Recently, it’s been revealed that Reddit launched a new project – they now have their very own crypto called Moon.
Moons are ERC-20 tokens that are issued on the Ethereum blockchain.
Moons can be transferred, tipped, and spent in the subreddit via Reddit’s iOS or Android app.
Reddit revealed that Moons are decentralized, and they are not controlled by Reddit or by any community moderators. In other words, the users have the true ownership of their assets.
Coinbase’s CEO Brian Armstrong addresses Reddit’s project
Brian Armstrong, CEO of crypto exchange Coinbase, said that he’s really optimistic about Reddit’s new project regarding the crypto space.
This is a huge deal for crypto – Reddit (top ten website in the U.S.) has launched their cryptocurrency integration: https://t.co/ziLPJZANO4
— Brian Armstrong (@brian_armstrong) May 14, 2020
The social network rolled out Community Points which is designed to give subreddits a unique way to award community members with blockchain-based tokens when they are creating popular posts and comments as well.
They do a great job from a legal POV of launching a utility coin, within clear boundaries.
* they are up front saying these are a way to “own a piece of your favorite community”
* users are rewarded for contributing— Brian Armstrong (@brian_armstrong) May 14, 2020
The Community Points feature is now live on r/FortNiteBR and r/CryptoCurrency.
According to Armstrong, this new project is a strong sign of boosting crypto adoption in the real world.
For all the people who asked me “where are the use cases?” over the years, this is what it looks like. Lots of hard work by individuals, integrating crypto into real products. Slow incremental improvement, moving the ball one yard every day – there is no big bang moment.
— Brian Armstrong (@brian_armstrong) May 14, 2020
We recommend that you check out Armstrong’s complete thread on Twitter to see everything he had to say.
