Reddit plans to expand ETH-based token reward system

Brief:

  • Reddit will spread the reward system “Community Points” for the whole platform
  • Its members will be able to earn tokens for moderating and publishing content
  • Various functions within the community will be available for them
  • The system operates on the basis of the Ethereum blockchain

The social network Reddit intends to expand the beta version of the “Community Points” token reward system to the entire platform. For this, the administration has created a waiting queue. Users and moderators can add new subreddits to it.

Reddit’s first attempt to “ride” the NFT wave was the introduction of ETH-based “Donuts” tokens into the r / Ethtrader branch. It was in December 2019 of the year.

In May next year, the r / Cryptocurrency section was added to the rewards program, where “Moon” tokens appeared, and r / FortniteBR with “coins” called “Bricks”.

Now the program allows you to connect any subreddit to the system when it’s turn. So far, the project is working in testing mode.

“Community Points” rewards users who help the community. This includes bona fide moderation, searching for prohibited content, publishing interesting and unique content, and so on.

They can be used to purchase certain privileges within the community, for example, to be able to moderate posts. Moreover, the currency of each subreddit is unique.

It is strictly forbidden to exchange tokens or use them as an asset. At least during the beta testing phase.

“Such actions (sale or exchange) may lead to the fact that“ coins ” they will simply burn out before they are unloaded into the main one, there is Ethereum, ”the administration of the portal notes.

At the moment, the project is developed on the basis of a test version of Rinkeby based on the ETH blockchain. In July, Reddit made the decision to move to the Ethereum Arbitrum, but when exactly the “move” will take place is still unknown.

We previously posted our own investigation into Reddit making plans to build its own huge NFT platform.

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