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Ethereum on reddit the latest news

ethereum on reddit the latest news

r/ethereum: Next-generation platform for decentralised applications. Also, is new functionality being developed on Eth PoW, or no new announcements yet? r/ethereum: Next-generation platform for decentralised applications. Dive in at 1xbetpromoregistrationcode.website abcoathup1d. Latest Week in Ethereum News. A few weeks ago, Reddit announced a new pilot program built on Ethereum. Reddit has built their Community Points on Ethereum, the blockchain network. FOREX TRADING FOR BEGINNERS 2022 PRIMARY

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To help keep its rabid audience of 52 million daily active users as of December happily chatting and sharing memes, Reddit is also working on expanding its Community Points crypto token rewards initiative. In either case, Reddit users can be rewarded for providing quality content to the site, and then the Ethereum -based tokens can be used to unlock additional features within the Reddit community—or swapped for other cryptocurrencies at an exchange.

Reddit hopes to bring its crypto rewards to a much larger audience, however. Reddit also partnered with The Ethereum Foundation this past January to work on open-source scaling solutions. Last month, Reddit announced that it will use Arbitrum , a layer-2 scaling solution that works atop Ethereum, to expand the Community Points program. That commits the data to Ethereum with massively reduced overall transaction fees. Some proponents of Ethereum argue that this is a short-term problem with no real consequences.

Skeptics say that the current situation sets a dangerous precedent about how much power the government might be able to exert upon pressure points in the network. As crypto has exploded in value and usage over the past two years, hacks and criminal activity on the blockchain have skyrocketed, too.

Treasury Department, banned Americans from using Tornado Cash, a service that provides anonymity to users. While crypto evangelists concede criminals use Tornado Cash, they also defend it on ideological grounds, as a huge strength of crypto lies in its autonomy from governmental rule.

Several high-powered crypto organizations, including Coinbase , and community members have filed lawsuits against OFAC and accused them of overstepping legal bounds. In Amsterdam, a blockchain developer was arrested for his connection to Tornado Cash. Read More: A New U.

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It will be using the Ethereum blockchain. 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.

Create an account to save your articles. The discussion board platform is working on expanding its Ethereum-based crypto token rewards program for community members. The site is eyeing international expansion as part of the extended fundraising effort, as its audience is largely US-based as of now. To help keep its rabid audience of 52 million daily active users as of December happily chatting and sharing memes, Reddit is also working on expanding its Community Points crypto token rewards initiative.

In either case, Reddit users can be rewarded for providing quality content to the site, and then the Ethereum -based tokens can be used to unlock additional features within the Reddit community—or swapped for other cryptocurrencies at an exchange. Reddit hopes to bring its crypto rewards to a much larger audience, however.

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