on the crypto
With non-fungible tokens (NFTs) still increasing in popularity, many companies have begun to join the trend and launch their own NFTs or even create their own NFT platforms. Now, many speculate that Reddit may be one of them since the company began hiring workers to support the design, construction and maintenance of its NFT platform.
The job announcement that prompted the crypto community to speculate on Reddit's creation of an NFT platform can be found on Greenhouse, where Reddit appears to be looking for a senior backend engineer to create a platform meant to be used by millions of users.
The platform should be able to enable people to create, buy, sell and use digital assets supported by NFT. Reddit also requires all potential candidates to have at least five years of backend development experience, but also the ability to design and implement complex distributed systems that would perform under high load.
Reddit is delving into the crypto space
The job posting adds that the company has noticed that NFTs have an incredible power to create a sense of community: the sense of participation and belonging. This explains Reddit's interest in the industry, as each new NFT project brings a new portion of a vibrant community of owners. People will not only go to NFTs to own them, but also to support their creators and gain exclusive access to their products, establish a closer connection with the creator, and more.
Additionally, Reddit already has a long history with cryptocurrencies, being one of the largest platforms the crypto community uses to collect, speculate, discuss, and more. In fact, Reddit's platform was primarily used to pump DOGE earlier this year when the coin hit a new ATH at $ 0,7.
Reddit also offers Community Points, which are digital currency-like tokens in the form of bricks and moons.
Israel will use Ethereum (ETH) to build digital shekels
For now, central banks around the world are still working on developing and testing their own CBDCs, but there are new ones joining the race all the time. The Bank of Israel, for example, has reportedly just launched its own cryptocurrency pilot program, with plans to create a CBDC using the Ethereum network.
However, it would appear that the project faces a number of challenges.
Using Ethereum for CBDC testing
So far, there are several major nations taking the lead in CBDC development, including China, Sweden, Japan, and France. All of these countries have been working on their own CBDCs for years at this point, so they have a nice edge over newcomers like Israel's central bank.
Israel is in the early stages of CBDC development, according to recent reports, and has decided to use Ethereum (quotation ETH / USD). Central bank CBDC project manager Yoav Soffer explained that they decided to use ETH technology for a trial, not because they expect this to be the technology they will use, but because it was available.
The purpose of this test is simply to try to identify the advantages and disadvantages of digital currencies, and for that alone, Ethereum is as good a solution as anything else.
