Two Big Social Media Networks Twitter and Reddit Use Ethereum

Two Big Social Media Networks Twitter and Reddit Use Ethereum
  • Dark Lavis made a tweet that Twitter and Reddit use Ethereum (ETH).
  • Twitter gives out ETH non-fungible tokens (NFTs). 
  • Reddit utilizes ETH as community points.

Crypto Analyst Dark Lavis made a recent tweet that the biggest social media networks such as Twitter and Reddit use Ethereum (ETH).

Reddit uses ETH as community tokens, whereas Twitter gives out ETH non-fungible tokens (NFTs). 

Twitter Gives Out 140 ETH NFTs

Twitter gives out 140 NFTs, featuring seven various designs. Moreover, the NFTs could be seen on the famous NFT marketplace Rarible. Notably, one NFT named Furry Twitter indicates a furry three-dimensional version of Twitter’s logo. Reply Guy is another NFT, indicating someone who always comes with the same reply. 

More so, the NFTs are not sold, Rarible presents to show a few bids ranging from 0.12 wETH, worth $255 up to 1 wETH. As per Twitter’s terms, governed by California state law, the NFT owner is allowed to display the artwork for his own personal, non-commercial uses. However, more than that Twitter retains the right and title to the artwork.

Reddit Use ETH as Community Points

Reddit utilizes ETH as community points. More so, the Community Points are a path for Redditors to own a piece of their favorite communities. These points capture few of the value of their community, as a unit of ownership. They could be spent on premium features and utilized as a measure of community reputation.

More so, the community points remain on the ETH blockchain that utilizes the same technology as Bitcoin to guarantee that ownership and control remains with users. However, the Community Points are stored as standard ERC-20 tokens on the ETH blockchain, this could make them interoperable with current blockchain tools.

Ethereum is a public blockchain that Reddit doesn’t control. Community Points are owned pseudonymously. Nothing on the Ethereum network connects to your real name or real identity.

Ethereum is a general-purpose blockchain with smart contracts that enable programmable tokens, like Community Points.

ETH is the second-largest crypto by market capitalisation. It is a decentralized open-source blockchain system that provides its own cryptocurrency, Ether. Furthermore, the ETH works as a platform for many other cryptocurrencies, as well as for the execution of decentralized smart contracts. Recently, Ethereum 2.0 has made a short history as it nears 6 million staked Ether (ETH).

According to CoinMarketCap, the ETH price is at $2,034, at the time of writing.

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Cryptocurrency and blockchain tech interest has enticed Carolyna to write for NewsCrypto. She made her personal mission to help non-crypto geeks to understand the technology with ease.