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Reddit Plans To Convert Its Karma Points To ERC-20 Tokens

When tokenized, Karma points would become independent of Reddit, existing on community-controlled blockchains.

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reddit plans to convert its karma points to erc-20 tokens

A series of now-deleted Tweets by Reddit engineer Rahul Kothari has recently revealed that the social media site is planning to start converting user’s Karma points into ERC-20 tokens.

“When we all pull this off, we would onboard 500M web2 users into web3 and then there is no going back. Let me say that again — 500 million new crypto users” wrote Rahul in his Tweet.

Currently, Karma points are supposed to reflect how much individual users contribute to the community, and they are earned for posting, commenting, and receiving or giving awards.

When tokenized, Karma points would become independent of Reddit, existing on community-controlled blockchains. Reddit calls such points Community Points, and two subreddits already use them: r/CryptoCurrency and r/FortNiteBR.

While r/CryptoCurrency calls its Community Points Moons, r/FortNiteBR uses the name Bricks. In both cases, Community Points reward posters, commenters, and moderators for their contributions, and they are distributed on a monthly basis.

One cool feature enabled by Community Points is weighted voting, where members get one vote for every Point they have, making it possible for the biggest contributors to influence voting the most.

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Community Points can also be traded just like any other token with a sizable user base. At the time of writing, one Moon is worth roughly $0.20 and one Brick nearly $0.10. By attaching a monetary value to Reddit contributions, Community Points change the game quite dramatically, and many Reddit users, including those involved in crypto, are not thrilled by this.

“Once they started passing out moons the sub’s quality content dropped, the bots showed up, and now they have votes seemingly every month to tweak how the moons are handed out and what is banned from the sub. It’s ridiculous,” commented u/goofytigre in the r/Ethereum subreddit.

Considering that Reddit is already criticized for being an echo chamber, it will be interesting to see the effect of the tokenization of its Karma points on the community.

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New Variants Of Android Spyware Are Targeting Middle East Users

Sophos recommends Android users to never install apps from untrusted sources and avoid ignoring available OS and app updates.

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new variants of android spyware are targeting middle east users

British security software and hardware company Sophos has recently revealed that new variants of Android spyware used by the C-23 group are actively targeting users in the Middle East.

C-23, also known as GnatSpy, FrozenCell, or VAMP, is what cybersecurity professionals refer to as an advanced persistent threat (APT) adversary. Such adversaries are typically well-funded and well-organized, which allows them to quickly evolve their tactics to overcome even the most sophisticated cybersecurity defenses.

The C-23 adversary has been known for targeting individuals in the Middle East since at least 2017, with a particular focus on the Palestinian territories.

The latest variants of its Android spyware are most likely distributed via a download link sent to victims as text messages. The link leads to a malicious app that pretends to install legitimate updates on the victim’s mobile device. When the app is launched for the first time, it requests a number of permissions that let it spy on the victim. It then disguises itself to make removal more difficult.

c-23 gnatspy frozencell vamp android spyware middle east

“The new variants use more, and more varied, disguises than previous versions, hiding behind popular app icons such as Chrome, Google, Google Play, YouTube, or the BOTIM voice-over-IP service” explain Sophos. “If targets click a fraudulent icon, the spyware launches the legitimate version of the app, while maintaining surveillance in the background”.

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The information the new spyware can steal includes everything from text messages to the names of installed apps to contacts from all kinds of apps, including Facebook and WhatsApp. The spyware can even dismiss notifications and toggle “Do Not Disturb” settings.

Sophos recommends Android users to never install apps from untrusted sources and avoid ignoring available OS and app updates. The company’s own mobile antivirus app, called Sophos Intercept X for Mobile, can detect the new spyware as well as all kinds of other malicious software.

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