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Reddit Announces The Launch Of The Ethereum Blockchain Reward System For Users - Binaryx

Reddit Announces The Launch Of The Ethereum Blockchain Reward System For Users

Reddit has begun work on creating a support system for the communities that register on this website. To implement this initiative, Reddit began to consider the Ethereum as a partner. The ecosystem of the second largest cryptocurrency market capitalization continues to fuel the interest of many of the world’s leading players. This may well indicate a change in the prerogatives of Reddit.

Previously, Reddit actively supported the flagship cryptocurrency Bitcoin, but in recent years there has been a decrease in the number and readability of publications related to the coverage of Bitcoin market indicators. Perhaps this is due to the decline in the interest of the website audience to Bitcoin. There is also speculation that Reddit wants to focus on new materials.

Now we are considering a project to create a program called “Community Points”. Its meaning is that users of certain communities created on Reddit will receive digital benefits. These “buns” will be stored on the Ethereum blockchain.

The Reddit representative commented this:

“The Reddit team is interested in developing programs that aim to support communities, the number of which is growing exponentially daily. First, we test the program on one of the subreddit to make sure that the measures taken are correct. For us, feedbacks from customers are important. We want Reddit to continue to bring together a multimillion-dollar user audience.”

According to the creator of Ethereum Vitaly Buterin, the question of the scalability of this cryptocurrency remains open now. Despite this, the use of the Ethereum blockchain for various decentralized applications has recently increased.

The Ethereum network continues to concede Bitcoin in mining profitability. According to Buterin, now the crypto community is actively working on all the weaknesses of this network in order to soon provide an improved solution – Ethereum 2.0.

What benefits will users receive from the “Community Points” system?

The “Community Points” program provides users with great opportunities and guarantees the protection of their data. This was reported by the user of “Mago Crypto”:

“The “Community Points” program is fully consistent with the concept of decentralization and independence from third parties. Points are saved on the Ethereum blockchain. Each owner of points has full control over them, and no one, not even Reddit, can influence them. ”

It is also expected that a special convenient application will be developed, thanks to which users of subreddits can go to their points section, check the balance from using their smartphones.