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Monday, December 11, 2023

Reddit’s blockchain-based Group Factors are going away

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The worth of these tokens has, predictably, fallen off of a cliff, as CoinDesk reports drops of between 60 and 90 p.c. Some Reddit posters claim 1000’s of {dollars} in worth disappeared from their wallets instantly, whereas others are pointing at transactions made simply previous to Tuesday’s announcement that they suppose are suspicious.

Group Factors will go away by November eighth. In line with the announcement, the admin stated that the corporate shutting down Group Factors as a result of “there was no path to scale it broadly throughout the platform.” Whereas the moderators and communities that supported the characteristic “have been unbelievable companions,” the admin stated that “the regulatory setting has added to scalability limitations.” The admin added that Group Factors “wouldn’t migrate nicely” to the updated reddit.com experience “with out an outsized dedication to sources.”

As an alternative, the corporate plans to give attention to “extra scalable applications” just like the not too long ago launched Contributor Program, which can let you turn Reddit gold into real money, the admin says. When Group Factors are formally sundown, you received’t see them in your Vault on the Reddit app.

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