Reddit, the popular social blogging platform, has confirmed that its tokenized rewards will be migrated to the Ethereum blockchain later this year.
On May 13th, Reddit officially launched its Community Points system and announced that the feature would be rolled out to “limited communities” for two days.
However, the reward system will run in a test network at least until autumn 2020.
However, a Reddit post confirmed that the points will contain ERC-20 tokens The system will only be migrated to the Ethereum core network after the beta version.
While the system is initially manifested in the Rinkeby test network in the beta phase, a number of Ethereum-based smart contracts after the migration carry out transfers, distributions and other processes that support the reward protocol.
Meanwhile, The accumulated point credits are also transferred.
Reddit accepts blockchain rewards
The points of each subreddit are assigned with a unique name. with the cryptocurrency of the reward tokens of the subreddit “Moon”.
Community points are distributed monthly based on the activity of individual users within a subreddit, e.g. B. by posting or commenting.
The publication states that users can freely exchange moons or use them for a number of utilities within the r / cryptocurrency community. Currently, moons can be used to display reputation, unlock badges, GIFs, and other features, and to give poll voting greater weight.
Reddit aims to supply 250 million moons
Users also get an initial distribution based on their score under the existing “Karma” reputation system., with 50 million moons, which are planned for the first distribution on the subreddit r / cryptocurrency.
From there you will see USD 5 million moons the following month, which will be shared among users based on activity, and the total will be reduced by 2.5% each month to an expected limit of 250 million.
Rumors of a blockchain-based reputation reward system first appeared in early April after a screen capture was released that provides an overview of the “points” feature in the “r / cryptocurrency” subreddit.
A few days later, a second video was released showing a tutorial from the FAQ on the “Community Points” system that seemed to confirm that the reward feature was launched on Ethereum.