Despite last week's halving of the oldest cryptocurrency, Bitcoin (BTC), Ethereum (ETH) was the leader of growth in recent days, which has strengthened by nearly 13% over the past week. Currently, the ETH exchange rate is 213 USD. Meanwhile, Reddit introduces new tokens that act as "social points" using the Ethereum blockchain.
Current situation on the Ethereum chart
According to data from CoinMarketCap, Ethereum exchange rate at the opening of yesterday's session was 200.6 USD, while at closing it was 207.2 USD. This means an increase of 6.6 USD, or about 3.3%.
ETH is rising for the third day in a row, testing the 215 USD level and local highs set at the end of April on Monday. On a weekly basis, the second largest cryptocurrency strengthened by nearly 13%. At the time of publication, the Ethereum price is 213.4 USD.
Reddit introduces tokens on the Ethereum blockchain. "It's a big deal for cryptocurrencies," says Brian Armstrong
Reddit has just presented two new tokens based on the Ethereum blockchain. ERC-20 tokens, called "Moons" and "Bricks", will initially be available to subreddits /r/Cryptocurrency and /r/ForniteBR members - they associate over 2.4 million users in total.
Tokens are to reward the most active users for their contribution to the development of the site, as well as encourage the creation of "high-quality posts and comments". You will be able to use them, for example, to access unique features (such as badges, custom emoji and GIFs in the comments). They will also be used as a measure of reputation in the community. They are currently in beta and are in the Rinkeby test network, and will be moved to the main Ethereum network by the end of the year.
Brian Armstrong, CEO of Coinbase, believes that Reddit's use of blockchain technology - which has over 400 million active users - will have a very positive impact on the entire cryptocurrency market. "It's a big deal for cryptocurrencies," Armstrong wrote. According to CEO Coinbase, this is a signal that the adoption of blockchain and cryptocurrency is slowly becoming a reality.
To all people who asked me "where are the use cases?", This is how it looks over the years. Lots of hard work for many people, integrating cryptocurrencies with real products. Slow gradual improvement, moving the ball one yard a day - there is no big bang.
-explained Armstrong.
He continued that what Reddit is doing now is "a model for other crypto startups to issue a token that will help bring together an online online community and provide real value."
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