Reddit Starts Ethereum-Based ‘Community Points’ Trial

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.

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 Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term 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 Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term!). 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.