Can Reddit’s Alleged Ethereum Feature Drive Significant Cryptocurrency Adoption?

You have probably heard the speculations that Ethereum (ETH) is being used by Reddit, if you are a follower of “cryptocurrency” subreddit.

The aforementioned conversation started with a post from reddit user “MagoCrypto.” On Wednesday, the user posted a video demonstrating that on the Reddit app, there was a unified digital asset wallet with an ETH address, along with elucidations of a digital point system. The reddit user, who ostensibly works in the blockchain domain, voiced his skepticism:

“Not sure, I just have the regular official app, didn’t install anything special.”

Crypto media outlet, Decrypt managed to get in touch with a representative of the social media giant and dug out some more specifics. Their report suggested that Reddit is “working with one community to test a feature that represents a user’s involvement in a community.”

As per a recent follow-up from the aforementioned Reddit user, the alleged project could use Ethereum-based ERC-20 tokens called “Community Points” :

“Community points are fully controlled by the people who own them. They live on the Ethereum blockchain, which is the same technology as Bitcoin to guarantee property rights and control. Even Reddit cannot take them away.”

Even though the particulars about the aforementioned project are still difficult to come by, members of the virtual assets and crypto community have been meticulously delighted by the news that such a distinguished site is experimenting with Ethereum.

What do you think about the possibility of adoption of Ethereum by Reddit? Let us know your thoughts in the comment section below!

Image Source: Reddit