Reddit introduces its Ethereum-based token reward system

Reddit’s social network has introduced an Ethereum-based token reward system for communities working on the network. This is the system called “Community Points”, which was officially announced on Wednesday, May 13th.

In the presentation of this system, Reddit explains that community points can be seen as “a way for redditors to own part of their favorite communities”.

The way to get rewards is through activities in a specific community. The idea is to promote “high quality posts and comments”., makes the Reddit text available. And he adds: “Based on these contributions, the community ultimately decides how many points each person will receive.”

A “vault” or a vault is available to users to manage the tokens created according to the Ethereum ERC-20 standard Vault, An integrated wallet that can be created using the Reddit mobile app.

Currently two communities or subreddits have issued their own tokens to reward their members. These communities are r / cryptocurrency dedicated to the world of cryptocurrencies. and r / FortniteBR, the community around the popular Fortnite video game.

The cryptocurrency community token is called MOON. The same subreddit explained that members of the MOON community can exchange freely. In addition, users can “unlock exclusive features such as badges and GIFs in comments with a special membership” and weight their votes in the polls using their MOON.

The video game community Fortnite has launched BRICK. With the release of these two subreddits, Reddit has announced that the reward project is beginning its first tests.

With regard to the issue of the tokens, this is explained in the presentation of the project In a first cycle, 50 million will be distributed “according to the karma previously received in the subreddit”.. In the next phase, which takes place in the first year, another 50 million of the token will be distributed. The number of tokens distributed is reduced in each issue cycle.

“Over time, the amount distributed in each cycle will continue to decrease, bringing the total number of points to a maximum of 250 million.”

Reddit.

Thousands of purses in the first 24 hours

When checking in the Etherscan browser, we can see that users from both communities have already created a total of more than 5,000 addresses in their “vaults”.

The Fortnite community deserves special mention. The members of this subreddit, who are concentrating on one of the most famous video games of recent times, have already created 4,313 BRICK addresses. As for MOON, there are 1,139 active addresses at the time of writing, according to Etherscan.

The tokens of both communities are currently in the Rinkeby test network.. According to Reddit, this will be the case at least until the summer of this year. After the feature exits beta, community points are migrated to Ethereum’s main network. The point credits will be transferred (although they need to be restored), ”the organization said in its presentation of the program.

The Reddit announcement comes just over a month after a Redditor Publish progress on the network’s new tool. By the middle of April, CryptoNews reported on the plans of social networks of a point system for their communities.