After months of being rumored to be working on an in-house token, the secret is finally out. Reddit has finally revealed and introduced to its millions of users its Reddit cryptocurrency.
The token we now understand will be called Moon token. We also understand Reddit cryptocurrency will be based on the Ethereum blockchain which can be regarded as a big win for Ethereum.
The Reddit cryptocurrency idea was first suggested back in 2013 but there wasn’t much interest back then. Following the quick rise of cryptocurrencies in recent years, Reddit has followed up with it. And in the last few months, development has been rumored to be going on.
And to get some, users will not need to do much but continue enjoying the platform.
Unlike conventional tokens that have to be mined or staked, Moon tokens will be distributed based on Karma earnings which Reddit currently awards users for engagement. Pretty cool right? I wonder why Twitter, Telegram, and Facebook have not thought about this?
Anyway, back to Reddit and its Moon token. The token distribution will be based on a reward system. The more you post, comment and stay active on the platform, the more you earn karma and later get awarded the Moon token for Karma collected in by the end of the month.
Ethereum Enjoys Endorsement Through Reddit Cryptocurrency
Moderators confirmed this launch of the crypto as they introduced the integration of ERC-20 tokens. This means that the Reddit project will be hosted by Ethereum. This will boost Ethereum’s popularity and adoption in a major way.
Ethereum is already in the works to launch Ethereum 2.0 which will be an upgrade of the current protocol. This is set to sort underlying issues such as scalability and re-establish Ethereum as the king of DApps.
The Reddit Cryptocurrency will offer major publicity and will be one of the many good things going on with Ethereum. As far as 2020 goes, things are looking good for Ethereum and its token ETH which has more than doubled since the turn of the year.
2,397 total views, 34 views today