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12 sats \ 2 replies \ @And1 9 Nov 2021 freebie \ on: Reddit to reportedly tokenize karma points and onboard 500M new users bitcoin
Is a new token necessary to do this or would this also be possible with lightning?
Token not needed. Of course this is possible with lightning, that's why we're here!
This is just a money grab, literally an affinity scam:
“Your Community Points exist on the blockchain, independently of Reddit, where they can only be controlled by you (just like Bitcoin (BTC) !).”
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Certain things they'll likely introduce with their tokens might not be possible on Lightning given that they are using a centralized chain. It looks like communities will be able to fork the "blockchain" and have their own tokenomics or whatever ... tokenomics/contracts/rules don't need to happen on a blockchain but a lot of these people in that space believe that they do, i.e. they like to LARP decentralization.
Moreover, Reddit communities will also have the ability to fork blockchains through community-based decisions, in addition to allowing the scope to explore new monetization strategies with Web 3.0.
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