Coinbase CEO Brian Armstrong Calls Reddit's Tokenization Effort 'Huge Deal' for Crypto

News
Fri, 05/15/2020 - 07:26
article image
Alex Dovbnya
Coinbase CEO Brian Armstrong says that Reddit’s ‘community points’ feature could represent a new tokenization model
Coinbase CEO Brian Armstrong Calls Reddit's Tokenization Effort 'Huge Deal' for Crypto
Cover image via twitter.com
Read U.TODAY on
Google News
Contents

Brian Armstrong, the CEO of America’s number one exchange Coinbase, has lauded Reddit’s new ‘community points’ feature as a ‘huge deal’ for the cryptocurrency industry.

In the future, he expects it to become the new blueprint for how crypto startups launch their own tokens.

Reddit’s crypto experiment  

Reddit, a discussion website that boasts more than 450 mln active users, recently unveiled two Ethereum-based tokens. 

The ERC-20 cryptocurrencies, named ‘moons’ and ‘bricks,’ will be initially available for /r/Cryptocurrency and /r/FortniteBR. The combined audience of these two subreddits surpasses 2.4 mln subscribers.   

These tokens, which can be stored with the help of the in-built ‘Vault,’ will be used to get access to advanced community features and tip other members.   

Sticking to the crypto’s core ethos of decentralization, nor subreddit moderators nor Reddit bosses can get their hands on these tokens.

The new ICO?

After the great ICO bubble of 2017 burst, Ethereum seemed to have lost its mojo, which explains why its price is down 86 percent from its all-time high.

Armstrong says that more crypto startups will emulate Reddit’s token launch model to incentivize their communities.

As of now, the project is a beta-test phase, but Reddit plans to migrate the tokens from the Rinkeby testnet to the Ethereum mainnet in late 2020. 

article image
About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

thecryptobuds

2,500,000 Ethers Locked in Ethereum 2.0 Deposit Contract as ETH Rejected From $1,250

News
Fri, 01/15/2021 - 18:02
article image
Vladislav Sopov
Ethereum 2.0 enthusiasts deposited whopping sum in its contract launched six weeks ago
2,500,000 Ethers Locked in Ethereum 2.0 Deposit Contract as ETH Rejected From $1,250
Cover image via stock.adobe.com
Read U.TODAY on
Google News
Contents

While crypto markets are trying to get out of the most painful correction in this bullish cycle, the Ethereum 2.0 deposit contract accomplishes another crucial milestone.

ETH2 deposit contract surpasses $3,000,000,000 level

According to leading Ethereum network observer Etherscan, the Ethereum 2.0 deposit contract (0x00000000219ab540356cBB839Cbe05303d7705Fa) allocated more than 2.5 million Ethers. New 32-ETH stakes are transferred to it every minute.

ETH2 deposit contract breaks above $3B
Image by Etherscan

As the correction of the Ethereum (ETH) price ended, ETH is changing hands at $1,225: the $1,250 level was too difficult for bulls to conquer. Meanwhile, even at press time, it is worth almost $40,000 to join the club of Ethereum 2.0 stakers.

Therefore, the USD-denominated value of assets locked in the contract surpassed $3 billion for the first time ever and keeps surging.

It should be noted that Ethereum 2.0’s deposit contract went live on Dec. 1, 2020, heralding the start of ETH2 Pase Zero or Beacon Chain, the inaugural stage of Ethereum 2.0.

Ethereum 2.0 “entry tickets” become really expensive

At press time, more than 52,267 addresses transferred money to the deposit contract.

Ironically, Black Thursday in Crypto (March 13, 2020) was the most convenient time to join Ethereum 2.0 staking with Ether at $95. Today, Ethereum (ETH) enthusiasts should pay 13 times more to have a minimum amount of Ethers required for staking.

Ethereum 2.0 is a proof of stake (PoS) iteration of the Ethereum (ETH) protocol. It replaces mining by staking and splits the whole Ethereum (ETH) network into several interconnected sub-chains (shards).

According to Staking Rewards analytical dashboard, annualized rewards for ETH staking are estimated between 10.4 and 10.6 percent.

article image
About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

thecryptobuds