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Reddit may be preparing to launch an internal cryptocurrency

Reddit may be preparing to launch an internal cryptocurrency

A Reddit user with the nickname MagoCrypto posted a video with screenshots of the cryptocurrency wallet. Perhaps they relate to the platform’s near launch of its cryptocurrency or token.

MagoCrypto runs a community on Reddit that develops uncensored websites called Unstoppable Domains. In the video that he published, you can get acquainted with the future functionality of the proposed service.

“When I opened the app, I saw the “wallet” option in the menu. Going there, I found a “blockchain”, which I decided to tell you about, ” MagoCrypto wrote.

The new system has a wallet that will be used to transfer accumulated points. Each user will receive a unique address, similar in format to the address of Ethereum. We can assume that Reddit will launch a token, not its own blockchain.

Most likely, the points will have a certain value, even if they do not appear on the exchanges. In the published video, you can find the tab “Sending tips and transfers”. Apparently, users will be able to transfer points to each other. It is not known whether they will address outside of the platform.

There is also a voting tab in the menu. Users are expected to use points to make decisions. Such functions are present, for example, in DPoS-based cryptocurrencies.

Earlier, the founder of Reddit, Alexis Ohanian, said that cryptocurrencies can become ” fuel for a potentially new Internet.” According to him, digital currencies as a means of accumulation, not provided by a single state, may not be perceived by people from more developed countries, but such a tool is especially important for residents of economically unstable States.

Rumors about the development of Reddit’s own cryptocurrency have appeared repeatedly, but have not been confirmed. Previously, Reddit started working with cryptocurrencies several times, in particular, it accepted bitcoin to pay for internal Reddit Gold bonuses. But this option did not become popular and was even disabled during periods of high commissions.