October 21, 2020

Reddit is possibly preparing to launch an internal cryptocurrency

A Reddit user with the nickname MagoCrypto posted a video with screenshots of the cryptocurrency wallet. Maybe, they refer to the platform launching its cryptocurrency or token.

MagoCrypto manages the Reddit community fordeveloping uncensored Unstoppable Domains websites. In the video that he published, you can see the future functionality of the proposed service.

“When I opened the application, I saw the option“ wallet ”in the menu. Entering there, I discovered a “blockchain”, which I decided to tell you about, ”wrote MagoCrypto.

The new system has a wallet thatwill be used to transfer accumulated points. Each user will receive a unique address similar in format to that of Ethereum. It can be assumed that Reddit will launch a token, and not its own blockchain.

Most likely, the points will have a certainvalue, even if they don’t go public. In the published video, you can find the tab "Send tips and transfers." Apparently, users will be able to transfer points to each other. It is not known whether they will contact outside the platform.

There is also a vote tab in the menu. It is assumed that users will use points to make decisions. Such functions are present, for example, in cryptocurrencies based on DPoS.

Previously Reddit founder Alexis Ohanyan (AlexisOhanian) said cryptocurrencies could be "fuel for a potentially new Internet." According to him, digital currencies as a means of accumulation, not provided by a single state, may not be perceived by people from more developed countries, however, such a tool is especially important for residents of economically unstable states.

Rumors about Reddit's own developmentcryptocurrencies appeared repeatedly, but never received confirmation. Earlier, Reddit several times started working with cryptocurrencies, in particular, it accepted bitcoin to pay for internal Reddit Gold bonuses. But this option did not become popular and even turned off during periods of high commissions.