Final month, as reported by Fintech Zoom, leaked screenshots advised that Reddit was dabbling in Ethereum.
Info shared by a consumer named “MagoCrypto” indicated that the enormous social media discussion board with tons of of thousands and thousands of lively customers had connected an Ethereum handle to the accounts of a restricted set of customers.
Mago advised that from the data he was given, Reddit was testing Ethereum-based ERC-20 tokens referred to as “Community Points” that permit energy customers to entry sure features of a neighborhood.
UPDATE: Reddit’s blockchain-based factors system confirmed to be on Ethereum, and lot extra! from CryptoCurrency
Immediately, simply thirty minutes in the past as of the time of this text’s writing, this function was confirmed by Reddit admin “Jarins,” who revealed a put up titled “Introducing r/CryptoCurrency Moons” to the CryptoCurrency subreddit.
Because the leak indicated, the system being carried out is known as Group Factors, however the factors for the CryptoCurrency subreddit will fittingly be referred to as “Moons.” The Fortnite subreddit can even get its personal iteration of tokens, although its tokens shall be referred to as “Bricks.”
It isn’t clear which different subreddits this method is launching in.
All iterations of Group Factors shall be ERC-20 tokens on the principle Ethereum blockchain, “where they are managed by a suite of smart contracts that handle balances, transfers, distribution/claiming, and purchasing Special Memberships.”
The Significance of This Announcement for Ethereum
In line with an evaluation of the information by Adam Cochran — companion at Ethereum enterprise fund MetaCartel Ventures and an angel investor within the crypto area — this new token system shall be uncovered to not less than 20 million customers:
“Today, Reddit introduced about 20M new users to cryptocurrency in a matter of seconds. That’s how many users visit Reddit’s /r/Cryptocurrency and /r/FortniteBR on any given month.”
Cochran, who’s seemingly concerned with the formulation of the mission as a moderator of an Ethereum discussion board, added that contemplating there are roughly 1.2 million lively ETH wallets, this Reddit function might ship adoption skyrocketing.
This optimism was shared by Ryan Sean Adams, a crypto investor at Mythos Capital and author of the “Bankless” e-newsletter. In April he wrote:
“Reddit [is] rolling out a community tokens system on…Ethereum. Could this 100x DeFi users? Wouldn’t take much.”
Photograph by Taras Shypka on Unsplash