Reddit’s new Ethereum feature promotes encryption technology

Reddit’s new Ethereum feature promotes the application of encryption technology

Anyone who has read the “cryptocurrency” section of Reddit carefully knows the rumor that this huge social network with tens of millions of users is using the Ethereum platform.

The debate erupted from Wednesday’s post by “MagoCrypto”, with a screen capture of his Reddit app on Android (Samsung), which integrates an Ethereum-addressed wallet and an introduction to the system. cryptocurrencies/accumulation points. From the name, we know that MagoCrypto is also involved in the field of virtual currency. The guy was bewildered:

I don’t know, I just installed the official app as usual, nothing special.

After investigating everywhere, Decrypt was able to contact a spokesperson for the social network Reddit to ask for more information. The newspaper reported that Reddit “is working with a community to test a feature that shows users’ level of community engagement”.

Recently, primexbt blog reported that MagoCrypto further updated that the project will use “Community Points”, an ERC-20 standard token on Ethereum that grants users partial access to the community. Here is a description of the feature on Reddit that MagoCrypto shared:

Community Points are under the full control of the owner. Point is developed on the Ethereum Blockchain, the same technology as Bitcoin to ensure ownership and control. Not even Reddit has the right to take them away.

According to the test project’s video, this type of community score doesn’t appear to be the same as Karma, Reddit’s traditional credit scoring system.

In fact, Reddit’s foray into cryptography, specifically Ethereum, is not surprising because Alexis Ohanian, Reddit’s co-founder, is a Bitcoin giant and this forum is also a discussion place for many members. member of the crypto community.

See more: Blockchain Non-Profits Faced with an Anti-ICO Clause

Ethereum will be used more

Although there is not much information about the project yet, members of the crypto community have been extremely excited by the news that a major network has decided to adopt Ethereum.

Ryan Sean Adams, crypto investor at Mythos Capital, and “Bankless” journalist thinks this feature is quite important:

Reddit is developing a community token system on… Ethereum. Will this lead to a 100x increase in the number of participants in decentralized finance? It won’t be long.

According to BitInfo data, there are currently around 350,000 active Ethereum addresses. Just 10% of Reddit’s 430 million monthly active users use Community Points, the number of active users of the Ethereum Blockchain will increase by 10,000%, which is 100 times.

However, for now, Reddit seems to want to keep the project on a small scale, because a spokesperson for this forum confirmed to Decrypt that Reddit is only rolling out on “one community”. But this may change in the future.

However, some are concerned about the long-term consequences of the expansion, arguing that a spike in the number of transactions on Ethereum could cause the Blockchain to shut down, unless there is a layer solution. second or custody solution.

The second layer solution is the one that builds off the Blockchain. Custody is the act of checking transactions.