Reddit, a popular content aggregator platform, has officially rolled out the trials for its Ethereum-based “community points” for two subreddits.
These community points will be distributed as a reward for the platform users as an incentive for creating “quality posts and comments.” Each subreddit community will ultimately decide on how many points a user will receive.
These points will represent the reputation of a user in a community and can be traded for premium features like badges, custom emojis, and GIFs on comments.
“Community Points are a way for Redditors to own a piece of their favorite communities. As a unit of ownership, Points capture some of the value of their community,” Reddit stated.
Embracing the digital economy
These Ethereum-based points will be first introduced in two very popular subreddits – r/Cryptocurrency and r/FortNiteBR – however, the platform did not officially announce the name of the communities.
As of press time, r/Cryptocurrency has over 1 million members and r/FortNiteBR has almost 1.3 million people in the community.
Did COVID-19 Save the Forex Industry?Go to article >>
Reddit also specified that each community can give a curated name to these community points.
To receive these points, Redditors need to open an account with “Vault”, Reddit’s proprietary blockchain wallet.
The points will be distributed based on Karma earned by the community members.
“Your Community Points exist on the blockchain, independently of Reddit, where they can only be controlled by you (just like Bitcoin!). Neither Reddit nor moderators can take your Points away or decide what you do with them. It’s all up to you,” Reddit added.
The platform will initially release 50 million points and will continue pumping another 50 million over the first year. There is also a maximum cap of 250 million.
“In addition to the regular distribution, half of each month’s burned Community Points are reintroduced into the next month’s distribution. This helps ensure that there are new Points to distribute, even after the maximum cap has been reached,” Reddit detailed.