Ethereum treddit
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And is accessible from anywhere in the world that allows users to send crypto to anyone for a nominal charge. Since Ethereum is programmable, it can construct a wide range of digital assets. Moreover, it supports the development of smart contracts. It currently employs the Proof-of-Work PoW consensus mechanism.
The initiative will counter the limitations such as gas fees, speed, and scalability. This will further invite a myriad of projects. Following this, because of the Ethereum hard fork, the price fell two times lower. Ethereum suffered from a DDoS attack on September 22nd, which resulted in a downtrend that lasted until year-end. More details have been revealed about Reddit's blockchain-based points system , which it is trying for one of its communities.
As Decrypt reported yesterday, a community manager at Unstoppable Domains —which builds censorship resistant websites—has been posting screenshots of a beta implementation of the new system. Today, he posted another update where Reddit reveals more information about the blockchain system, including that it will be running on Ethereum. Reddit has confirmed to Decrypt that it is indeed working on such a system, but with only one community in mind.
How will Reddit Points work? The new information reveals the purpose of the blockchain-based system. To highlight the most important members of a community, points balances will be displayed next to usernames on posts and comments in the subreddit," the FAQ explains, according to the screenshots.
In this way, Points work similarly to the current system of Karma, where users get free Karma when their posts are upvoted. But in this case, the points will have real value. A special membership unlocks exclusive features in the community," it states, adding that this includes badges, animated emojis and GIFs.
It further states that when Points are spent, they will be destroyed. This is a tactic used by companies, such as Binance, in the hope that reducing the supply of the token will make its price go up. It seems like Reddit is thinking along the same lines. This ensures that buying memberships rewards the community as a whole," it states. The screenshots also show that the Points will be used for voting on Reddit.
Votes can be run where each person gets one vote, or weighed proportionally to their number of Points. How will users get Reddit Points?
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Ethereum announces dates for the Merge, Reddit begins Airdrop \u0026 More!Other materials on the topic
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