would love to be able to automate the Airdrop of the BITx token as it takes a considerable effort from our side to keep up with the vetting of wallets etc. If the technology is out there, please do point us in that direction so that we can investigate.
Bitcoin ideology - XRP Ledger utility | BITx Website | BITx Twitter
notsatoshi
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Re: Until an alternative exists

Post by notsatoshi »

makes sense
rollieollie
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Re: Until an alternative exists

Post by rollieollie »

It seems like this could be fundamental from both an operational and trust perspective. Have you found any solution for this yet?
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Re: Until an alternative exists

Post by bitx »

No we haven't found a solution that's better than the manual vetting yet, but we're still looking and open to anyone who might like to contact us regarding potential any solution.
Bitcoin ideology - XRP Ledger utility | BITx Website | BITx Twitter
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