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Reddit Co-Founder Highlights Crypto Development Success

Alexis Ohanian Sr., the co-founder of online message and forum platform Reddit, has emphasized the growth of exploration and development in the crypto industry. 

In a recent interview with Yahoo! Finance, the tech executive explained that we’re in a period of massive development across the cryptocurrency industry, as well as improved blockchain applications.

Growing Development is the Most Exciting Aspect

Calling it a “crypto spring,” Ohanian – who was also an early investor in cryptocurrency exchange Coinbase – explained that the crypto industry is as fledgling as it has ever been. He pointed out that the space has attracted more top engineers, developers, and designers, with each looking into a new way of applying blockchain technology to real-life solutions.

While Bitcoin and other cryptocurrencies appear to be seeing surging prices, he explained that the improved development is what excites him the most.

“I try not to track prices; I can’t predict any of that stuff. What I can say is we really do see a crypto spring right… And that to me, is the most interesting part… We’re seeing really top-tier talent building on the infrastructure,” he pointed out.

Despite that, he has also recognized the growth of cryptocurrencies as an investment scheme and has partaken in that. He confirmed that he holds a significant portion of his wealth in crypto, so he has not developed a desire to change anything.

Development has so far been one of the many aspects where the blockchain and crypto spaces have shone. Blockchain has grown to be one of the most innovative concepts of our era over the past few years. So far, the technology has managed to infiltrate almost every aspect of human life – finance, politics, supply chains, healthcare, digital identity, and more.

Cryptocurrencies have been just as impressive. While they’ve enjoyed less fanfare and embrace from tech firms and governments, digital assets have managed to gain prominence – especially in these financially turbulent times. Now, several of the world’s top economies are flirting with the ides of state-backed cryptocurrencies – while some are well on their way to developing them.

Reddit’s Community Reward System

As for Reddit, the firm has also done its bit to embrace cryptocurrencies. Earlier this month, details emerged that Reddit is launching a “Community Points” system, which users will be able to use for several purposes.

As a video explains, the Community Points system represents ownership of a portion of a subreddit. Users will get rewards based on their level of activity on a subreddit- especially commenting and posting. The points will comprise of ERC-20 tokens, which are based on the Ethereum blockchain. 

“As a unit of ownership, Points can be used in different ways by different communities. Over time, communities will find ways to use points that are unique to them and fit their culture,” the video ascertained.

The rewards system currently runs on the Rikenby system. However, Reddit will be hoping to move it to the Ethereum blockchain by next year. 

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      Jimmy has been following the development of blockchain for several years, and he is optimistic about its potential to democratize the financial system.