04-21-2020 icon

Reddit Teams Up With ETH for Rewards System

By calvin
eth rewards system

Reddit appears to be joining the cryptocurrency race with ETH rewards system. A recent user report suggests that users of certain subreddits could soon be rewarded with digital benefits stored using ERC-20 token standards. 

Reddit Works on ETH Rewards System

A decentralized system could be created, allowing users to exercise control over financial transactions over the network. MagoCrypto claims to have seen a wallet menu option after opening his application. 

According to Reddit User, MagoCrypto

“Community points are fully controlled by the people who own them. They live on the Ethereum blockchain, which is the same technology as bitcoin to guarantee property rights and control. Even Reddit cannot take them away… This allows the community to see how core contributors feel”

“I opened my app yesterday morning and saw the ‘wallet’ menu option. Went through it, saw ‘blockchain’ and got super excited to share with rest of y’all,”

Community Support With Crypto

Reports reveal that Reddit is experimenting with ways to support communities on its platform. It is working with a community to test a feature that represents a user’s involvement in a community. 

The news may come as a surprise to many as Reddit has long been known as a more prominent proponent of Bitcoin, often ignoring Ethereum. 

Crypto Popularity on the Rise

The number of cryptocurrency subscribers on Reddit recently reached 1,000,000. The huge milestone is a reflection of the rising popularity of cryptocurrency and its mainstream adoption. 

Reddit has proven to be a popular oasis for discussions on cryptocurrencies between enthusiasts. Coupled with its rising value over the years, the incoming Bitcoin halving has played a significant role in sparking numerous threads about cryptocurrency on the platform. 

Blockchain technology is becoming an increasingly important factor in the business strategy of businesses. In March, reports surfaced that Blockchain Ethereum incubator, Consensys is partnering with Hitachi solutions to sell ethereum-focused blockchain software technology product, PegaSys Plus.