3 snippets to begin your day: Reddit and Ethereum, Ripple’s new project and more
Reddit is serious about Ethereum
Reddit, the popular social media platform, made waves last month after it announced that it was going ahead with an Ethereum-powered ‘community points’ rewards system. However, while many believed Reddit will go slow, it would seem that it is instead steaming ahead after it partnered with the Ethereum Foundation to invite developers to build ETH scaling solutions.
The popular platform intends to “find a solution that will support hundreds of thousands of Community Points users on mainnet today, and can eventually scale to all of Reddit (430 million monthly users),” a blog added.
For the same, Reddit has invited community members to pitch in with demos that will simulate Community Points usage for 100,000 users, with other members encouraged to vet these proposals to better understand the trade-offs each such solution may have.
Talk about direct democracy, eh?
Another chapter for Global Payments
The global payments scene is getting quicker and more seamless by the day, thanks in no small part to the work of real-time settlement companies like Ripple. In what is yet another milestone for the San Francisco-based company, Ripple has now joined the likes of Huobi and Brave to form the Open Payments Coalition. According to a press release received by AMBCrypto, the Coalition, supported by 39 other members, will also be launching a Universal Payments system dubbed – PayID.
The development was welcomed by every member of the enterprise, with Ethan Beard, SVP of Xpring, Ripple, commenting,
“PayID is the beginning of building and open payments network that is designed for people and simplifies the experience of sending and receiving money.”
The launch of such a payment system will bode well for many industries, especially the remittance sector. With the likes of MoneyGram, Ripple is well-positioned to take advantage of such a system in place.
Lion held at gunpoint
Ransomware attacks aren’t new, neither are the culprits behind such attacks demanding cryptocurrencies in return. The latest such case is that of Australian drinks manufacturer, Lion, after it was hit by two sets of cyber-attacks this week.
The perpetrators behind the said attacks used the REvil ransomware to create backdoors in the beverage giant’s IT and cyber-security infrastructure. The hackers have asked for a ransom of $800,000 in Monero, which, if unpaid by the designated date, will be doubled to $16,00,000.
Incidents such as this highlight the importance of companies investing in the security of their IT infrastructure as hackers are often very keen on targeting conglomerates such as Lion in expectation of huge payoffs. Interestingly, the present example can also be cited to underline the fact that historically, Asian firms and organizations haven’t invested a lot in the security of their critical online infrastructure.