Last month, as reported by NewsBTC, leaked screenshots suggested that Reddit was dabbling in Ethereum.
Information shared by a user named “MagoCrypto” indicated that the giant social media forum with hundreds of millions of active users had attached an Ethereum address to the accounts of a limited set of users.
Mago suggested that from the information he was given, Reddit was testing Ethereum-based ERC-20 tokens called “Community Points” that allow power users to access certain aspects of a community.
UPDATE: Reddit’s blockchain-based points system confirmed to be on Ethereum, and lot more! from CryptoCurrency
Today, just thirty minutes ago as of the time of this article’s writing, this feature was confirmed by Reddit admin “Jarins,” who published a post titled “Introducing r/CryptoCurrency Moons” to the CryptoCurrency subreddit.
As the leak indicated, the system being implemented is called Community Points, but the points for the CryptoCurrency subreddit will fittingly be called “Moons.” The Fortnite subreddit will also get its own iteration of tokens, though its tokens will be called “Bricks.”
It isn’t clear which other subreddits this system is launching in.
All iterations of Community Points will be ERC-20 tokens on the Ethereum blockchain (the Rinkeby testnet is/was used for the beta), “where they are managed by a suite of smart contracts that handle balances, transfers, distribution/claiming, and purchasing Special Memberships.”
The Importance of This Announcement for Ethereum
According to an analysis of the news by Adam Cochran — partner at Ethereum venture fund MetaCartel Ventures and an angel investor in the crypto space — this new token system will be exposed to at least 20 million users:
“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 is seemingly involved with the formulation of the project as a moderator of an Ethereum forum, added that considering there are approximately 1.2 million active ETH wallets, this Reddit feature could send adoption skyrocketing.
This optimism was shared by Ryan Sean Adams, a crypto investor at Mythos Capital and writer of the “Bankless” newsletter. In April he wrote:
“Reddit [is] rolling out a community tokens system on…Ethereum. Could this 100x DeFi users? Wouldn’t take much.”
Photo by Taras Shypka on Unsplash origin »
In a bid to onboard its 500 million monthly active users into Web 3, the American social media platform Reddit is working on converting users’ karma points into Ethereum-based (ERC-20) tokens.
The post Reddit could onboard 500 million crypto users with new Ethereum tokens appeared first on CryptoSlate.
Earlier this month, the popular online community Reddit launched two types of Ethereum-based cryptocurrency tokens to its users. The token specifically designed for players of the pop culture phenomenon video game Fortnite has already grown to over 10,000 users since it rolled out just one week ago.
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A Reddit user shared a screenshot showing that Uphold now allows users to move their BAT from the browser integrated wallet after completing verification. Users have been impatiently waiting for Brave and Uphold to allow this, and it is finally here.
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Brave decided to introduce a new feature that would allow users to tip other content creators on Reddit and Vimeo. Individuals will have the possibility to send these tips using Basic Attention Token (BAT).
Brave Browser is introducing a new feature that will allow users to tip posters on Reddit and Vimeo using Basic Attention Token. While the features are currently in Brave’s Developer preview on desktop, they will soon roll out for the public version of Brave, a company representative said on Reddit.
The cryptocurrency market has never been devoid of drama or speculations. A recent Reddit thread by a former/current employee of Chainalysis is a testament to that fact. The user, who chose to remain anonymous and uses the handle ‘Chainalysis1,’ requested users on the social media website to put forth queries about the company, its functions […]
The post Chainalysis ‘whistleblower’ reveals dirt on the company as Reddit AMA goes viral appeared first on AMBCrypto.
Brave company, the entity behind Brave Browser, is an open and free source browser that focuses on increasing privacy. The browser also makes use of BAT, the utility token, as a reward for its users for viewing ads.
HSBC could be blocking crypto-related purchases Several financial institutions have taken similar measures in the past The British multinational banking company, the Hong Kong and Shanghai Banking Corporation (HSBC), seems to have been halting crypto-related transactions.
Users on Reddit have posted an image showing crypto trading in a Tesla using WalletConnect and the TrustWallet. The…
The post Crypto Trading Now Possible In Tesla appeared first on Invest In Blockchain.
HitBTC, a Hong Kong-based exchange has been the center of accusations among users on Reddit, Twitter, and other forums. HitBTC users started complaining about issues regarding withdrawal and extensive procedures after one particular user @ProofofReserach put out a thread alleging insolvency of HitBTC.
XRP Tip Bot is a bot that enables users on Reddit, Twitter, and Discord to send Ripple's coin XRP to each other through Reddit comments or tweets. If you are feeling generous and want to send a tip to your friends, followers or anybody with a Twitter account, you can use this incredibly useful, simple […]
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At TNW2019, Reddit’s Chief Technical Officer, Chris Slowe, shared some behind-the-scenes insights into what makes the message board tick. Perhaps more importantly, he spoke of two important lessons learned from tackling the challenges Reddit faces as one of the world’s most popular websites.
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