Crypto

The new Moon Token Will not go to the Moon Anytime Soon

There appears to be a lot of enthusiasm regarding Reddit’s new Moon tokens. It is a very interesting asset built on top of Ethereum, and one that appears to get cryptocurrency enthusiasts rather excited.

It has been coming for some time now, but different subreddits now have

their own ERC-20 tokens.

Moon is a new Subreddit Token

In the case of /r/cryptocurrency, the token is called Moon.

It is very similar to how /r/Ethtrader approached the concept of a native token several years ago.

With more of these tokens being introduced for different subreddits, things are bound to get interesting.

Claiming the Moon token – or any other asset native to a subreddit – requires the Reddit mobile app.

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In the app, users can collect tokens from their “vault”.

So far, tokens have been distributed based on one’s previous activity in that particular subreddit

The bigger question is what purpose the tokens will serve exactly.

After all, they are not designed to have any value, albeit they will be tradable in the future.

It is also worth noting that this will not replace the existing Karma system either.

Users can spend Moon on specific features on the subreddit, but otherwise, the functionality remains very limited.

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

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JP Buntinx

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