News

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.

Published

3 years ago

November 12, 2021

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.

News

Mamo Completes $3.4M Funding Round To Enhance Fintech Services

The startup will use the influx of cash to expand into Saudi Arabia and across the wider GCC while improving its product offering.

Published

2 days ago

July 25, 2024

Nour Nasir

Mamo

UAE-based fintech Mamo has announced the completion of a $3.4 million funding round that will help the startup extend its market presence and improve its product offering. Investors included 4DX Ventures, the Dubai Future District Fund and Cyfr Capital.

Mamo’s platform offers “payment collection, corporate cards and expense management” to help small and medium-sized businesses consolidate and streamline their operations. With the latest influx of capital, Mamo will further develop its comprehensive suite of services and begin testing its product lines in Saudi Arabia, further extending its footprint across the GCC.

Imad Gharazeddine, co-founder and CEO of Mamo, stated: “We’ve been in the market for a while now and are incredibly proud of what our team has achieved. The holistic and expansive nature of our product offering has helped us continue to grow sustainably. This additional funding will allow us to reach our medium-term goals even faster. The support from new and existing investors is a testament to our strong expertise and the ability to deliver on our customer promise”.

Daniel Marlo, General Partner of lead investor 4DX Ventures, added: “We have immense trust in Imad’s vision, leadership and Mamo’s innovative approach to provide a user-friendly and comprehensive financial solution for SMEs that makes financial management more accessible and efficient. We are proud to partner with them and support their mission”.

Also Read: A Guide To Digital Payment Methods In The Middle East

Amer Fatayer, Managing Director of Dubai Future District Fund’s investment team, also commented: “Mamo’s localized product lines serve as an infrastructure for SME payments and spend management in UAE, a segment that is underserved by the country’s current banking infrastructure. The team has taken a product-first approach to consolidating SMEs’ financial journeys and building a fintech solution deeply embedded in a business’s core operations”.

To date, Mamo has raised around $13 million in investment funding and now boasts a team of 30 people. The company’s intuitive financial services platform has allowed over 1,000 businesses to consolidate their financial operations and significantly reduce payment fees.