Reddit creates a token through Ethereum for its “Community Points” system

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Reddit plans to implement the “Community Points” system in the blockchain of ether

Reddit Gold could soon be replaced by tokens running on the Ethereum blockchain, as a recent Reddit slideshow shows. The idea is that users get points for their subreddit colleague. These points can be spent on unique features such as badges, custom GIFs, emojis and other digital gifts.

Reddit has not yet explicitly specified which subproducts will test the idea first. However, it appears that r / Cryptocurrency and r / FortNiteBR are the first two, based on the image itself in the ad itself.

Reddit slide
Explanatory slide courtesy of Reddit

BeInCrypto reported a month ago that Reddit was already actively experimenting with the idea of ​​inserting an Ethereum-based wallet. Reddit users came across the “Wallet” option in the app menu. The Reddit team strives to make its users more active. A Reddit representative confirmed this with the following statement:

“We are constantly experimenting with ways to support Reddit communities. In this case, we work with a community to test a feature that represents user engagement in the community. »

Reddit presents new ETH-based wallet “The Vault”

The “Community Points” system will run on Ethereum and be represented in the chain. Reddit will have its own native blockchain wallet called “The Vault” that can be accessed through the official Reddit app.

System features

Everything indicates that the points mentioned are Ethereum ERC-20 tokens and their distribution is based on the “karma” of every user in the network. Karma on Reddit is accumulated through positive and negative votes for the posts, and so far it has not been much more useful.

Ethereum

Once the points are reached through positive karma, Users can purchase special memberships to access unique features in their community. With this purchase, the points are destroyed (burned), a tactic that would increase their value as there are fewer and fewer tokens.

The points would also serve to give users a good reputation, who in turn have more weight when voting on contributions.

Reddit plans to spend up to 250 million pointsat 50 million a year and declining until the goal is reached. His representative has stated that this is an experiment at the moment, but this amount could undoubtedly indicate what to expect in the future.

Reddit founder Alexis Ohanian is a well-known Ethereum fan. In June 2019, he said he believed the digital asset would reach $ 1,500 by January 1. [Investopedia].

While this never materialized, Reddit Ethereum may be able to take the next step in adoption thanks to its huge community in the crypto ecosystem.



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As a leading blockchain and fintech news company, BeInCrypto always strives to comply with strict editorial guidelines and the highest journalistic standards. With this in mind, we always encourage and encourage readers to do their own research into the information provided in this article. This article is intended as news and is for informational purposes only. The topic of the article and the information provided may have an impact on the value of a digital or cryptocurrency asset, but is never intended. Likewise, the content of the article and the information contained therein do not intend and do not intend to provide sufficient information for a financial or investment decision. This article is not expressly intended as financial advice, it is not financial advice and should not be construed as financial advice. The content and information in this article have not been prepared by a certified financial professional. All readers should always conduct their own due diligence with a certified financial professional before making an investment decision. The author of this article may have any amount of Bitcoin, cryptocurrencies, other digital currencies, or financial instruments at the time of writing, including but not limited to those listed in the content of this article.

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