We’re Providing Away three Billion Lumens to Bitcoin Holders

Stellar

When we were designing Stellar, Bitcoin acted as a profound inspiration. The Bitcoin network was the very first to showcase that it’s possible for a group of untrusted parties to agree on a common database, and the Bitcoin community still influences our understanding of this technology’s influence.

With all that in mind, Stellar.org has reserved 19% of the initial lumens—a total of nineteen billion lumens—for people who hold bitcoin. On July 5th we’ll make available these lumens to any bitcoin holder who wants them.

How will it work?

We’ll give away the nineteen billion lumens in several rounds. The very first round will include three billion lumens, and will work like this:

July Four, 2016: We’ll take a snapshot of the blockchain at the very first block mined with a timestamp on July 4th (UTC/GMT). This snapshot will record the coin balances of all bitcoin accounts at that time.

July Five, 2016: We’ll publish a claim page, permitting bitcoin holders to verify that they control a given bitcoin address and send that address’s share of lumens to a Stellar account.

To get a sense of the giveaway math, take Rachel as an example:

15,692,500 bitcoins in existence

Rachel wields ten bitcoins

Trio,000,000,000 * (Ten/15,692,500) = 1,911.72 lumens

Rachel wields .0000649% of the bitcoins in existence at the time of the snapshot.

Her 1,911.72 lumens therefore equals .0000649% of lumens given away.

October Five, 2016: The very first round of the lumen giveaway to bitcoin holders will conclude. If there are unclaimed lumens, they’ll go to Stellar.org’s operational fund.

Due to regulatory limitations, this program is closed to residents of the U.S. states of Fresh York, Georgia, Fresh Hampshire, and Connecticut as well as the nations of Iran, Cuba, North Korea, and other countries subject to sanctions by the United States. These limitations are subject to switch to account for switches in regulatory stance.

Members and board members of Stellar.org will not participate in the bitcoin-lumen program or claim any lumens from it.

Claim lumens: Individuals

On July Five: Visit the claim page, which will walk you through the plain process.

If you have an account on an exchange, check with your exchange to see if they’re planning to participate and how to claim lumens through them.

Participating exchanges (we’ll update this list as exchanges contact us):

Now for the part we’re less excited about.

If you’re not using an exchange, then law requires us to ensure you’re not on the U.S. sanctions list or located in any of the restricted jurisdictions listed above. We’re using Facebook account verification to accomplish this check.

We know this kind of gargles. Privacy is a top concern for the Bitcoin ecosystem. Stellar.org won’t use your Facebook data for any other purposes and will never post to your account. If you’d rather not share your Facebook information, you can still go through a participating exchange.

Get notified with updates on the bitcoin-lumen program.

Claim lumens: Exchanges and businesses

Before July Five: If you’re an exchange or other business that holds a pool of bitcoins for customers, email [email protected] from your business email. Include your hot wallet Bitcoin address, and we’ll ensure that the lumens given to that address are sent only to you.

After you receive lumens, we encourage you to give them to each of your customers proportionately. Email [email protected] with questions or to discuss options.

How does Stellar compare to Bitcoin and other networks?

The Stellar network is inspired by Bitcoin—we’ve taken lessons from it and added the capability to tolerate non-rational actors in an environment with low computing power.

There are a few other key differences inbetween Stellar and Bitcoin:

  • In Bitcoin, knots that work to confirm transactions mine bitcoin, distributing the currency leisurely over time to miners. Stellar doesn’t have mining: one hundred billion lumens were automatically created at the commence of the network. 95% of these lumens will be available to the world.
  • Stellar operates on a fresh consensus algorithm, the Stellar Consensus Protocol (SCP), which uses federated Byzantine agreement. Stellar transactions confirm in a few seconds and knots use fewer computational resources.
  • Bitcoin is non-inflationary, while the supply of lumens increases at a stationary rate of 1% per year.

When will the 2nd giveaway round take place?

The date and amount of the next giveaway round will depend on what we learn from this initial round. To be the very first to know when we announce the next round, sign up for updates on the bitcoin-lumen program.

Find out more

We believe in community-based ownership of the Stellar network and want early digital currency enthusiasts like bitcoin holders to feel at home in the Stellar community. Feel free to ask us questions about the bitcoin-lumen program:

And if you’re a developer interested in building applications on Stellar, explore our documentation.

We’re Providing Away three Billion Lumens to Bitcoin Holders

Stellar

When we were designing Stellar, Bitcoin acted as a profound inspiration. The Bitcoin network was the very first to display that it’s possible for a group of untrusted parties to agree on a common database, and the Bitcoin community still influences our understanding of this technology’s influence.

With all that in mind, Stellar.org has reserved 19% of the initial lumens—a total of nineteen billion lumens—for people who hold bitcoin. On July 5th we’ll make available these lumens to any bitcoin holder who wants them.

How will it work?

We’ll give away the nineteen billion lumens in several rounds. The very first round will include three billion lumens, and will work like this:

July Four, 2016: We’ll take a snapshot of the blockchain at the very first block mined with a timestamp on July 4th (UTC/GMT). This snapshot will record the coin balances of all bitcoin accounts at that time.

July Five, 2016: We’ll publish a claim page, permitting bitcoin holders to verify that they control a given bitcoin address and send that address’s share of lumens to a Stellar account.

To get a sense of the giveaway math, take Rachel as an example:

15,692,500 bitcoins in existence

Rachel possesses ten bitcoins

Three,000,000,000 * (Ten/15,692,500) = 1,911.72 lumens

Rachel wields .0000649% of the bitcoins in existence at the time of the snapshot.

Her 1,911.72 lumens therefore equals .0000649% of lumens given away.

October Five, 2016: The very first round of the lumen giveaway to bitcoin holders will conclude. If there are unclaimed lumens, they’ll go to Stellar.org’s operational fund.

Due to regulatory limitations, this program is closed to residents of the U.S. states of Fresh York, Georgia, Fresh Hampshire, and Connecticut as well as the nations of Iran, Cuba, North Korea, and other countries subject to sanctions by the United States. These limitations are subject to switch to account for switches in regulatory pose.

Members and board members of Stellar.org will not participate in the bitcoin-lumen program or claim any lumens from it.

Claim lumens: Individuals

On July Five: Visit the claim page, which will walk you through the ordinary process.

If you have an account on an exchange, check with your exchange to see if they’re planning to participate and how to claim lumens through them.

Participating exchanges (we’ll update this list as exchanges contact us):

Now for the part we’re less excited about.

If you’re not using an exchange, then law requires us to ensure you’re not on the U.S. sanctions list or located in any of the restricted jurisdictions listed above. We’re using Facebook account verification to finish this check.

We know this kind of gargles. Privacy is a top concern for the Bitcoin ecosystem. Stellar.org won’t use your Facebook data for any other purposes and will never post to your account. If you’d rather not share your Facebook information, you can still go through a participating exchange.

Get notified with updates on the bitcoin-lumen program.

Claim lumens: Exchanges and businesses

Before July Five: If you’re an exchange or other business that holds a pool of bitcoins for customers, email [email protected] from your business email. Include your hot wallet Bitcoin address, and we’ll ensure that the lumens given to that address are sent only to you.

After you receive lumens, we encourage you to give them to each of your customers proportionately. Email [email protected] with questions or to discuss options.

How does Stellar compare to Bitcoin and other networks?

The Stellar network is inspired by Bitcoin—we’ve taken lessons from it and added the capability to tolerate non-rational actors in an environment with low computing power.

There are a few other key differences inbetween Stellar and Bitcoin:

  • In Bitcoin, knots that work to confirm transactions mine bitcoin, distributing the currency leisurely over time to miners. Stellar doesn’t have mining: one hundred billion lumens were automatically created at the embark of the network. 95% of these lumens will be available to the world.
  • Stellar operates on a fresh consensus algorithm, the Stellar Consensus Protocol (SCP), which uses federated Byzantine agreement. Stellar transactions confirm in a few seconds and knots use fewer computational resources.
  • Bitcoin is non-inflationary, while the supply of lumens increases at a immobilized rate of 1% per year.

When will the 2nd giveaway round take place?

The date and amount of the next giveaway round will depend on what we learn from this initial round. To be the very first to know when we announce the next round, sign up for updates on the bitcoin-lumen program.

Find out more

We believe in community-based ownership of the Stellar network and want early digital currency enthusiasts like bitcoin holders to feel at home in the Stellar community. Feel free to ask us questions about the bitcoin-lumen program:

And if you’re a developer interested in building applications on Stellar, explore our documentation.

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