Reddit CEO Discusses Why He’s Optimistic About Blockchain

Reddit CEO Discusses Why He’s Optimistic About Blockchain

Blockchain
September 30, 2022 by Diana Ambolis
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Reddit CEO Steve Huffman on his ambitions to “avoid crypto jargon” and make the internet more accessible. Steve Huffman is among these executives; he is one of them.  When he was amazed that some individuals would spend as much as seven cents for one, Huffman was captivated by blockchain technology. Since 2015, Huffman has been
Reddit CEO Discusses Why He's Optimistic About Blockchain

Reddit CEO Steve Huffman on his ambitions to “avoid crypto jargon” and make the internet more accessible. Steve Huffman is among these executives; he is one of them.  When he was amazed that some individuals would spend as much as seven cents for one, Huffman was captivated by blockchain technology. Since 2015, Huffman has been the CEO of Reddit, which he co-founded. Since then, he claims he has been attracted by blockchain technology.

Because people use the functionality differently on Reddit than on iMessage or Snapchat, he noted that avatars were a good starting point for Reddit’s study of blockchain technology. People are often portrayed somewhat accurately through their avatars and cartoon representations. On the other hand, the objective of Reddit avatars is to reveal aspects of a user’s personality without revealing their true identity. These avatars have the appearance of aliens. According to him, around one-third of logged-in Reddit users have created avatars since the option was launched approximately one and a half years ago.

You may share your hobby without revealing your ethnic origin. According to him, cryptography’s potential to hold digital items is an added benefit. “Previously, you had the power to generate digital goods, such as in a video game. However, the presence of such objects ultimately depends on the will of the corporation that creates or controls the database. Therefore, it is not actual ownership; I want closer to absolute property ownership. He notes that a user can already display their digital Reddit avatar on Instagram as part of a collection or as their Twitter profile picture. These alternatives are accessible to them. For this to occur, the companies did not sign into a collaborative agreement; instead, it is conceivable since blockchains function on an open standard.

Huffman said that none of these other firms works with his company. I would not say that we are the best of friends. However, we now have access to this third-party-hosted database that functions as an interoperability layer. I find it to be an admirable action.”

In 2020, the company took a step in this approach by announcing a test called “community points” that is now being done. Tokens held on the Ethereum blockchain may be rewarded to subreddit members via community points based on the existing Reddit karma system. The startup has suggested a variety of uses for these tokens, including polls that give more weight to active community members, awards for contests, and the possibility for people with positive reputations to access extra features on other apps and websites.

Also, read 2 Seamless Ways Metaverse Works In Education Sector.

In a way, the company’s avatar wager is even more audacious: it is an effort to encourage 10 million people to begin actively using cryptocurrency wallets without ever referring to them as cryptocurrency wallets or (preferably) using any terms linked with cryptocurrencies. Huffman states, “We strive to avoid employing crypto jargon since it only helps to confuse others.” “There is much uncertainty about the ecology. I have no clue how to comprehend most of the stuff.

He described it as follows: “I was against profiteering and bubbles.” “All of this crypto nonsense has been something I’ve seen as repulsive and counterproductive for many years, which is why we don’t discuss it. I avoided the commotion, which I thought to be both parasitic and self-delusional since I did not want to get entangled in it. Our plan has never included selling non-fungible tokens (NFTs) to crypto enthusiasts to make a fortune. Our goal is to store your identity and reputation in a third-party-managed database.

Next, it will determine what additional Reddit components may be decentralized away from the site and handed to the individuals and groups they belong to. Huffman remarked that “the response is often the result of profiteering,” but “we’re obviously and intentionally not doing that.” There is a chance that the product will not perform at all. However, this endeavor’s success will not come at the expense of our users.