No Mass Adoption Coming for Ethereum? Reddit’s Ether Is Just A Small-Scale Experiment
Recently, a user post revealed that Reddit is looking to implement an ERC-20 token for Community Points that represents ownership of a subreddit. These Community Points are a measure of reputation and constitution within a community and can be used in different ways without restriction, control or permission of Reddit.
These will be live on the Ethereum blockchain to guarantee that the owner owns and controls them and “even Reddit cannot take them away.” Once used these Points are permanently burned.
Also, there is a new section of the Reddit app called “Wallet” where users can manage and use their Points. It is a way to access the Ethereum blockchain and when created also generates a public address and a private key.
Given that Reddit is the most popular social media website with more than 400 million users, it has the Ethereum community excited who are expecting this to introduce Ether to a massive user base and get them familiar with wallet management and private/public keys.
“400 million people are about to get introduced to the Ethereum ecosystem. Imagine if they decide to explore what else they can do with their newfound wallet,” said Jack Purdy of Messari.
Although Reddit is working on such a system, it is focused on only one community. A company spokesperson told Decrypt,
“We continuously experiment with ways to support communities on Reddit. In this instance, we’re working with one community to test a feature that represents a user’s involvement in a community. We value and seek out community feedback as we continue to explore features that engage our users and communities.”
However, VR meetup organizer Udi Wertheimer bashed “Eth community” for going with this “flat out fake news.” This is all just another small-scale experiment that Reddit has “ran in the past and eventually killed.”
“It's a trial that started literally years ago, and to this day is running (and failing) on one single subreddit,” said Wertheimer adding, “The year is 2020 and people are still stupid enough to think that a built in ERC20 wallet in a semi-mainstream app could bring mainstream interest to failing “DeFi” companies? For real? You mean like Samsung and Opera did?”