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MOON’s 170% Surging Prime: Crypto Gains in Record Time

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The native token of Reddit’s r/CryptoCurrency community, called Moons (MOON), has experienced a significant price surge this week, recording a triple-digit gain. An analyst suggests that this impressive rally could be attributed to a recent change in Reddit’s terms of service. According to data from Coingecko, the price of MOON has surged by 170%, climbing from 9 cents to nearly 25 cents. Currently, this cryptocurrency is listed on SushiSwap, Gate.io, and MEXC.

Source: CoinGecko

Moons, the ERC-20 tokens, are rewarded to users for their contributions in the form of posts or comments within the r/CryptoCurrency subreddit. These coins hold various uses within the community, including free trading, tipping, and expenditure for different purposes. Additionally, Reddit provides a dedicated Ethereum-based wallet known as Vault to store these tokens securely.

Similarly, another token called Bricks (BRICK) has also seen a remarkable surge, with a 300% increase in just two days. The distribution of BRICK tokens serves as a reward for contributions made in the r/Fortnite subreddit.

Kraken’s Gratitude Fuels Hope for MOON’s Exchange Listing

Over the weekend, a popular post in the r/CryptoCurrency subreddit highlighted a change in Reddit’s terms of service, enabling the trading of verified virtual goods, including avatars and the platform’s community points. Coingecko’s co-founder and COO, Booby Ong, believes that this change, coupled with the removal of non-tokenized Coins and Awards, has generated speculation about future modifications within Reddit. Ong stated that the community speculates Reddit will place greater emphasis on Community Points, resulting in a substantial increase in the value of both MOON and BRICK tokens.

It should be noted that although community points have always been tradeable, the process is complicated within the Reddit app. ONG, in a tweet thread, explained that while it is easy to send community points to other Reddit users through the app, trading them requires exporting the private key from the Reddit wallet and importing it into a crypto wallet. The community points can then be traded on an Arbitrum Nova DEX.

Members of the r/CryptoCurrency subreddit have responded positively to the news of the terms of service change. Notably, cryptocurrency exchange Kraken expressed gratitude to the subreddit for providing updates on the alteration. Furthermore, a representative from Kraken mentioned the exchange’s willingness to consider adding new digital assets, raising hopes of potential listing of the Moons token on the platform. This sentiment likely contributed to the surge in the token’s price.

50,000 Ethereum For $15K: The Profitable Early Investment Of Reddit’s Co-founder 

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Alexis Ohanian, the co-founder of Reddit, bought 50,000 Ethereum for just $15,000 during the cryptocurrency’s presale in 2014, paying only 30 cents per coin. His interest in Ethereum stemmed from his Armenian heritage and its history of persecution by the state. He found the idea of a decentralized store of value very attractive, so he took an early gamble on Ethereum.

Early Bet On Ethereum Pays Off

In an interview with Forbes, Ohanian claimed that his great-aunt Vera played a significant role in shaping his views on opportunity and sacrifice. She recounted to him the atrocities of the Armenian genocide of 1915, where an estimated 1.5 million people were killed, and emphasized the need to make the most of opportunities. 

Ohanian explained how Turkish soldiers seized his family’s inheritance of heirloom rugs. Hence, the idea of a store of value that is not controlled by any single state appealed to him, especially for a group of people who have had the collective experience of persecution.

His affinity for decentralized currency and other digital assets has led him to invest in 29 startups that use cryptocurrency’s underlying blockchain technology. In February 2022, Ohanian raised $500 million, mainly to finance such companies. 

He describes himself as a “crypto pragmatist,” supporting U.S. regulation while managing the passwords known as private keys for some of his most valuable assets. This practice, called self-custody, is a crucial step for ensuring that some of his personal holdings remain out of reach of the government or anybody else.

In August 2022, the collapse of FTX stranded billions of dollars of customers’ digital assets on the exchange, and a $176 million fund Ohanian was on the verge of raising evaporated. 

However, his family history steeled him to double down on his commitment to invest in cryptocurrency. For him, cryptocurrency volatility is worth it since many countries worldwide have experienced massive inflation.

Ohanian’s business acumen began when he collected and traded Panini-branded NFL trading cards with his father. In 2005, he co-founded Reddit, a social network consisting of quasi-anonymous users joining special-interest communities called subreddits. 

The social network was sold to publishing giant Conde Nast for $10 million in 2006. He flew to Armenia for the first time in 2010 and reconnected with his father’s roots while volunteering at the Yerevan offices of San Francisco microfinance firm Kiva.

Nevertheless, Ohanian’s early investment in Ethereum has proven to be a profitable decision, and his affinity for the decentralized currency has driven him to invest in blockchain startups. His commitment to cryptocurrency has been tested, but he remains undaunted in the face of market volatility.

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Reddit To Launch NFT Platform, Seeks Senior Engineer

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One of the most popular online community spaces, Reddit is looking to expand its network and develop an NFT platform for its users. The platform is looking for a Senior Engineer who will help with the goals of the platform. With the explosion of blockchain-based digital artwork, everyone wants a piece of the pie.

The NFT industry has already crossed billions of dollars in value, and with the constant influx of celebrities and artists, this industry has become a hotspot for multiple firms.

In a recent job listing, Reddit wrote about the requirement for a senior engineer working on the backend of the NFT platform. According to the listing, the programmer will have to “design, build and ship backend services for millions of users to create, buy, sell and use NFT-backed digital goods.”

Furthermore, the Senior Engineer will be looking into the development of the platform in a smooth manner, trying to ease the process through extensive communication.

Reddit believes that the NFT movement has only just begun

The job posting of Reddit further mentioned,

“If there is one thing we’ve noticed with NFTs, they too have an incredible power to create a sense of participation and belonging. With every new NFT project, a vibrant community of owners pops up with it. Fans of today’s biggest creators and brands are now flocking to buy digital goods directly from them — to support them, to gain exclusive access, and to feel a greater sense of connection with them.”

The comments from the job posting confirm the possibilities of the new NFT platform to be released soon. In its first attempt to enter the blockchain industry, Reddit introduced leveraging Ethereum and Arbitrum.

Requirements for the developer

The Reddit job listing further mentioned a number of requirements for the senior developer. The primary requirement mentioned for the position was “5+ years backend development experience with multiple parts of the backend stack, from databases to networking to efficient computing. We develop with Go, Python, Postgres, Redis, Thrift, GraphQL and deploy to Docker/k8s on AWS.”

Reddit listing further said, “experience with crypto / NFTs / Go is not required! All of us learned along the way, and so can you.”

Ethereum Foundation And Reddit Come Together For Yet Another Project

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The Ethereum Foundation has been rolling out an array of developments pertaining to the ETH network. While the altcoin recently hit an all-time high, the Ethereum community had yet another news to rejoice to.

Ethereum Foundation Hopes To Bolster Reddit’s New Venture

The social media platform, Reddit has been a great platform for crypto-users. The Ethereum foundation has made prominent presence on the platform and it seemed like the foundation and Reddit were coming together once again. In a recent announcement, the Reddit admin jarins revealed that a partnership between the two was going on board. The platform intends to dive into the blockchain industry to boost scaling as well as resources for the Ethereum network.

The post read,

“As Reddit continues to grow with more than 50 million daily users and hundreds of thousands of communities, the platform has long maintained a decentralized ethos by empowering users to create, govern, and grow their own communities. Through this partnership, we will be increasing our commitment to blockchain, accelerating scaling and resources for the Ethereum ecosystem, and bringing the value and independence of blockchain technology to millions of redditors.”

With this, Reddit suggested that it would prolong its association with the foundation to roll out several other projects in the coming months. The subreddit was filled with several comments from the ETH community congratulating both Reddit as well as the foundation.

Reddit and the Ethereum Foundation go way back. Previously, Reddit had rolled out the Great Reddit Scaling Bake Off competition which urged people to submit scaling solutions for the Ethereum network. Another project was also preceded by the social media platform that involved Community Points. This imitative offered ERC-20 tokens to those who submitted content.

The Ethereum community has several things to look forward to. While the Phase zero of Eth2 took off in full force, other developments pertaining to the same is still underway.

Reddit Community Points to Harbour 430 Million Users on Ethereum

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Discussions Platform Reddit is pushing ahead with the launch of a token that will serve its social network of at least 430 million users. Last month, Reddit launched a community rewards system, bringing at least 20 million users to ERC-20-based community tokens. The rewards system, dubbed “community points,” will award ERC-20 tokens to contributors for doing small things such as posting or commenting.

Initial Plan was to Onboard Subreddits r/Cryptocurrency and r/FortniteBR 

At first, the community points were only partially targeted by a section of the cryptoverse community on the platform, with only 20 million users from both subreddits r / Cryptocurrency and r / FortniteBR. According to a press release published yesterday, Reddit has announced a new goal of scaling up its community reward points system to 430 million active monthly users.

Community Points are different and different from existing in-game Points or rewards because they are available as a real digital currency that runs on the Ethereum blockchain. As a matter of fact, Reddit is betting its odds, for community points, on r / Ethereum subreddit users that prides a following of more than 466,000 subscribers.

A Scaling Solution for Reddit Community Points is Imminent

On the other hand the scaling solution will have to accommodate millions of users;  and would take the formula of housing at least 100,000 community points; 100,000 transfers; 25,000 substitutions and 75,000 one-ff points burning. All of which, the developers are scheduling to take place within the space of only five days. 

In partnership with Ethereum, the social platform urged developers and community members to propose suitable scaling solutions; that have the ability of integrating community points on the Ethereum mainnet. The submissions proposal encouraged any submissions to revolve around decentralization, usability and scalability. 

Reddit is not the first social media platform to execute a cryptocurrency plan.  Much has been done by social media giant Facebook ahead of its much anticipated Libra coin; while on the other hand Messaging LLC- Telegram just scrapped its plans of issuing a digital token across its platform. 

The messaging platform put a full stop to its plan following massive regulatory battles with authorities. 

Ethereum Chosen by Reddit to Create two Native Tokens for ‘Cryptocurrency’ and ‘Fortnite’ Subreddits

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Cryptocurrencies have gradually but steadily penetrated mainstream markets as more and more people become aware of the technology worldwide. Reddit has taken on the responsibility of bringing the popularity of the crypto world to the next level by launching its own tokens.

On Wednesday, the Alexis Ohanian co-founded website revealed that they were beta testing two different Ethereum-based virtual assets for users to dabble in. These tokens are intended to serve as incentive systems for users who post content to Reddit.

Reddit stated that the decision to launch the two tokens was part of a routine experiment to improve the ecosystem. Two tokens called $MOONS and $BRICKS will be available to members of the subreddits / r / Cryptocurrency and / r / Fortnite BR. These sub-reddits will be part of Reddit’s new venture known as “Community Points.” Engaging subreddits like Fornite was a move to bring in millions of more people into the nascent cryptocurrency world.

These Group Points will be made available to users in the form of badges, individual GIFS and other character attributes. Once the beta test is completed, Reddit plans to take feedback from all users and compare notes. Every four weeks, Reddit aims to publish a list of how much karma each user has earned in each community. Once this process is completed, the community has a one-week window to review the lost and propose any changes if they exist.

$MOONS and $BRICKS can be used by users to vote, transfer funds and tip content creators without the difficulty of tracking different entities. In order to ensure that transparency is maintained, the members of Reddit will be able to see each other’s token balances. This move was initiated to block any kind of illegal activity or phishing on the website.

In addition to the forthcoming digital tokens, Reddit is also expected to launch a native asset management platform called Vault. According to the Reddit website, the Vault was a way for Reddit users to function as one, building a diverse and exclusive culture. Vault was developed after Reddit found that certain groups had been cut off from others, hindering collaboration and creativity.

Both Vault and the two tokens will be checked by Reddit and Trail of Bits over the summer. The Social Media Platform reported that Trail of Bits was an independent security company with blockchain experience to analyze smart contracts and mobile applications. Added the Reddit Vault extension:

“Community Points are currently in beta (through summer 2020). During that time, they will be on the Rinkeby testnet, and balances, transactions, and memberships may be reset. After the feature leaves beta, Community Points will be migrated to the Ethereum mainnet. Points balances will be carried over (though will need to be reclaimed). To identify potential bugs, Reddit is inviting security researchers to assist in finding the vulnerabilities in Community Points. “

The announcement definitely delighted at the cryptocurrency community because of the positive effect it might have on future industries. Ethereum also witnessed a small increase in its price post announcements, but this may have been helped by the ongoing market bull run. At the time of the press, Ethereum traded $199.1 with a total market cap of $22.1 billion. The 24-hour market volume had increased to $18.15 billion after a 4 percent price hike over the previous day.

Ethereum’s Reddit Announcement Could be a Major ‘Silver-Lining’ In Terms of Long-Term Adoption of ETH

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After weeks of disappointing performances in price charts, the community of Ethereum finally had something to cheer on. The largest altcoin in space currently valued at $158 was the center of the discussion as reports suggested that Reddit is testing an Ethereum-based community point system for its online users.

According to a video released by a Redditor MagoCrypto, the social media platform would be releasing a list of members and their karma every month, and these members would be able to propose changes, which will allow them to claim Community Points.

It was believed these Community points will be Ethereum based ERC-20 tokens that would enable Redditors to access certain parts of the community. A statement from the Reddit feature Mago, indicated,

“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.”

However, a media outlet reached out to a Reddit Spokesperson and the person involved confirmed that Reddit was experimenting with a blockchain-based system. However, Ethereum wasn’t mentioned in his statement. He said,

“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.”

Silver Lining for Ethereum? 

Assuming the reports are accurate and Ehtereum has been taken under consideration for the new community points system, it will be largely positive for Ethereum’s adoption over the long-term.

Reddit reported an active user base of over 430 million in early 2019 which can only be expected to increase over the past 12 months.

If such a large userbase is exposed to ETH on Reddit, it could be hugely beneficial for the growth of DeFi. As mentioned above, ERC-20 tokens would be considered as community points. ERC-20 tokens are DeFi compatible and needless to say, it will create an influx of users into Decentralized Finance.

With over 350 million active users on Reddit, a migration of a mere 10 percent of the total users into DeFi will facilitate a 10,000 percent growth in the DeFi space.

Considering Ethereum holds an edge over Bitcoin due to its compatibility nature, which is the ability to combine different systems within a single blockchain, it may allow ETH to outperform BTC over the few years.

However, Ethereum continues to deal with its long-term scalability issue, and according to various analysts, the interoperability aspect of DeFi requires further development as well.

The liquidity in DeFi is also limited to an extent that would be solved if more assets can be used as collateral on the DeFi platform.

Overall, the announcement is fairly positive for Ethereum’s space, as its asset has struggled to attain a bullish rally since the market collapse of 13th March.