Cryptocurrency faucets have been growing in popularity in recent years as more new investors move into the markets. These faucets work to provide investors with a small amount of a digital currency for performing simple tasks like completing a captcha or viewing an advertisement.
One major project that offers its own faucet is ZenCash (ZEN), a privacy-focused cryptocurrency platform (now rebranded as Horizen). ZenCash’s’ faucet currently pays out up to 150,000 Satoshis (~$10 or about 0.5 ZEN) every 20 hours, providing users with a random amount directly to a wallet of choice with each visit. ZenCash does not require any action to earn the daily ZEN, although it does request that investors sign up for the project’s newsletter.
Given the mixed messages surrounding cryptocurrency advertisement channels, projects are now forced to look at unique methods of engaging potential investors to build their communities.
A strategy of growing popularity is the use of airdrops leading up to an ICO or another major event. The idea is simple: a cryptocurrency project gives away a small percentage of their tokens for free to members of the larger crypto community, usually for completing a task like joining the project’s telegram. Ultimately, this works to build brand awareness and kickstarts the project’s community growth.
Faucets represent a much more simplified method of coin distribution as a means of advertising, and some even work by leveraging a users CPU to passively browser mine. However, the stigma that accompanies browser mining due to numerous Coinhive hacks can bring an element of mistrust to such systems.
ZenCash’s faucet is seemingly one of few to be fully-backed by a major project. Jonathan Teplitsky, senior marketing manager at ZenCash, shared that the project sees the faucet as a useful tool for community engagement and education.
ZenCash built the community faucet as a tool to engage with new investors and demonstrate that using ZEN is both easy and safe.
Teplitsky also shared that the ZenCash is looking to revamp its faucet in the next several months in an effort to improve the user interface.
More On ZenCash
ZenCash (ZEN) is a secure and private platform for money, messages, and media. An ambitious project with a strong R&D focus, ZenCash is building out a suite of features for its platform, all with an underlying element of privacy. ZenCash is a fork of Zclassic (itself a fork of Zcash), but with a few distinct differences, namely: secure messaging, a voting and proposal system, and a 12% miners fee for the duration of the project. (more)
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Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.