In Brief:
- Reddit Released waitlist and website for Expansion of its Community Points
- Users engaged in the community/subreddit will be rewarded with Community Points.
- The crypto points can be used to buy features or traded for other tokens on exchanges.
Reddit, the global social media platform, released a waitlist and website for the expansion of its Ethereum-based Community Points token rewards beta program. It will allow subreddits to request the ability to create their own token.
In December 2019, Reddit tested with crypto token rewards when it established “Donuts,” an Ethereum-based token reward system in the r/Ethtrader forum.
The platform also offers Community Points in the r/Cryptocurrency subreddit with Moons, and in the r/Fortnite subreddit with Bricks.
Users who are engaged in the community/subreddit will be rewarded with Community Points.
They can be awarded based on the number of upvotes a community member earns on subreddit, whether for a post they created or a comment they made on someone else’s post.
Within each community, the crypto points possess value and can be used to buy features or participate in community administration.
They can also be traded for other cryptocurrencies or tokens on exchanges, as well as utilized for other reasons.
The program is currently operating on the Ethereum Rinkeby testnet, with plans to move to the Ethereum mainnet utilizing the Ethereum layer-2 scaling solution Arbitrum.
Users and moderators can join the waitlist and request that the Community Points feature be added to their subreddit once the beta program is launched.
Participating subreddits will be allowed to create “Special Memberships,” which users will be able to purchase with their points. These subscriptions grant access to features such as badges, GIFs, and animated emoticons.
The program includes a “weighted polls” feature, which will give advantages to users with a lot of Community Points, and hence more active contributions to the subreddit will give you the upper-hand.
The tokens will be saved in users’ personal “Vault” on the Reddit app, where they may view, send, and utilize their community points.
Users can take their “reputation” and insert it anywhere on the internet because the points are registered on the blockchain.
Reddit is not new to the crypto industry as it continuously shows efforts in exploring various sectors of the crypto market. In October there was a job listing from Reddit’s site seeking to hire senior backend engineers for an NFT-baked-digital goods platform.
