So you’ve received PANDA tokens. First thing that comes to mind, as we’ve anticipated when planning this project: is this thing dangerous?
We will address common questions in regards to our decentralized distribution model that are frequently raised after receiving PANDA tokens. Hopefully you’ll be convinced that the philosophy and potential of our idea far outweighs this unusual approach.
HashPanda’s Decentralized Distribution
HashPanda is trying to become the most decentralized meme token. This means, no individuals holding large amounts of the token (as an example, one DogeCoin holder owns 28%). Instead, we want to distribute PANDA tokens (80% of all circulating supply) to as many people as possible using a simple and fair distribution model.
First, we subscribe to transactions on Binance Smart Chain (which are public). Then, we randomly pick from a pool of public wallet addresses, and send these lucky winners free PANDA.
This method ensures fairness and that everyone receives a piece of the pie. It creates decentralization, and thus stability.
Most importantly, if this method is executed properly (it was never before at this scale), it will create an absolutely glorious result of a fair and widely distributed token. This is our motivation and we want to see this through to become reality.
Is HashPanda dangerous?
Our plan is to distribute tokens, in equal amounts, to hundreds of thousands if not millions of users. That some will see this as dangerous is inevitable, especially if tokens just appear in their wallets.
What is the danger of randomly receiving a token on the Binance Smart Chain? The answer is none. Your BSC address, likely managed by TrustWallet or MetaMask, is just a random hash, a public key that serves as your address.
We found it by subscribing to transactions on the BSC network. We don’t know who you are, but we do know that this public key exists. Everyone can send tokens to this address.
You can visit https://bscscan.com/ and type in your public key into the search bar, and you’ll see all your balances. Or you can go to https://bscscan.com/txs to view all BSC transactions in near real-time, and send tokens to others yourself.
Do we have access to your wallet?
A public key is nothing else than a public address (similar to an email address). Every public key has a private key (equivalent to the login password of an email address).
We don’t know the private key, and hopefully nobody knows it, other than you or your wallet app (TrustWallet/MetaMask) which is managing the private key for you.
In short, you can receive any token at any time to your public address. Anyone can send something to your wallet, simply because your address is public. Equivalently, anyone can send you an email.
However, what no person other than you can do is accessing/spending/trading these tokens once they are in your wallet.
Can I get hacked?
Getting hacked as an individual means that someone receives access to your private key which allows them to “access your wallet”. This happens if your desktop/mobile operating system is compromised with a virus, if your private key is stored somewhere in an unencrypted location (in a text file for example), or if you give out your private key to someone (never do this!).
If you’ve received tokens from HashPanda, or from anyone else, sent to your public address: this is the expected behaviour of a public blockchain such as Binance Smart Chain, Ethereum, Bitcoin, etc! As long as your private keys stay private, you are safe.
Is this a Dusting Attack?
Now we’re getting serious. Dusting attacks are complex, and harder to understand than the concept of public/private keys. Dusting attacks are executed to de-anonymize public addresses and link them together, to eventually extort the owner.
This is done by sending small unique (!) amounts to individual wallets (wallets owning large amounts of coins that are of interest to hackers), which serve as a “label”. This label is passed on with every transaction these wallets make.
As Binance Academy puts it: “The goal is to eventually link the dusted addresses and wallets to their respective companies or individuals. If successful, the attackers may use this knowledge against their targets, either through elaborate phishing attacks or cyber-extortion threats.”
Dusting attacks work by sending small but unique amounts to high net-worth wallets. Contrary to what HashPanda does. HashPanda is sending equal amounts of PANDA tokens to randomly selected addresses, with the goal to create a fair distribution.
Nothing is free, where’s the catch?
You’ve received a couple Dollars worth of PANDA tokens. Obviously this seems strange, since nothing really is free in life, at least nothing of value. What’s the deal?
We are paying you forward to be part of HashPanda. Seriously. This is our value proposition. We want to become the most decentralized meme-token, and this only works by having as many members as possible.
You receive free PANDA tokens, and in turn, you make PANDA more valuable by being an additional token holder (and oftentimes supporter of our project). This is the beauty of crypto, especially when considering Metcalfe’s law:
Metcalfe’s law states that the value of a […] network is proportional to the square of the number of connected users of the system (n²).
In short: we’re paying you forward so you hopefully become a member of the HashPanda project. This is all we ask for. If you don’t want to, this is okay. Selling your tokens is not dangerous, and you can do so on PancakeSwapV2 at any time.
The PANDA tokens you’ve received are worth about one pizza slice today.. but we all know how that story with crypto and pizza ends.