I wrote a post a few days ago commenting on a new update to Reddit's APP, found here. In it, I discussed some implications of Reddit, the front-page of the internet, using Ethereum and for what purposes.
Well, its moving closer to officialdom. Reddit is going to use Ethereum!
Reddit will use Ethereum to create a more active level of ownership for users. Users can now earn their points from posting on subreddits, and these points can be used anywhere from weighted-votes to badges to more. The move is seen as rewarding users for their content, and can be used to show a user's participation in the subreddit. The idea of showing off your prowess will have a big impact on users, I think, as it will be seen as a way to be rewarded for their contributions. Important community decisions can be held to a vote, and the more points you have, the larger your vote will be.
One question a lot of people will have is how this could be used as a way to get crypto for posting and interacting on Reddit. As of this time, I don't think that is necessarily the goal of Reddit. This won't be like publish0x, where posts are rewarded with BAT or DAI. Instead, the reddit coins will be used only on the platform.
But this WILL be a huge for Ethereum and potentially the rest of crypto, as a means of normalizing crypto away from the sketchy pyramid schemes and into everyday use.
You can watch a video detailing the process here.
What do you think the implications are for this?
Is this a good time to buy into ETH?
How will it effect the rest of the crypto market, if at all?
