Last night community website Reddit unveiled a new blockchain-powered rewards system. The combination of Reddit’s audience and Tencent as a backer could mean this is an inflection point for blockchain, much like Libra’s unveiling.
Here’s why: Reddit has a massive user base and Tencent owns one of the biggest payment apps in the world. In order to use the Reddit reward points which are Ethereum tokens, users have to create a Reddit Vault, or a wallet. It’s not a big leap to speculate the tokens and wallet could be used for other purposes in the future.
In terms of scale, Reddit has 430 million registered users, is a top 20 site in the world, and in the U.S., Alexa ranks it as seventh after Google, Youtube, Amazon, Facebook, Yahoo and Zoom.
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