HomeCryptocurrencyCrypto update: Latest news in the world of digital currencies, simplified and...

Crypto update: Latest news in the world of digital currencies, simplified and free from technical jargon.

Reddit to Shut Down its Blockchain-Based Rewards System

Social platform Reddit has announced that it will be winding down its long-running blockchain-based rewards service, known as “Community Points.” The decision comes as Reddit faces scalability issues with the platform and is unable to effectively scale the product. The shutdown is scheduled for November 8th.

Scalability Challenges Behind Reddit’s Decision

Reddit cites scalability challenges as the primary reason for sunsetting its blockchain-based rewards system. The platform has been unable to effectively scale the product to meet the growing demands of its user base. As a result, Reddit has made the difficult decision to shut down the Community Points service.

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Former FTX Executive Faces Cross-Examination

In other news, Sam Bankman-Fried’s defense team has cross-examined Nishad Singh, a former FTX executive. The cross-examination is part of a legal proceeding involving Bankman-Fried, who is the founder of cryptocurrency exchange FTX. The defense team aims to gather more information and insights from Singh to support their case.

Ripple Job Posting Sparks IPO Speculation

Ripple, a prominent blockchain company, has recently posted a job opening that has sparked speculation about a potential initial public offering (IPO). The XRP community has been discussing the implications of this job posting, theorizing that it could be a significant step towards Ripple going public.

It is important to note that the job posting alone does not guarantee an upcoming IPO. However, it has generated excitement and curiosity within the XRP community.

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In conclusion, Reddit’s decision to wind down its blockchain-based rewards system highlights the challenges of scalability in the crypto space. Meanwhile, the cross-examination of a former FTX executive and the Ripple job posting hint at potential developments in the industry. As the crypto landscape continues to evolve, it will be interesting to see how these stories unfold.

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