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Reddit Ethereum-Based Rewards Rolled Out on r/Cryptocurrency and r/FortniteBR Subreddits

Reddit has officially begun trials for its Ethereum-based Community Points on two of its subreddits.

Reddit, the popular content aggregating website has created the Community Points to incentivize users to create high-quality posts and comments.

The reward system was first revealed by Reddit user, “MagoCrypto” and will allow each subreddit community to decide how many Points a user receives.

As stated by Reddit administrators, “Community Points are a way for Redditors to own a piece of their favorite communities. As a unit of ownership, Points capture some of the value of their community.”

The Points will help build the reputation of a user in the Reddit community and they can be traded for premium features like badges, custom emojis, and GIFs on comments.

Rewarding Quality Redditors

According to a slideshow presentation published on May 13, it can be difficult for members of the Reddit community, known as Redditors, to know how much other members have contributed.

The total balance of Community Points earned by a user will be displayed next to their name, making it easy to distinguish high-quality contributors from the pack.

Users who wish to contribute and earn will need to create their own ‘Vault’ which comes with a private encryption key. The Vault is stored locally on a Redditor’s smartphone or computer and the Reddit administrators have warned that they will be unable to help if a user loses their key without first creating a back up.

r/Cryptocurrency and r/FortNiteBR

While the rewards are Ethereum-based they are not in the form of its native cryptocurrency, Ether. The Community Points instead leverage the ERC-20 token standards and are managed through “smart contracts”. Transactions are still calculated in ‘Gas‘ which are the smallest units of Ether, but the website has determined that it will cover those costs for now as the majority of its users do not hold any cryptocurrency.

While Reddit did not officially name the subreddit in the slideshow, new posts today on subreddits r/Cryptocurrency and r/FortNiteBR revealed that new tokens, moons and bricks respectively, have been added to those threads.

At the time of writing, r/Cryptocurrency has over 1 million members and r/FortNiteBR has over 1.2 million people in their subreddit community.

PornVisory Plans Token Rewards for Porn Streaming

In the crypto-sphere today, there are many live use cases of blockchain technology and the vast adoption of these applications is redefining the technological landscape as we know it today. Several online streaming services including dlive, theta, choon, musicoin have pioneered the space but PornVisory is making a remarkable debut that completely aligns with the anonymity of the blockchain ecosystem as it is set to reward users who stream porn on the site with cryptocurrencies.

Porn Industry and Cryptocurrencies

The direct involvement of porn sites with cryptocurrencies began when Pornhub began utilizing Verge coin for its transactions as far back as 2018. The use of cryptocurrency further increased when Pornhub was banned by PayPal back in 2019. The adult video site’s acceptance of Verge tokens has helped in driving mainstream cryptocurrency transactions and real-world use-cases. With the Verge coin that boasts of privacy, the anonymity of their over 100,000 users can be further enhanced.

The PornVisory Model

PornVisory is an Italian based cryptocurrency project owned by Veronica Noschese. Noschese, in a conversation with a popular blockchain media site, said that her company is inspired by the Basic Attention Token (BAT). She insinuated that if the users of the Brave Browser are being compensated with BAT, then users of PornVisory can also be rewarded with PVY tokens when they view ads and other content on the site. Noschese plans to sponsor the development and launching of PornVisory with her personal funds while admitting that there will be no Initial Coin Offering ICO. Upon successful launch and operations, PornVisory will welcome “angel investors.” The project is being handled by Deepit, a Switzerland based startup.

Drive for global acceptance

The PornVisory project when fully operational will benefit from the privacy centered blockchain system while also registering itself as a blockchain ambassador with the sole aim of seeing cryptocurrencies dominate the financial system of the world.

Image via Shutterstock

Venmo Lets Credit Cardholders to Convert Cash Back to Cryptocurrency

Venmo mobile payment service announced on Tuesday, August 10, that it has launched a credit card feature that allows users to convert their cash-back rewards into Bitcoin and other crypto-assets.

The PayPal Inc-owned company has announced that it has expanded its crypto offerings.

This new “Cash Back to Crypto” feature enables Venmo credit cardholders to use monthly cashback in their accounts to buy crypto of their choice without incurring transaction fees automatically.

Darrell Esch, “head of checkout” at PayPal, and a general manager at Venmo, talked about the development, saying:

“Starting today, Cash Back to Crypto will be rolling out to Venmo Credit Cardholders, offering more ways to use cashback and provide another way for our customers to spend and manage their money with Venmo.”

Venmo’s “Cash Back to Crypto” feature will enable consumers to choose between Bitcoin, Ethereum, Bitcoin Cash, and Litecoin; the four crypto assets are currently available on the Venmo app.

The “Cash Back to Crypto Feature” is free of charge, unlike Venmo’s normal fees for crypto purchases that can range between $0.5 to 2.3% of the transaction amount.

Once the purchase is executed, customers will be able to either hold their cryptocurrency or sell it on the Venmo app. The feature does not support transfers to external wallets.

Crypto Going Mainstream

A few months ago, Venmo made a bold step toward providing investors with mainstream access to cryptocurrencies.

In April this year, Venmo launched its cryptocurrency trading service as a new way for its more than 70 million customers to purchase, sell, and hold crypto assets directly within the Venmo app.

Venmo users can buy crypto assets using money already in their accounts or money inside linked bank accounts.

Venmo rolled its crypto service after finding out that 30% of its 70 million customers have already begun purchasing cryptocurrency or equities, with several of them starting when the Covid-19 pandemic hit the world. Customers can buy cryptocurrencies for as little as $1.

GoSats Pairs with NPCI to Launch a New Bitcoin Cashback Reward Card in India

The Bitcoin Rewards App GoSats has partnered with the National Payments Corporation of India (also known as NPCI) to launch a new cash-back reward card in India.

The GoSats reward card allows customers to use the card to earn a relative proportion of cashback paid in the form of BTC when paying through mobile programs or browser expansion programs on well-known retail platforms such as Amazon, Starbucks, and Flipkart.

GoStats is based on an open layer 1 network Stacks, which connects to Bitcoin, enabling customers to build apps, smart contracts, and digital assets integrated with Bitcoin’s security, capital, and network Coins to earn BTC.

According to Coinmarketcap, Stacks’s token STX has risen 9.59% up to $1.50 in the past 24 hours.

STX is currently ranked 65th by market cap, with a market cap of $1,813,769,454. Thanks to Bitcoin’s continuous three-month high, it has risen by 13.91% in the past week.

The CEO and co-founder of GoSats stated that this cooperation would help customers provide bitcoin earning opportunities by integrating the existing NPCI card network:

“Beforehand, people could only get bitcoin cashback on specific brands through our app but now can earn cashback in bitcoin on every spend.”

GoSats was founded in February 2021, offers people an alternative way to accumulate bitcoin when they do their usual shopping at their favourite brands. GoSats has raised a total of $700K in funding over 1 round. This was a Seed round raised on Aug 4, 2021.

As the Indian government’s attitude towards cryptocurrency services remains vague, India’s policymakers issued relevant decrees banning cryptocurrencies before. Still, then the Indian central government and its monetary authority, the Reserve Bank of India (RBI), was reportedly taking steps to analyze the clause of the previous plans to ban digital currencies in the country.

Therefore, the cooperation with NPCI also shows that GoSats is circumventing relevant regulatory obstacles when launching its services.

Burger King Offers Free Crypto Rewards via New Chain’s App

Fast-food chain Burger King has announced plans to give away cryptocurrencies as prizes to its customers based on its partnership with the RobinHood brokerage platform.

On Monday, November 1, the popular fast-food chain announced its plans to give away Bitcoin, Ethereum, and Dogecoin to members of its Royal Perks loyalty program when they spend $5 on the restaurant’s app.

Burger King explained the reason behind such a move, stating that “as a brand, we are always looking for ways to reward our most loyal guests with exclusive offers that are exciting, unique, and culturally relevant. Cryptocurrency (crypto) has been a hot topic of conversation recently, but we know it can be not easy to understand. That’s why we wanted to bring crypto to our guests in a way that was accessible and digestible (literally and figuratively)—through our food.”

Beginning on Monday, November 1, and for the next three weeks, Burger King stated that its U.S. customers who are subscribers of the Royal Perks loyalty program would be rewarded with one crypto coin from a pool of 20 Bitcoin, 200 Ether, and 2 million Dogecoin, if they spend more than $5 on the restaurant’s chain app.

From the look, it is evident that the majority of customers will get Dogecoin. About one in every 10,000 will get an Ether, and one in every 100,000 will get a complete Bitcoin.

For a recipient to redeem the crypto prize, they must have or open an account with Robinhood to claim it.

Therefore, many Burger King customers are likely to get attracted to win crypto prizes by simply spending more than $5 for their favourite meals in the restaurant’s branches.

Users are limited to one prize per day but can garner up to 21 through the marketing campaign.

Attracting New Customers

This is not the first time Burger King dipped its toes in the crypto space. In 2017, the chain launched its own crypto coin known as the “Whoppercoin” in Russia.

During that time, Burger King partnered with crypto-cash startup Waves to deliver the virtual coin service and run a loyalty system that rewarded customers for purchasing a Whopper burger.

While the virtual coin is technically still tradeable, investors have forgotten it with no recent sales.

Burger King has been keen to innovate its business models. In January 2020, the chain started accepting various cryptocurrencies, including Bitcoin, Ether, Litecoin, Binance Coin, Dash and Tether, at its branches in Venezuela.

As reported by Blockchain.News in June, Burger King restaurants in Brazil started accepting Dogecoin as a payment option for buying a Dog snack “Dogpper,”

Likewise, RobinHood is likely to take advantage of the aforementioned Burger kings’ marketing campaign to boost its customers base. In recent months, The Nasdaq-listed brokerage platform witnessed a reduced trading activity due to fewer new funded accounts. Consequently, the company saw a declined revenue by 78% during the third quarter.

Coinbase Lists KAVA, Advancing Ethereum–Cosmos Interoperability

San Francisco, California, 18th January, 2023, Chainwire

Today, Coinbase has listed Kava and will launch a massive Learning Rewards Campaign to educate its user base about how Kava is leading the world to Web3.

Kava is a decentralized layer-1 blockchain that combines the speed and interoperability of Cosmos with the developer power of Ethereum. Kava has spent the last year building a deep integration with Coinbase that optimizes the process for Cosmos SDK chains to integrate with Coinbase helping to drive new liquidity to the Cosmos ecosystem.

Unlocking Cosmos Liquidity

Coinbase’s native integration with Kava allows for easy listing of Kava ecosystem projects, KAVA staking on Coinbase, and unlocks DeFi usage for Coinbase users on Kava. Additionally, Kava worked with the Coinbase team to make it significantly easier for Cosmos chains to list on the exchange, unlocking access to liquidity for Cosmos projects and further driving the adoption and growth of the entire Cosmos ecosystem. The entire process whittles the timeline for integrating Cosmos SDK chains to Coinbase from 12-18 months to a single month. Cosmos chains can now be integrated as easily as ERC-20 tokens. A major step forward to increasing liquidity within the Cosmos Ecosystem

“It’s exciting to see Kava listed on the largest US-regulated exchange. Coinbase sets the standard as the most important on-ramp for new users and capital into the blockchain ecosystem. I look forward to growing Kava’s exposure to new users, which will have downstream effects for all protocols in the Kava Rise program and the Cosmos ecosystem.” — Scott Stuart, CEO of Kava Labs

Fueling Protocol Growth with Kava Rise

Kava was built from the ground up to optimize its resources for protocol growth, strengthened by its Cosmos-EVM technology that enables maximum scalability, speed, security, and developer support. In 2022, Kava combined on-chain and off-chain growth mechanisms into a single developer incentive program called Kava Rise.

Kava Rise aims to set a new standard for enabling growth and demand for thousands of Web3 protocols. Builders earn a share of Kava Rise’s $750M developer incentive fund via the program’s blockchain-based distribution method, designed to reward the top protocols every month based on usage. More than 50 protocols like Curve Finance, Sushi, and Beefy Finance have collectively brought more than $15M TVL into the ecosystem, showcasing the program’s ability to enable protocols to grow and thrive regardless of market conditions.

About Kava

Kava charges Web3 growth with the best on-chain incentives and Cosmos-EVM sidechain tech. Join the network bringing millions into Web3 at kava.io

Contact

Media Manager

Guillermo Carandini

Kava Labs