What is XUMM? | What you need to know about XUMM Airdrops

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What is XUMM? I was actually quite surprised to know that you can get free cryptocurrency tokens for free through XUMM airdrops! And it’s surprisingly a legitimate one!

But when I investigated further, I found a few points which you may want to consider before diving in.

XUMM Wallet Review Summary

Product Name: XUMM

Company Owner: XRPL Labs

Products and Price:
XUMM Wallet- Needs 10 XRP to use (refundable when you delete your account)
Trustline- Needs to 2 XRP to set out a trustline for an XRPL token, refundable when you delete the trustline

For a total of 20 XRP to start

Recommended: Only recommended for those who believe in the potential future of XRP

Overall Rating: 32/100

What Is XUMM About: XUMM is a wallet created to store, acquire and monitor XRP transactions and tokens or a user.

Summary: XUMM is an XRP wallet where you can use it to trade, acquire token airdrops from other XRPL tokens and send and receive XRP tokens. XUMM airdrops and XRP trading is only recommended for those who have previous experience with cryptocurrency trading and those who are willing to risk their funds because XRP’s future value is still a little shaky due to the SEC and Ripple Labs legal battle.

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What is XUMM About?

XUMM is a wallet for XRP and other XRPL tokens where you can choose to send/request XRP tokens, monitor your XRP transactions, acquire other XRPL tokens and even trade your XRP to different currencies. As with other cryptocurrency-related articles that we have, let’s go over the different terms that we may encounter so you can have a full grasp of the platform.

What is XRP?

XRP is the native cryptocurrency token of XRP Ledger, the blockchain made by Ripple Labs (or simply Ripple). You may think of it as the “Ethereum of the Ether blockchain”. So basically, XRP is used as the currency of the XRP Ledger.

XRP Ledger’s initial goal with XRP was to simplify and currency conversions to quickly process payments from one fiat currency to another. Here’s why: for example you want to send 32 Australian Dollars to a less popular currency. Usually, banks or other payment exchanges would not convert it straight to the other currency. They would first convert it to USD before it will be converted to the other currency.

Ripple wanted to solve these extra steps and extra fees by simple letting the sender convert the Australian Dollars to XRP, and when the recipient receives it by 3-5 seconds, they can now then convert it to their own currency. This would save a lot of time and fees, right?

But late in this article, we’ll address why there is a question, “is XRP token a scam?”

XRPL Tokens

So basically you can create your own XRPL token (just like how you can create other tokens on the ETHEREUM, SOLANA and POLYGON network) where your main conversion point is XRP. For example, you want to create an “Example Token”. For people to be able to use your token they need to have XRP first before they can acquire your token.

Now, why do you think people create tokens? Some tokens are created as a joke, some have actual uses (like integrated into an application) and some are created to scam other people. One good way to spot scam XRP tokens is to look at the issuer’s address. An issuer address offering different XRP tokens could mean that they can pull their assets off anytime after they have milked or conned people into buying their scam coins. This happens not just in the XRPL but also in other major blockchains.

But XUMM has integrated a new feature where addresses can now opt to be KYC (Know-Your-Customer) verification where an XRP address can be fully associated with a person as they have complied with the stringent requirements to be verified.

Now, why is this important? A KYC verification can be a good indicator as you can check out the XRP address first before transacting with it. Especially for big money transactions or an address that is supposedly claimed by a business.

This is also important if you’re looking into doing the next part which is XUMM Airdrops.

XUMM Airdrops

I actually found out about XUMM when my brother told me about it. He mentioned that he was able to get free XRPL tokens for free! He called it airdrops. So what is it really about?

XRPL allows newly created tokens to acquire users by giving away free tokens to people. How do they do it? What are XUMM airdrops?

In XRPL, a created token should have an issuing address. This is the address that gives out free tokens. People can set up what they call a “trustline” to the issuing address receive the free coins. Sounds easy right?

But setting out a trustline requires 2 XRP, the good thing is, if you then decide to trade out the tokens you have received, you can get back the 2 XRP that you spent for the trustline. So basically, through XUMM you can get free coins and get everything you spent for the trustline back.

Neat right? But what’s the catch? Are XUMM airdrops really a good thing to invest in?

Well the thing is airdrops or free tokens are given variably to users:

1. Some token airdrops are only for a specific number of trustlines
2. Some airdrops have the what they call a snapshot date. You need to set out a trustline before their snapshot date to be eligible for the drop.
3. Some airdrops require a number of purchased tokens from the issuer to be eligible. For example, to be eligible for the airdrop of 100 Example Tokens (or $EXAMPLE), they require owning 32 $EXAMPLE. So through your own XRP, you need to buy 32 $EXAMPLE, and it’s not refundable like the trustline.
4. Some token drops are only given to users who have previously recieved tokens from them (meaning to say the users didn’t trade out their received tokens and held it out for a long time in their XUMM wallet)

So later in this article, we’ll discuss how you can best find Airdrop Schedules if you want to try getting XUMM airdrops. In this XUMM wallet review we’ll cover all bases so we can weigh if it’s truly worth the time and resources.

XUMM wallet Review- What does it offer?

XUMM wallet offers XRP token holders a means to store, request and transact with other XRPL tokens. XUMM wallet offers users an easy way to receive free XRPL tokens through XUMM Airdrops. While it does sound easy and promising, it also has costs that you may need to cover first before using it.

First, you need to have a minimum of 10 XRP to start. This 10 XRP is refundable when you delete your account. Next, to be able to get free coins, you need to have 2 XRP for every trustline that you set. This means that you need to have at least 20 XRP to be able to activate your XUMM wallet and be able to set out 5 trust lines.

Can you Make Money with XUMM Airdrops?

As I looked at it, I realized that you need to set out about 10 -15 trustlines before you can have actually profitable airdrops. But the thing is, even if you get like 500,000 tokens from an airdrop of let’s say $EXAMPLE, this doesn’t mean that it’s actually valuable because sometimes 500,000 tokens are only equivalent to 1 XRP. It depends on the actual trading value of a token.

A token that is used or integrated into an application is most likely one that may accumulate value over time. But tokens without actual use, like meme coins or rug pull coins can easily claim that they would give out free tokens but would also require purchasing tokens from them. These meme coins and scam coins can easily deplete in value as it doesn’t have any use (therefore no means of circulation) and scam coins can be easily sold out by their issuer (basically only used the free token to attract people to crowdfund before pulling the rug).

I believe that the best way to earn from XUMM airdrops would be setting out trustlines and keeping trustline of the tokens that give out free airdrops to HODLers (those who don’t quickly trade airdropped coins) and don’t require users to purchase from them. Why? Because purchasing an XRPL coin that you’re not sure if it’s actually legit may cost you XRP that is non-refundable. Remember that only the 10 XRP from wallet activation and 2 XRP from every trustline you set is actually refundable to you.

It’s really not easy to know which coins are legitimate ones, so the best bet would be to only be setting out trustlines and not purchasing anything further. My brother told me that he once held on to a trustline for about a year now and just recently he received an airdrop of about $700 of a token! But as with every instance, there is no guarantee that it can happen to you or to me. Here are the reasons why:

1. You may find it hard to look for trustlines that are actually giving out coins, and mind you it has to be before their snapshot date.
2. You may get impatient waiting out for another airdrop that you may sell out your coin, which is sometimes needed for next airdrops of the same trustline.
3. Token value of some XUMM airdrops are way too little and there seems to be no point in holding it for long especially if it has no use.
4. There still is the SEC vs Ripple case ongoing that is currently affecting the XRP community
   

SEC Versus Ripple Saga

The Securities and Exchange Commission has an ongoing case versus Ripple which started last December 2020. This was rooted from SEC’s view that XRP is not as decentralized like Bitcoin and Ethereum because Ripple owns much of the coin supply and that they have a hand on the validators (or what they call their Unique Node List) they put in place to validate transactions.

This video below explains the best what you need to understand about XRP, and the SEC and Ripple case:

So there, let’s sum it up:

1. Although XRP was created to be an open source token, the system by which it circulates is not as decentralized as the the other major currencies.
2. While XRP’s price can be affected by its users, it can also be regulated as Ripple owns much of its supply. Plus owners can opt to sell their tokens if they choose to.

But here’s another video about the Unique Node List just to give you a good view on the level of security of their Uniques Node Lists system:

How to Set Up XUMM Wallet

1. You need to first acquire XRP. For beginners the most secure and easiest way to get XRP is through Coinbase because you only need to sign up for an account then connect your card to convert your fiat currency to XRP.
2. You download their application straight from the Google Playstore or through Apple Store. Or you can go to https://xuum.io to get the links to download it.
3. Make sure to follow the steps and secure your security phrase on somehere that you can easily retrieve but that is also secured from public viewing.
4. Send your XRP from Coinbase to XUMM through the following this is the instruction from XUMM’s website:

a. Open your XUMM app, and tap and hold your account address (r...) and Copy your account address
b. Switch to the Coinbase app, select Portfolio
c. Tap your XRP Wallet
d. Tap the "Send" (paper plane) icon on the upper right corner
e. Enter an amount to send to XUMM and tap Continue  Please note: if your XRP Ledger account (managed with XUMM) has not been activated, send at least 10 XRP
f. Paste your XRP Ledger account (managed with XUMM) address copied in the first step in the To field.
g. Preview your transaction
h.Select Skip XRP Tag, this is not required for XRP Ledger accounts managed with XUMM
i. If the Coinbase client shows a field Memo, please enter any random number there when sending to your own XRP Ledger account managed with XUMM. j. You may get an error message that the destination account is invalid otherwise.
k. Tap Send now
l. Your XRP will arrive in your XRP Ledger account managed with XUMM shortly 

How To Create XUMM Trustline

Now for you to be eligible for XUMM airdrops you need to set a trustline to a token who’s holding the airdrop soon. It would be best to set a trustline days before the snapshot date or airdrop date.

1. Find a token offering airdrop
2. Check the date of the airdrop, the snapshot date and the other requirements to be eligible for the drop.
3. Press the trustline link to set it up and make sure that you reach the prompt where it shows that it’s submitted successfully.

Here’s a quick video of how to do it:

Where to Find Airdrop Schedules

There are Facebook groups and Twitter profiles that collates airdrop schedules. But as a reminder, not all trustlines are worth the 2 XRP. As a best practice don’t buy an XRPL token if you think it’s not a legitimate project.

On a personal note, if I would be trying out XUMM I believe I’ll be just setting up trustlines and won’t purchase any tokens. But even if you think you won’t be spending any because everything could be refunded… here’s the catch. Even if you can be refunded with 2 XPon every trustline and the 10 XRP for the wallet activation, XRP’s price may fluctuate if people will dump their tokens if the SEC ruling would unfavor Ripple Labs.

This means that as long as the SEC hasn’t released their verdict, there is still a 50% chance that the money you put into XUMM to buy XRP may amount to zero or be less than the original value that you paid for XRP.

XUMM Wallet Review: The Catch

Pros

• XUMM wallet’s activation and trustlines are refundable
• You can get free cryptocurrency coins
• Its Unique Node List validators are reliable institutions

Cons

• XRP’s value may fluctuate anytime. (The rift between SEC and Ripple will obviously affect the price of XRP, especially if XRP will be penalized, but we’re not sure what we’ll happen, it can affect XRP’s price both positively and negatively.)
• It’s not as decentralized as Bitcoin or Ethereum. This is due to its validators and the coin supply that they hold in an escrow that they release every month
• Airdropped tokens varies in value and depends on user elligibility

What is XUMM- Is it a scam?

Just to be fully transparent with you, I am not a user of XUMM and I do not endorse it for those who are wary of the potential future of XRP.

I have researched the website, testimonials, and information on the Internet to get to the bottom of what is XUMM and how XUMM airdrops work. This is because people have been burnt from cryptocurrency projects and I want to prevent others from making the mistakes when dealing with it. If you’d like to learn Ways to Avoid Online Scams then click the highlighted text. 

XUMM is not a scam, it’s merely a digital wallet for your XRP and XRPL tokens. XUMM airdrops are not also a scam but you have to be wary as some XRPL tokens are merely created as a joke and some as a scam. It would be best that anyone wanting to try out XUMM and XUMM airdrops to only put in an amount that they are willing to risk losing.

What I like about XUMM Airdrops

• Free coins
• Refundable wallet activation and trustline amount

Reasons Why XUMM Airdrops May Not Be For You

• Risk of using your XRP to XRPL tokens that are not legitimate and/or rugpulls
• You’re not positive with future SEC ruling for Ripple
• You don’t like a cryptocurrency that is over a centralized system of node validation
• You don’t have the time to scrutinize the issuing token before setting up a trustline

My Final Thoughts about What is XUMM and its Airdrops

XUMM is an innovative cryptocurrency wallet that offers a lot of features not present in other blockchains. I believe that the best way to make money from airdrops is by setting up trustlines and only purchasing tokens from proven projects.

However, even with the seemingly good opportunity with airdrops there is a looming doubt and fear with the future of XRP. As with every investment in the cryptocurrency world, it would be best to only put out an amount you’re willing to lose… and make sure to diversify your portfolio and not just put your eggs in one basket.

This is not a financial advise, this is just an overall XUMM wallet review and a good take on XUMM airdrops

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Louee Gonzales has been a content specialist for 4 years now. She has been enjoying writing investigative articles for EFYL. If she’s not writing, she’s either painting or travelling somewhere fun.

She has a degree in Psychology, and quick fact: she can’t read your mind. She has authored articles on School of Positive Transformation.

This Blogpost is originally from What is XUMM? | What you need to know about XUMM Airdrops

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