Reddit's debut as a token: what does it mean for ethereum?

Not long ago blue fox talked about Reddit's plans to launch its community tokens based on ethereum, and things have moved on in the last two days. Reddit is already preparing to launch two subreddit community tokens. Currently in Beta testing, these tokens are already being tested on ethereum Rinkeby's web site. Its smart contracts and mobile apps have also been audited by security firms. Once the test is complete, the tokens will migrate to the ethereum main network.

The two tokens are named $MOONS and $BRICKS, respectively, with $MOONS being tokens released on the subboard /r/Cryptocurrency (cryptocommunity) and $BRICKS on the subboard /r/FortniteBR (game community). Among them, the /r/Cryptocurrency section has more than 1 million users, while /r/FortniteBR has more than 1.26 million users. In the future, different tokens may be issued according to different subplates. When it comes to "MOON," all users of the encryption community understand. & have spent & have spent

Reddit's community token debut is different from most coin or token offerings, unlike bitcoin, which is issued through mining, and unlike many projects that issue tokens through financing. It issues tokens based on the user's contribution to the community, such as high-quality posts and comments. Rhythm article"New Reddit "community points" development exposed: start with the launch of $MOONS and $BRICKS as ethereum tokens"

From the perspective of this first experiment, it is the most logical path to start with the encrypted community and the gaming community. For the encrypted community, it is not a problem to create and use ethereum-based wallets in the first place. The game subboard is also relatively familiar with the concept of virtual currency. From these two community experiments, accumulate more experience, and then spread it to other Reddit subsections. Is it a bit like the development idea of "special zone"?

What use are $MOONS and $BRICKS?

$MOONS and $BRICKS have three main USES:

· 购买特殊会员资格

Special memberships earn special badges, gifs, embedded GIF images in comments, and more. & have spent & have spent

· tip or send

& have spent· popularity and voting

How do I get $MOONS and $BRICKS?

There is a "Vault" on Reddit where you can claim and manage tokens. The Vault language is the same as the Vault language from Maker, but it has a different meaning. One is a wallet to manage assets and one is a place to store collateral positions.

Through "Vault," users can view the number of tokens in different subboards, apply for tokens, and spend tokens, similar to the current popular ERC20 wallet.

Users will be able to use Vault to sign up for ethereum after using $MOONS and $BRICKS tokens on the ethereum host. Users create Vault addresses, essentially creating ethereum wallets that can be used to store and consume ERC20 tokens. & have spent & have spent

Users control Vault's private keys and mnemonics, and they can export their wallets, use them on any ethereum wallet, send them to anyone, or sell them for real money. It all depends on the user's own needs.

Since both $MOONS and $BRICKS tokens are ERC20 tokens, gas charges will be charged when the tokens are transferred. Reddit will currently pay the gas fee, but only for the Vault wallet on Reddit. Users will have to pay if they use other ethereum wallets.

$MOONS and $BRICKS distribution & NBSP;

Users of Reddit's/r/Cryptocurrency and/r/FortniteBR subsections will receive initial tokens based on their community contributions, primarily based on the Karma users have earned so far. A total of 250 million tokens were issued per subboard, with Reddit receiving a portion of each subboard and a small portion awarded to the community host who manages the subboards. The first 50 million tokens will be issued, and the rest will be distributed once a month. Its allocation mimics bitcoin's diminishing returns. However, depending on the needs of each community, each sub-block can adjust its token allocation mechanism as governance improves. & have spent & have spent

In general, the token issue model gradually decreases, the total amount is fixed, and the token destruction mechanism. Assuming the user USES $MOONS or $BRICKS to purchase a special membership, etc., these tokens will be used to destroy. So it has a deflationary pattern. The more community activities there are, the more tokens are destroyed and the more scarce they become, thereby increasing the value of the tokens for all holders. & have spent & have spent

Reddit subreddit's market cap is measurable

In the future, every subreddit will be able to issue community tokens. These community tokens, in addition to purchasing membership, tipping, voting, etc. within the community, can also be used for trading. If someone makes a market in Uniswap in the future, then, this means that the value of each subsector can be cashed in, which can be converted into ETH and so on.

Maybe in the future, Reddit can be a sub-section of the market capitalization list.

What does it mean if Reddit's experiment works?

Positive for ethereum.

Reddit has hundreds of millions of users, so their cryptographic enlightenment is not bitcoin but ethereum.

Ethereum currently has more than 90 million wallet addresses. Of course, it's not uncommon for many users to create more than 20 wallet addresses per person. If there are 90 million addresses, assuming an average of 20 addresses per person (no exact statistics here, purely imaginary), there are also 4.5 million ethereum users.

Reddit is currently the most visited site in the United States, with 430 million monthly active users and a total of 199 million posts and 1.7 billion comments as of 2019. If even 1% of these users were to become ethereum users, they would reach at least a million or more users, which means it would greatly expand ethereum's audience.

Not only that, but the key is that Reddit has a great deal of community activity, and the deals are there. Ethereum is used for tips, memberships, money transfers, token transactions, etc. All this huge activity means it needs to consume gas.

As more and more Reddit users are active on ethereum, the more gas it consumes, the better for ethereum to capture value. More importantly, if Reddit's experiment is successful, other communities could follow suit. For ethereum, Reddit opened the door to the traditional Internet into ethereum.

原文地址： https://mp.weixin.qq.com/s/GJ7tmHYzOqszCwPxU6T8GQ

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