Donut made its official debut as a plain community point in October 2018. But as of December 2019, it can be used on Ethereum as an ERC-20 token.
Comprehensive Review of Donut Crypto – 2023
The /r/ethtrader subreddit‘s community points are represented by the ERC-20 token DONUT. The token is the first cryptocurrency to be distributed solely to Reddit users based on the quality of their submissions and engagement.
These tokens, unlike Reddit karma, are only given out on a monthly basis on the /r/ethtrader subreddit based on the number of upvotes users earn while publishing content. In contrast to conventional karma points, it can also be given freely from one user to another within the sub.
History of Donut Crypto
An anonymous person or group is currently in charge of maintaining the Donut project. Carl Larson, a moderator on the /r/ethtrader subreddit and an early amateur Ethereum developer, is the creator of the community point system. Moreover, Reddit’s internal development staff eventually became interested in the idea, albeit it is still unknown how much of an impact Reddit’s R&D team had on its subsequent advancement.
Other than a specific Reddit user by the name of “Shouldbdan,” who has been crucial in the ongoing success and growth of Donut and is responsible for creating the bridge between Donut points and Donut ERC-20 tokens, there is currently no clear indication of who else had a role in the project’s success besides Carl Larson.
What Makes Donut Crypto Stand Out from the Rest?
On the /r/ethtrader subreddit, Donut started out as a straightforward community point token. However, they may also be turned into an ERC-20 token for use outside of the platform, such as exchanging them for other cryptocurrencies on an exchange.
The project is supported by a decentralized autonomous organization running on Aragon, which is used to manage the project and mint Donut tokens. Certain users are now able to generate income from it by creating popular content on the Ethtrader subreddit, which has evolved to become a source of income for certain users.
Within the /r/ethtrader subreddit, the Donut crypto serves a number of purposes. For starters, the tokens can be used to cast votes in elections for government, with a larger number of Donuts equaling a more significant vote.
Additionally, they can be used to pay the 200 Donuts each month for membership in the subreddit and the purchase of limited edition loyalty badges that grant access to unique features for the user. The key function is the ability to remark using GIFs, which regular members cannot do. In addition, the banner that appears at the top of the subreddit can be purchased with Donuts.
On the other hand, the token’s maximum supply is 120,355,919, all of which are in circulation. The Donut crypto price is $0.02787 at the time of writing, according to CoinMarketCap. The token has increased by 125.05% in the last 24 hours.