Reddit is experimenting with Ethereum-CRYPT TREND

It seems that Reddit has decided to bring good news to the Ethereum community by reporting that it is reportedly experimenting with a blockchain-based reward system.

Reddit is experimenting with Ethereum

The first to deliver the message was MagorCrypto through a video that revealed a beta implementation of the system on his Android. In the video you can see an integrated wallet with an Ethereum address.

Obviously, the “Community Points” are stored in the reward system as ERC-20 tokens.

“Reddit already has a longstanding internal points system that collects points in the form of karma, so the Reddit system could possibly be replaced by the new project being tested. The new point system, if based on Ethereum’s ERC-20 standard, would have no impact from Reddit, as all ownership and control over the blockchain are decentralized. “MagoCrypto explains.

This is very important as they are beyond the control of Reddit as ERC-20 tokens. thats why “The points of the community are controlled only by the people to whom they belong.”is explained in the video.

However, the Reddit user has not confirmed whether the project has been tested on Ethereum or mentioned other details. Alexis Ohanian, co-founder of Reddit, has been committed to cryptocurrencies since 2018.

In this way, platform users can collect points according to current plans by publishing and commenting on various subreddits. According to the user, these tokens can also be used to purchase special Especiales memberships that grant some additional rights.

“We value and seek community feedback as we continue to explore features that involve our users and communities.”

MagoCrypto insured.

How did the crypto community react?

Ryan Sean Adams, popular supporter of Ethereum, commented via Twitter that the introduction of ETH could benefit from this Reddit implementation.

According to Adamas, it would be spectacular to expose 430 million ETH editors. Reddit experiments with Ethereum could be beneficial for DeFi.

Reddit introduces a community token system

On … Ethereum

Community tokens are ERC20s, DeFi compatible

430 million editors

Could these 100x DeFi users?

Wouldn’t take much

More social media platforms will follow

Ethereum is the Internet’s property rights system

?

– Ryan Sean Adams – rsa.eth (@RyanSAdams) April 10, 2020

Obviously it is a project in its first steps and is therefore of limited scope. However, this can change over time.

We invite you to share your thoughts on the fact that Reddit is experimenting with Ethereum.