At first, ASIC or Application Specific Integrated Circuit rigs were generally for commercial mining purposes. 3 Cryptocurrencies That Support ASIC MiningĪround 2013, ASIC rigs were introduced to the field of cryptocurrency mining.Although they performed better than GPU rigs in some cases, they were not really the “next-gen.” And this is where ASIC rigs come in. So they started experimenting with FPGA or Field-Programmable Gate Arrays. Then cryptocurrency mining enthusiasts wanted to take it even further. So GPU rigs became the mining rigs of choice.
Whereas GPUs are far more specialized than CPUs and have access to faster memory. Since CPUs are built for general purpose usage, and usually one computer will have access to one CPU only, the only exception is server systems. Or should I say “cryptocurrency,” since back then, only Bitcoin used to be a thing? But soon, they realized mining with GPU rigs is far more profitable than CPU rigs. You can read more about Cryptocurrency mining here: A Complete Beginner’s Guide To Cryptocurrency Mining.Īt first, cryptocurrency miners used their inexpensive CPUs for mining cryptocurrencies. You can mine cryptocurrencies using CPUs, GPUs, FPGAs, and ASIC rigs also. And after verifying, stacking them on to the blockchain. The main job of a cryptocurrency miner is to verify blocks of transactions. So they need to device some mechanism that will allow them to keep track of all the transactions. Over time, your community will benefit from even greater control and independence - on and off of Reddit”.Centralized authorities like banks do not control cryptocurrencies. These tokens live on the blockchain, which means they are truly owned by the community. It is time for a change.Ĭommunity Points are the first step towards a different future for online communities. Instead, they are controlled by the large platforms that hold all the power online.
But on today’s Internet, they are not in charge of their own destiny. “Communities are the lifeblood of the Internet. We don’t have all the answers, but we believe together we can find a way”.Ĭommunity Points fit into this narrative and will serve to incentivize this change.
“We believe in a new dawn for the Internet, where it can be free once again. The last chapter of this little story reads: Users must be free to express themselves, collaborate and decide their future. To become free again, we need the right tools that allow communities to regain their independence. Reddit tells this with an illustrated story: there was a time when the internet was a free place, then came places that looked like playgrounds but turned out to be prisons that trapped users. Reddit wants to bring communities back to the heart of the internet Communities return to centre stageĬommunity Points will be used to put communities back at the centre of the web. To increase the scalability of Ethereum, Reddit will rely on the Layer 2 Arbitrum. In addition, users will be able to see their points on the Vault, a real wallet inside the Reddit app.
For the social network, this will ensure that the reputation of redditors will go far beyond Reddit, as it is tokenized on the blockchain. Points on the blockchainĬommunity Points will be on the Ethereum blockchain. Finally, they can be personalized with a name and symbol. In Reddit’s view, they will also act as an incentive to post quality content and serve as a reward. Subreddits will be able to create votes, and the voting system will give more weight to those with the most points. Creators will be able to show their accumulated points, which will demonstrate their reputation. Creators will in turn be able to spend community points by adding new features. How Community Points will workĬommunity Points will be used to empower communities by allowing creators to earn money. In particular, moderators are required to participate in what Reddit calls “a crypto experiment”. The waitlist will allow a limited number of users to preview this feature. The form is very simple, asking the user for their details, and which subreddit they would like Community Points to be placed in, including whether they are a moderator, how many members they have, and why they think Community Points would be good for that group. The waitlist has been opened on the official website. Reddit has launched the waitlist that officially kicks off the implementation of the Community Points project.