In an attempt to create a more user-centric social media platform – “a free border” -, Reddit has launched its new community point system based on the Ethereum blockchain.
Reddit announced this in a joint slideshow on Wednesday, May 13th Redditors can now earn rewards in the form of ERC-20 tokens based on the Ethereum blockchain to create attractive content on the platform. This confirms the claims made by many users in April that Reddit has a blockchain-based reward system.
Users can save their community points or purchase premium community features like badges, custom emojis and GIFs in the comments.
Each user’s community points are displayed next to their username in the comment section to provide more transparency in terms of their activity and reputation on the platform.
The community controls the reward system
According to the announcement, Reddit community members have full control over community points. While Reddit Karma serves as the basis for user interaction within Community, these You are the one who makes the final decisions about who receives how many points for your contribution.
Reddit also assured users that they have no access or control over their community points, as the points are blockchain-based and stored independently in users’ wallets., “Just like in Bitcoin!
“Neither Reddit nor the moderators can take your points away or decide what to do with them. It all depends on you.”They write.
The community point system is currently in beta and is based on Rinkeby, an Ethereum test network. During this time, Reddit will conduct experiments in Reddit communities to receive input from community members and take a healthier approach to completing the operation of the reward system.
After the beta phase, Reddit will move the community points system to Ethereum’s main network and all user points will be movedwho have to assert.
With more than 500 million monthly visits The integration of an Ethereum-based point system in Reddit could make a major contribution to the wider introduction of cryptocurrencies.
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