Could Reddit Be Ready To Launch Its Own Cryptocurrency?

chekohler in GEMS • 3 years ago

It looks like another one of the biggest social media sites in the world is going to start to adopt blockchain technology. We've all seen Facebook trying to push through Libra, which is more of a stable coin payment system to eliminate middlemen and control purchase data.

While the outcome of that implementation remains to be seen if it will be approved Reddit is reported to be trying a different approach to adding cryptocurrency.

Discussion forums on Reddit are a buzz as one user has released screenshots of the app's new look. From what we can tell Reddit is set to be building a point system that runs on a blockchain, as evidenced by a video posted by a Redditor. Judging from the addresses being used it will be using the Ethereum blockchain.

Image source: - bitcoinexchangeguide.com

Each user in the blockchain will likely be assigned an individual address. The menu also has a voting tab: apparently, users will be able to participate in decision-making with the help of points, so they could be looking at a stake based system.

It just shows that what STEEM and HIVE have been trying to build is something centralized social media sites are looking at and while they may not want to adopt all the elements of decentralization, they'll cherry-pick concepts they like and feel will provide their users and system with better value.

I highly doubt Reddit will be looking at a fully decentralized system and could simply use it as an in-app currency with blockchain used to make it easier to manage.

Bringing crypto to the masses

I'm all for the adoption and exposure of crypto to the masses and different implementations of the technology and I think Reddit experimenting with the tech could be great for the industry as a whole.

Getting more people to create wallets, start transacting and finding some benefit in cryptocurrency that could lead more down the rabbit hole that is blockchain.

Source:

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What do you good people of GEMS think? Do you think companies will still be making foolish decisions?

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3 years ago in GEMS by chekohler

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nickyhavey 3 years ago

Definitely a good thing that more of these larger userbase sites are sparking up interest in using blockchain of some description. I think I read from you in a different post that curiosity needs to be sparked with this arena and ease of use. If people can earn without having to get a PhD in cryptonomics then they'll go to that platform IMO.

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chekohler 3 years ago

LOL @ having PHD I swear having had to read all the instructions and white papers during my time in crypto I should get a damn PHD for all that research! It’s true you need to take something they know and use it to bridge the gap!

First adoption blockchain are needed to turn effort into money and then use it to recycle into an economy of its own!

I don’t know if this reddit will do this or how it will be implemented but I do know a large portion of reddit users don’t know or care about crypto and can now be exposed to it, a few of them will see what else is on offer from their first point of contact!

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nickyhavey 3 years ago

I wonder if I could create a course from the Bluffer's Guide and hand out BfG certificates instead 😁

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noloafing 3 years ago

I highly doubt Reddit will be looking at a fully decentralized system and could simply use it as an in-app currency with blockchain used to make it easier to manage.

I'm not sure how adding blockchain makes a centralized database easier to manage. In fact it just adds un-needed complexity.

It's a gimmick to keep Reddit innovating. Blockchain is the buzzword of last decade, and maybe for this decade, but we haven't seen it yet.

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chekohler 3 years ago

It won’t be Reddit’s content but managing either the karma or native tipping they might want to do! It’s probably just an overlay feature to compliment their current system

It is a total buzzword and I don’t see why a centralized site would want users to tip or transfer capital Unless they are taking a feee

It does however makes sense if want to do more monetization features like closed communities and subscription and all that and take a fee instead of trying to build their own tokenomics which has been so far quite the stuff up for many projects

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kerrislravenhill 3 years ago (edited)

Oh, so Redcoin was just a test run? Now an even 'Redder' coin is gonna be rolled out?

Posted via Steemleo

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chekohler 3 years ago

I don’t know what actually happened to red coin last time I read about it it was meant to be a tipping coin for Twitter and reddit and then I didn’t look at it again, is it doing anything?

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kerrislravenhill 3 years ago

Ranked at 131 on Coinmarketcap $0.000688
https://coinmarketcap.com/currencies/reddcoin/

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erikav0 2 years ago (edited)

I don't really understand what purpose would it serve. Reddit already has a decent system .

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