🧠 Crypto will save banks $27B through blockchain.

October 19, 2022

GM Seedphrase Nation 👋 When you're drunk by yourself alone at 2 am, we're the crypto friends that call and check up on you.

Today's Agenda 📓:

  • 🧠 How Reddit is implementing crypto for its creators

  • 🏦 Crypto will save banks $27B through blockchain adoption.

  • 😳 Meme of the Day

Reddit is going APESH*! with blockchain. 🤯

If you thought FaceBook was ahead if its time, Reddit has been moving heaven and earth to transition into the space this past year.

They've already released exclusive NFT avatars for their users in collaboration with Polygon.

They most recently announced their new collaboration with Arbitrum to allow creators to earn in-community tokens based on the content they're engagement in the platform.

Reddit's current point system 🏅

Simply put, every net positive vote a user's content receives will be worth one point. This includes Upvotes, downvotes and Karma.

What is Arbitrum? 🤝

It's just a cryptocurrency system that supports smart contracts without the limitations of scalability and privacy from previous systems such as Ethereum.

Will creators receive money? 😭 Haha, noooooo, BUT.

  1. Communities can sign up for the upcoming program.

  2. Members in a community receive community-made tokens based on the engagement of their posts (upvotes, downvotes and karma)

  3. Those tokens are sent to a crypto wallet within Reddit, where you can send and view your funds.

What are the benefits of Community Points? 👇

  • Entirely created and controlled by each subreddit (with customization options like how the points look, how they will be used, etc.)

  • New options for community-themed badges, highlighted usernames, and animated emojis.

  • Run weighted polls to make decisions in your community based on members with higher points.

  • Get people more engaged and have a sense of belonging within that sub-niche. Imagine if discord servers rewarded users with points if they were more active and giving value to other members. Whitelist spots, giveaways, polls etc, would be much easier to track and handle.

Is Reddit slowly transitioning to a Web3 platform? 🧐

The big thing here isn't the new badges or the new polls. It's the shift to Web3.

Web3, at its core, gives users the ability to own and sell their data.

Reddit is trying to enhance its user experience with blockchain technology by allowing communities to make their own independently controlled micro-economies and to have complete control over their part of the internet.

They even have come out with their statement saying:

"Online communities are much more limited than their counterparts in the real world. In the real world, communities are independent entities, free to choose where and how they hang out. With the advent of blockchain technology, we now have a way to establish this freedom decentralized and securely."

🧠 Final thoughts

Honestly, it's pretty cool to see Reddit get into the blockchain world and do it in a way that benefits the entire community.

They're using blockchain to push for more community drive, for more ownership over their part of the internet, and for the use of a micro-economy that the users have complete control over. Suitable for the community, good for internet independence, and good for the creators!

With over 35M active monthly users, Reddit is taking steps to evolve by implementing community-enhancing capabilities and opening the door for more companies to do the same.

Safe to say, they won't end up like MySpace and will stay the face of the internet for a while.

If you're interested, join the waitlist here! 👈

🏦 Crypto will save banks $27B through blockchain adoption.

Banks are going to be saving big with blockchain tech.

Juniper Research just reported that banks can save up to $27B by 2030 if they just use blockchain technology for some of their processes.

The majority of these savings would come from cross-border transactions that can now just be done through the blockchain.

How else can blockchain technology save banks that shmoney?

  • For cross-border settlement transactions, it'll save over 3 billion dollars annually and reduce costs by more than 11% per on-chain transaction.

  • In the food export trade, blockchain implementation would reduce the cost of fraud by over 50% by 2034.

  • Blockchain is giga-secure, so savings of over 50% could be seen in preventing money-laundering checks and confirming digital IDs.

Now, banks are faced with a choice; Profits or Privacy?

Blockchain tech will save the banks a ton of money but at the cost of going public.

With a long record of shady business investments, imagine the outrage and protests that would ensue if we saw EVERYTHING banks did with our money. Chaos.

The banks really, really, REALLY love money, and blockchain will give the banks just that.

BUT

The banks really really hate publicly stating assets, and blockchain will also do that.

Which will they pick, and how far will they go?

Find out next time on Dragon Ball Z.

Ok. So, how big of a deal is this?

It's not a massive step because blockchain won't be revolutionizing the banking industry…yet.

What's more interesting, though, is that blockchain's hyper security is allowing banks to consider it as a viable safety option and one that could save them big bills.

While we would like to see banks entirely use the blockchain so that we can have more control over our own money, this is still a tremendous potential step that blockchain can take.

⚜️ Golden Nugget: The sky is blue, you have two arms, and banks love money. Now that blockchain has reached its current level, we are starting to see that it can scale to the size of banks and is now a financially sound investment.

So next time your uncle says some crazy shit like "crypto is for nerds." You tell him, "yeah, JIM, but it can hypothetically save banks money so take that."

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😂 Meme of the Day

Rough.

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research

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