Paperization of cryptocurrencies as Giftdrop: a short-cut to the daily life


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Idea Nakamoto
(October 2018)
Email: forthelastwords

Abstract: In this context, the idea of actively using cryptocurrencies’ paper wallets via their private keys and public addresses is presented. Giftdrop is defined a physical way an amount of a cryptocurrency stored in a paper wallet is given to someone with its private key. It can be easily applied for a shop’s customers’ bonus program, lucky lottery programs, prepaid cards of apps running on tokens, etc., which makes cryptocurrencies more and more popular in the real life. Hereby, eventually, value exchanges can be done among people in forms of goods, fiats, and cryptocurrencies.

1. Introduction

Decentralized cryptocurrencies are the revolution and innovation of the world’s finance. In these early years of cryptocurrencies, people find them an attractive way to trade or to speculate for future mega-profit. In contrast, the use of cryptocurrencies as an exchange medium in daily life is not so popular. It seems that the number of people, who really understand the concept of cryptocurrencies and are ready to accept them as alternatives for traditional centralized fiats, is still limited.

Since 2017, a wave of ICOs (Initial Coin Offering) has been seen world-wide. Tokens and new cryptocurrencies with new features, higher transaction speed and lower transaction fee, are created by thousands of teams and introduced to the community. A popular and effective way to incentivize people accept a new coin is running airdrop campaigns, through which the tokens are given to early conditionally registered members. However, this method effects only people who have already been familiar to cryptocurrencies. In facts, the extremely high volatility of cryptocurrency markets, the reputation of Ponzi schemes, the difficulty in understanding the new concepts of cryptocurrencies, etc. make the rest people have prejudice or doubt towards cryptocurrencies.

For an attempt to make cryptocurrencies more popular into the daily life, the utilization of their paper wallets is proposed. An amount of a cryptocurrency can be physically given to someone by being stored in a paper wallet with its private key revealed to the receiver. Hereby, anyone can get cryptocurrencies without knowing well how to deal with this new technology. With some utility apps or intermediate agents, the person can easily either exchange this amount of cryptocurrency for fiats and goods or accumulate the coins in his own corresponding wallet. Let’s call such paperization of cryptocurrencies “giftdrop”. And how giftdrops can be applied and become beneficial in the daily life is discussed in this paper.

2. Cryptocurrencies’ paper wallets with public addresses and private keys

Many blockchain-based cryptocurrencies support paper wallets. A paper wallet is given in Fig. 1 for DeepOnion as an example [1]. The public address is the address of the wallet for the owner to receive cryptocurrency from senders, and the private key is used to restore the whole control of the wallet on a software wallet. Thus, the public address can be shared without limits while the private key needs to be kept private.

Figure 1. A DeepOnion paper wallet with its public address and private key.

Currently, paper wallets can be generated for free on some websites such as: walletgenerator. net, bitcoinpaperwallet. com, or discovermoin. com, etc. The combinations of tens of random characters make it available to create infinite paper wallets.

3. Paperization of cryptocurrencies as giftdrops

One does not need to understand or know well about cryptocurrencies when he receives a paper wallet containing an amount of its corresponding cryptocurrency. However, he can have the coins exchanged for fiat with someone who can check and withdraw the coins from the paper wallet. These followings examples will illustrate the usage of cryptocurrency paper wallets.

  • A company’s sale bonus campaign: a paper wallet with its private key containing some coins can be packed inside every product as a giftdrop bonus. The cryptocurrency can be issued by the company themselves and the giftdrop is working like an air-drop seen in an ICO. If the customer does not want to store the coins, he can exchange for fiat with a local agent. Otherwise, he can restore the wallet and get the coins accumulated in his account.

  • A lottery program: the players keep the private keys of paper wallets while the organizers keep the public addresses. The cryptocurrency will be sent to a picked up public key.

  • With cryptocurrency featuring smart contracts, a giftdrop can facilitate the sale program of a company. The company may not need to build a complicated customer profile management system.

  • People can give cryptocurrencies directly by email as giftdrop without asking the receiver register and open a wallet in advance.

Through giftdrops, cryptocurrencies will present more and more popular both off-line and online. Of course, cryptocurrency exchanges are still important. However, cryptocurrencies will not be only for trading and speculating but direct value storage to incentivize people learn more about them and find their applications in daily life.

4. Utility applications to facilitate giftdrops

Although a giftdrop campaign can be operated manually, the paperization of cryptocurrencies as described above can be done more easily and popularly with utility applications as proposed followings.

- Client app: to help a person quickly restore whole control of the giftdrop paper wallet through its private key (by QR-Code scanning or directly text inputing). After that, all the coins can be automatically withdrawn and deposited to the owner’s main wallet.

- Host app: to deposit a given amount of cryptocurrency to a giftdrop paper wallet just by scanning the QR-code of its private key. Host app can be set to work automatically with a series of multi giftdrop wallets. This app can be useful to run a sale bonus or serial lottery program.

- Giftdrop wallet generator: a number of paper wallets can be generated in series arranged in a template supporting mass printing so that the private keys can be printed confidential with void label covering while the corresponding public keys are revealed.

These three above application softwares are simple but very useful to let anyone can run his own giftdrop program.

5. Conclusion

The paperization of cryptocurrencies enable anyone possess cryptocurrencies without knowing about the technology. The paper wallets containing corresponding cryptocurrencies can be used as physical mediums of value storage, which can find useful applications in the daily life. Some utility application ideas have been suggested. Cryptocurrency giftdrops with paper wallets promise to speed up the realization of cryptocurrencies.

[1] A DeepOnion paper wallet was created via WalletGenerator .net

Notarization: This paper is uploaded on the DeepOnion TOR intergrated blockchain through DeepVault Online Notary function.

Idea Nakamoto’s DeepOnion address: DZ9kKm984WNATbsyixJHybVwRay5bsMdbF

PDF file: registered on Tue Nov 06 14:08:59 2018 in the DeepOnion Blockchain, at Block 861496. Transaction ID: cf31105ba0e591dbe4fffe167b223f3733533bdf37d78a060bd11b5d8c796731.

MS-Word file: registered on Tue Nov 06 14:10:25 2018 in the DeepOnion Blockchain, at Block 861497. Transaction ID: 3f3f2156504630938d5ab00b486c50a36a2ca089f26ba8f5c2f0bd5b93a5f1e8.

Did you find this paper useful idea to contribute to the development of cryptocurrencies ? If you would like to make a donation, please send me giftdrops at my email address: forthelastwords (please indicate the coin you giftdrop to me). Or send me my favorite cryptocurrencies at below addresses.
The detailed Acknowledgements will be added in the next update version of this paper.
Thank you very much.
Sincerely yours,

Idea Nakamoto

Bitcoin (BTC): 1HmnV8KokBJGAKCJLVQ7F3hxnnvsEQQ1pz

Cardano (ADA): DdzFFzCqrht5Rvf2LnaDX9idXp1sW5DxUh2MaqmAydA1ThnTwjbGrzeaPNm554jGV3P8RRUd1yGpKCKkZ6e5FzjLFgQXTNYXtDSJHAV6

DeepOnion (ONION): DZ9kKm984WNATbsyixJHybVwRay5bsMdbF


I strongly believe this is one of the ways to make cryptocurrencies come to everyone. Imagine a woman, who does not know and does not want to know about Cardano, receives a paper wallet containing 5000 ADA (400 USD in Oct 2018). She does not need to know about ADA but just know that the piece of paper with a QR-code in his hand is worth 400 USD. He can exchange that paper for money anytime, or can start to learn about ADA and join the Cardano community.

Think of that vision for Cardano.