Cryptocurrency startups and fintechs are among the most prominent drivers for the adoption of digital currencies. One of the latest collaborations is between Guarda, the multi-wallet maker and the Callisto Network. The two entities are working in a cross promotional campaign to advance the use of the Guarda wallet and Callisto coin.
The promotion involves the giving away of 1 million callisto coins in a bounty that would have 3925 winners win the coins.
Aside the adoption strategy, the Callisto bounty is meant to encourage users to stake the coin in cold staking as well as create awareness among crypto enthusiasts about the cryptocurrency.
Participants of the bounty are expected to answer a quiz situated in the Callisto section of the Guarda wallet to win the prizes. The so-called Callisto Adoption Program powered by Guarda is more of an enlightenment drive meant to increase the user base of the coin.
According to the Callisto team, the bounty would be conducted in three waves. They wrote in the release:
“We have quite a story of working together with Callisto. Now, our teams join the efforts to bring you all something exciting. To promote the adoption of CLO and Cold Staking, bring more knowledge about the projects and spread the word out there, we are giving away a total of 1000000 coins to 3925 lucky giveaway winners!”
#CallistoNetwork and #GuardaWallet are giving away 1,000,000 #CLO !!— Callisto Support (@CallistoSupport) November 13, 2019
All you need to do to participate is to learn more about Callisto and perform simple tasks 💥
🔗https://t.co/VIHpR2BkbH@GuardaWallet #BountyHunter #Airdrop #Giveaways #BitcoinTalk #Crypto #Blockchain #Altcoin pic.twitter.com/B7pso7hKPm
In the first round (called waves in the bounty), participants would win various volumes of CLO ranging from 100 to 2000 CLO. The second round encourages the winners to cold-stake their won tokens while the final round entails submission of proposals that could earn the best proposals 22,500 CLO.
The cold staking is a process in which the network encourages users to earn passive income by keeping their tokens locked up in their wallets. Five participants at this stage would earn from 5000 to 50,000 CLO at this stage.
In defining cold staking, the Callisto network wrote on its site:
“Cold Staking is not related to Proof of Stake or a consensus mechanism. Cold stakers have no rights in generating blocks or confirming transactions. They receive interest for holding their coins. Think about cold staking as a form of passive income on your investment.”