In a move that will introduce hundreds of millions of people to the cryptocurrency space, the ‘homepage of the Internet,’ Reddit announced it was making its first foray into the cryptocurrency space.
The social media giant confirmed it would be introducing its users to crypto by launching two new tokens on Ethereum for two of its subreddits.
Reddit Introducing 20 Million Monthly Users To Crypto
Reddit is one of the biggest platforms with one of the biggest Internet user bases. And every Reddit user will automatically be given an Ethereum wallet that will be connected to other Ethereum tokens, and cryptocurrency exchanges.
It’s worth mentioning that the two subreddits have 2.4 million members combined and the Fortnite community is mostly teenagers, who will likely not have had much connection with crypto space.
Reddit Trialling MOONS and BRICKS Tokens In 2 Subreddits
Subreddits /r/Cryptocurrency and /r/FortniteBR will be the first to try out the new crypto, and it will be launched on the Ethereum Rinkeby testnet before moving on to the Ethereum mainnet.
Both are ERC20 tokens, and Reddit users will be able to earn them by posting popular content and comments. Users can exchange them for Reddit services, as well as trade them in for cash or other cryptocurrencies on exchanges.
The /r/Fortnite token is called Bricks while the /r/Cryptocurrency is called Moon.
With more features and services to be rolled out, Moons can now be used in the /r/Cryptocurrency subreddit to display reputation, unlock gifs, badges, and add weight to voting in polls.
The initial distribution of the Moon token is based on Reddit’s existing points system: Karma. These will be airdropped to Reddit users, and each month there will be more airdrops until the 250 million Moon tokens have been airdropped.
The value of the tokens will be set by the market, and anyone wanting to pay for special membership in r/Cryptocurrency will have to pay 1000 Moons. How much that will be nobody can say.
However, as each token is used to buy something those very tokens will be burned, and as the cap diminishes it’s expected that the value of each token will go up, and a special membership will fall in MOON price.
The Fortnite token will be capped at 250 million too, and users will be able to use them as payment for skins they might want to trade, if they so wish. There will be other uses inside the subreddit, too.
Wrapping It All Up
This is huge news for the Ethereum and cryptocurrency space at large. One of the biggest platforms has just introduced its millions of users to crypto, and in doing so given every one of them an Ethereum wallet.
This is the sort of onboarding that we have been waiting for, and although it’s only tentative steps, it’s hard to see why other social media platforms won’t follow suit after its likely success.
Author: Tommy Limpitlaw