Reddit extends its next Ethereum-based points system – cryptocurrency

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The same user who reported this new system on Reddit, “MagoCrypto”, reported that Reddit’s blockchain-based point system is running on the Ethereum blockchain.

For its part, Reddit confirmed this to the Decrypt portal, which is currently working on this system with a single community, without ruling out that others will later be included in the same system. A Reddit spokesman said:

“We will be waiting for the communities to voice their comments and move forward as the situation requires.”

With that in mind, Reddit will include cryptocurrencies in its system and points They will be a measure of your reputation within the community.

In this way The most important members get more relevance and they will appear along with your username in subreddit posts and comments.

The points also work similarly to the current system of karmawhere you get free karma when your posts are chosen, but with the difference that in these cases they have real value.

In this way “Users can spend their points to buy special memberships in their community.”.

The process of the new system on Reddit

Points are also found to be destroyed when spent, as this is a feature used by recognized companies like Binance. It is almost certain that reducing the token supply will increase the price. Reddit is considering creating its market to see the asset market rise.

“If the points are destroyed, the points of others increase. This guarantees that all members of the community will be rewarded with the purchase of a membership.”

On the other hand, the points are also used in the published information voteThis means that every person can vote proportionally according to the points scored.

These reddit points are distributed according to the amount of “karma” each person has.

They are from a Economic policy equals Bitcoin. The initial distribution will be 50 million points in the first year, but every year the points will drop.

Reddit is currently working in a single community, but does not rule out that others will be added in the near future. We’ll see if your new system works.

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