Reddit Officially Released Tokens On The Ethereum Platform

Reddit Officially Released Tokens On The Ethereum Platform

Last month, the press, social networks, as well as many other media, spread the photo, revealing that Reddit is targeting the Ethereum blockchain network to develop its own token.

Reddit officially released tokens on the Ethereum platform Reddit officially released tokens on the Ethereum platform

According to information shared by a user called "MagoCrypto," the social networking giant with more than millions of users has previously attached an Ethereum address to a specific group of users.

Mago said that Reddit is trying to test an ERC-20 token called Community Points, allowing users to access some aspects of the forum community.

Today, this information has been verified by a Reddit admin, "Jarrins". The whole operation of Community Points will be based on the ERC-20 format of Ethereum. Accordingly, smart contracts will be used to manage balances, transfer and purchase membership cards.

The two tokens, MOON and BRICKS, will be issued to reddit users with two Cryptocurrency and FortniteBR tags as part of Reddit's original Community Points plan.

Reddit is also announcing on the website and instructing users to open "Vault", a new platform for managing the said token.

With Vault, users can use tokens from multiple subreddit and can use their points easily.

The importance of this announcement for Ethereum

According to analyst Adam Cochran, Ethereum partner at MetaCarrtel Ventures, the new token system will reach at least 20 million users:

“Today, Reddit introduced about 20 million new users to cryptocurrency. 20 million is the total number of visitors to Reddit's CryptoCurrency and FortniteBR tags in just one month. ”

Cochran also said that about 1.2 million ETH wallets are still in active state and a new step from Reddit could help this number continue to rise sharply.

This optimism is also backed by Ryan Sean Adams, an investor at Mythos Capital. In April, he wrote:

“Reddit is preparing a token system for the community on Ethereum. This could help to increase the number of users on DeFi 100 times? That is actually quite difficult. ”

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