Torus Encourages Users To Test Their Wallet By Sending Ethereum Via Reddit

Published at: Dec. 24, 2019

Just in time for the holidays, private key management firm Torus announced on Reddit today they will send Ethereum (ETH) to any Reddit username or google email account.

According to a post on the r/ethereum community reddit thread, a TorusLabs member said:

“We hope to be an alternative for Web2.0 mainstream audiences.”

Bringing Users onto Decentralized Systems Via Email

Torus, which raised $2 million this July in a funding round spearheaded by Multicoin Capital, Binance Labs, Coinbase Ventures and other notable firms, aims to create an easier way for bringing users onto decentralized systems.

Notably, Coinbase CEO Brian Armstrong was recently awarded a patent for a similar system that allows users to send and receive Bitcoin via email.

In order to simplify the process of having to copy and paste lengthy ETH addresses when sending the cryptocurrency, Torus applies a “name resolver” that lets users send ETH transactions using a google email address or reddit usernames.

According to a company blog post on Oct. 13, the latest version of Torus’s non-custodial wallet allows users to log on using their Facebook, Reddit, Twitch, or Discord accounts.

The post explains, “With the name resolver, users are also able to transfer ETH and ERC20 tokens to any Ethereum Wallet address, Gmail or GSuite Email accounts, Reddit ID, and Discord ID, regardless of whether the recipient has logged into Torus before.

Instead of having to transfer cryptocurrency using long strings of alphanumeric characters, users are able to complete transactions using email addresses and usernames. Torus hopes that this will make it easier for mainstream users to try out the experience of sending and receiving cryptocurrency. 

In order to familiarize cryptocurrency users with this concept, Torus is encouraging Reddit users to test it out for themselves. A TorusLabs community member commented on the r/ethereum reddit thread saying:

“For Redditors here that are keen to test Torus out, comment on this thread and we'll send some ETH to your Reddit account! You'll need to log on to https://app.tor.us with your Reddit account to retrieve the ETH we send you.”

Some Questions To Consider

Unsurprisingly, Redditors have expressed interest in knowing more about how this works, if this is a secure process and why Torus is giving away free ETH on Christmas Eve.

One Reddit user asked, “What access from our accounts do you need?”

TorusLabs replied, “For a Reddit login, we just need your Reddit username and signup date.”

Another Reddit user expressed concern about security, asking if the process is trustless.

A TorusLabs community member answered, “Torus is a non-custodial wallet and that the keys are generated in a distributed manner via distributed key generation. According to the Torus website, the management of user keys is encoded into a smart contract layer, while the bulk of transactions are conducted via private channels off chain.

There was also the question if Google and Reddit accounts could be linked under one Torus account. 

TorusLabs noted that currently accounts cannot be linked, but that they are working on incorporating this in the future.

“Currently no, but we're working on linked accounts. Similar to a multi-sig wallet where you can link multiple logins, and you'll have to authenticate with each account before accessing your wallet,” a TorusLab member responded.

Testing For Results Or Just A Promotion?

While TorusLabs has gotten a number of Redditors excited about receiving free ETH, a community member also posted:

“While you're testing Torus out, do join our Christmas giveaway for a chance to win $100 worth of MATIC tokens for you and your friend! Simply send any amount of ETH or MATIC to your friend through their Google email, Reddit username or Discord ID, and register on our competition site.”

Although it isn’t clear if Torus is giving ETH away as just a promotion to encourage users to enter their Christmas giveaway, the feedback posted on the r/ethereum community Reddit thread appears to be positive. Most users are genuinely curious about the process of receiving ETH via Reddit or email.

One user wrote, “This is amazing. Lately I am seeing more and more good use cases.”

Tags
Blockchain
Ethereum
Reddit
Related Posts
Ethereum Developers Reveal Holdup With Serenity in Reddit AMA
The development team behind Ethereum 2.0 held an Ask Me Anything (AMA) session on Feb. 5. The team answered some of the most pressing questions on Serenity, in addition to general themes such as Proof of Stake (PoS). There have been two other such sessions, six months and one year ago, respectively. While no groundbreaking changes occurred since the last AMA, the team is making concrete steps toward Ethereum (ETH) scalability. Phase 0 to come in 2020 Answering questions on what has changed in Ethereum 2.0 since the last AMA in June, the team generally agreed that most features remained …
Technology / Feb. 6, 2020
New Details of Reddit’s Unconfirmed ERC-20-Based Points System Emerge
More details appear to have leaked regarding Reddit’s rumored Ethereum (ETH)-based “Community Points” system. A video posted to the platform purports to show a draft of FAQ copy explaining how the system will work. If authentic, the video appears to confirm that Reddit is preparing to launch a reputational currency on Ethereum. Video claims to confirm Reddit’s ERC-20 based ‘Points’ system Community Points are described as “a new tool that represents ownership of a subreddit.” Users can earn the points by “making contributions to the subreddit, such as posting and commenting” — meaning that users will be rewarded based on …
Blockchain / April 11, 2020
Encrypted Email Service ProtonMail Confirms Potential ICO, Calls It ‘Not a Cash-Out’
Encrypted email service ProtonMail is “considering” launching an Initial Coin Offering (ICO), the company’s CTO Bart Butler confirmed to Cointelegraph in a statement today, July 23. Butler also wrote on Twitter today –– in response to commentators mostly negative speculation about the company running an ICO based on a job listing –– that the company is “exploring issuing a token as an alternative to traditional VC funding.” The service’s potential crypto token is evidently to be dubbed “ProtonCoin,” according to what appears to be the project’s official site, which was quietly launched on June 19. According to domain registrar service …
Blockchain / July 23, 2018
Reddit to reportedly tokenize karma points and onboard 500M new users
American social media giant, Reddit, may soon convert users’ karma points into Ethereum-based (ERC-20) tokens and onboard 500 million new crypto users in the process, according to a newly hired Reddit engineer. A series of tweets made by Reddit engineer, Rahul, highlights Reddit’s efforts to improve user interaction through various cryptocurrency initiatives. As Cointelegraph reported in July 2021, the platform had launched its own layer-2 rollup using Arbitrum technology for its rewards points, named Community Points. According to the website: “Your Community Points exist on the blockchain, independently of Reddit, where they can only be controlled by you (just like …
Adoption / Nov. 6, 2021
Layer-2 adoption could spur the next crypto turning point
A mysterious Redditor has made a data-driven prediction that the next major phase of development in the blockchain space will be in layer-2 solutions, primarily on Ethereum. The May 22 post explains that “We’re at a turning point” where the industry is moving away from bridging between L1 blockchains toward L2s which are “right out of the gate, more secure and decentralized than alt-L1s and are built to use sound money on a credibly neutral platform:” “L2 adoption is happening now, even if it is slow and in bursts. Behind the scenes, L2’s are improving reliability, decreasing fees, and increasing …
Adoption / May 23, 2022