Reddit Introduces New Community Points System Built On Ethereum Blockchain
Reddit has introduced its new community points system built on top of the Ethereum blockchain.
On May 13th, Reddit announced that Redditors will now be able to earn rewards in the form of ERC-20 tokens based on Ethereum blockchain for creating engaging content on the platform.
Wow. @reddit mobile app now has an integrated Ethereum wallet and they've launched community currencies! r/FortniteBR & r/Cryptocurrency will distribute tokens to contributors, the value of which derives from paid memberships, tipping & badges! Amazing onboarding story too! pic.twitter.com/OGCt14p6LG — Jesse Walden (@jessewldn) May 14, 2020
Users will have the freedom to either save their community points or utilize them to buy premium community features such as badges, custom emojis, and GIFs in comments.
Each user’s community points will be visible beside their username in the comments section to add more transparency regarding their activity and reputation on the platform.
Reddit community members will now be able to exercise full control over community points.
While Reddit karma will provide a basis of a user’s engagement within the community, the community will be the ultimate decision-maker as to who receives what amount of points for their contribution.
Reddit also assured that points will be based on a blockchain and independently stored in users’ wallets “just like Bitcoin!”
At present, the community point system is in its beta phase and is based on Rinkeby, an Ethereum testnet.
During this period, Reddit will conduct experiments within the Reddit communities to take inputs from community members. It will be based on a more wholesome approach towards finalizing how the reward system will work.
After the beta phase, Reddit will move the community point system to the Ethereum mainnet and all points of users will be carried over, which they will have to reclaim.
With more than 1.5 billion monthly visits over Reddit, the integration of an Ethereum-based points system into the platform could prove to be a major boon for the wider adoption of cryptocurrencies.
Source: Cointelegraph | Image: Unsplash
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