The idea of a social media platform with Bitcoin-powered financial incentives has become rather popular ever since former Cryptocurrency Engineer about how Bitcoin could be used to solve some of Reddit’s core issues earlier this year.Although many believed that this new social media application would be nothing more than a copy of Reddit with a few Bitcoin-centric features added to it, Charles recently at an that the final product could look quite different from the “Frontpage of the Internet.” Instead of an alternative to Reddit, it appears that Charles’s creation, , will be a completely new kind of experience.During his recent presentation, Charles displayed a few mockups of what Datt could look like when it’s ready for some sort of public release.The examples shown in his looked quite similar to Reddit, but Charles noted that the functionality associated with upvoting and downvoting worked a bit differently: This is an example of the front page.

It looks similar to Reddit -- you see links, you see images -- with one difference being those little dots you can see on the left.When you press that dot, when you highlight the dot, that’s the same thing as like upvoting on Reddit, but you’re actually paying the person bitcoin.So, you’re giving them a little bitcoin tip.bitcoin apps like coinbaseYou can think of it -- it’s sort of if were integrated to a website or if looked like Reddit, it would look like this.bitcoin belly upFeatures, Storage, and Onename Integration Of course, Datt is not just about cloning Reddit and attaching bitcoin to upvotes.buy litecoin fastThere will be other features added to the system, which could make the platform a bit more dynamic.litecoin added to coinbase

For example, Charles noted that there could be some features that are similar to what is found on Twitter: There will probably be following, like Twitter, so it won’t be exactly the same as Reddit.Charles also wanted to make the point that a user does not need to have any bitcoin to use Datt: You do not need to have bitcoin to do anything.make bitcoin donate buttonThat’s another question -- people ask about this a lot . . . You don’t have to have bitcoin to view content or to post content.bitcoin hnIt’s sort of a feature, but you don’t have to have it.bitcoin to inr last 10 daysWith this being an open-source project with the promise of decentralization, it makes sense that user data and content will not be stored on a centralized server owned by Datt.trade bitcoin with leverage

Charles noted that or another P2P protocol where each user is able to store data related to the subreddits (or whatever Datt communities are called) they’re interested in could be used for storing content, while will likely be used to solve the identity problem.How Will Datt Be Monetized?def of bitcoinIn addition to explaining how Datt will work as an application, Charles also spent some time discussing how a profitable business could be built around the platform.He sees monetization as a non-issue, and he thinks taking a cut of each transaction made on Datt could be a business model that works over the short term: To me, this is a non-issue.I think it’s very obvious -- we will just take a portion of payments.Almost no one is going to modify the client to take out that portion.It’s technically optional, but we’ll just take a cut of the payments.I think that will work; we’ll see.Charles pointed to (the company behind ) as an example of an alternative business plan, but it’s clear that he will try monetize the protocol first: There are other ways we could earn money.

We could provide services [like what OB1 plans to do.OB1] is going to do more like creating other products and services, not so much monetizing the protocol.I’m trying to monetize the protocol.When people make payments on this thing, a cut goes to the company by default.At least, that’s the plan.It’s still somewhat difficult to imagine what Datt will look like when it’s released to the public , and an early prototype release in November could help Charles and the rest of the development team figure out which direction to move in next.Anyone interested in getting involved with the development process can visit the .Tech & Science BitcoinAn online giveaway of 1,000 bitcoins (worth $580,000) has prompted speculation that it is part of an elaborate money laundering scheme by hackers who stole $70m worth of the cryptocurrency from an exchange.On Tuesday, August 2, the popular cryptocurrency exchange Bitfinex (BFX) revealed that it had suffered a major hack, resulting in the loss of 119,756 bitcoins.

On Wednesday, an anonymous Reddit user announced the giveaway under the moniker rekcahxfb—a reversal of BFX hacker.“Post your [bitcoin] address below,” the post read.“One lucky winner will receive 1000 BTC [bitcoins] after one week from now.” Tech & Science - Get the best of Newsweek delivered to your inboxSome Reddit users were quick to point out how such a giveaway could work as a guise for money laundering, encouraging other users not to get involved.“He’s going to send the money to an account he controls so that identity can trade uninhibited, claiming it only received stolen funds instead of actually stealing them,” one user speculated.Another user stated: It provides an additional ‘plausible deniability’ to any prosecution.Receiving stolen funds is a lesser crime than hacking, and theft of tens of millions of dollars.”Following the news of the hack of BFX, the price of bitcoin fell by around 20 percent amid fears from investors about more hacks.It is not yet clear how the hack took place or who was behind it and hacks to other exchanges, such as MtGox in 2013, have still not resulted in the lost funds being recovered.All trading has been suspended on Bitfinex, as well as all withdrawals from the exchange, while an investigation is carried out.“The theft is being reported to—and we are co-operating with—law enforcement,” BFX said in a blog post following the theft.