Reddit has launched a waiting list for its Ethereum-based “community points” token reward program and a dedicated website for the upcoming full site expansion.
The social media platform is based on voting to obtain user karma scores, and first dabbles in encrypted token rewards In December 2019, it launched a token reward based on Ethereum in the r/Ethtrader sub-section, called a “doughnut”.
May 2020, the platform Expansion of the reward program Go to the r/Cryptocurrency subreddit with “Moons” and r/FortniteBR with “Bricks” on the Ethereum testnet.
Now, the program will be launched as an optional feature of subreddits on the entire platform. Similar to karma, Redditor will be able to earn community points by contributing to subreddit, such as creating and uploading valuable content, or volunteering to manage the community.
Although the points are still in beta, Reddit has “strongly recommended proceeding with caution.” Selling, exchanging or trading points is against the rules of the website.
Reddit said: “When the points are on the testnet, this behavior is very dangerous-the points may be lost, or they may not be able to migrate to the main Ethereum network.”
The community points program is currently running on the Rinkeby testnet version of the Ethereum blockchain and plans to use Eth layer-2 expansion solution Arbiter.
Despite the warning from Reddit, Owners of trial token rewards have been able to develop a complex plan Trade tokens as legal tender.
Once the reward system is transferred to the mainnet, the tokens are likely to be able to be exchanged, held or traded on the encrypted trading platform like any other ERC-20 tokens.
Both users and modules can be registered Waiting list It also requested that the community points function be added to their subreddit after the Beta program goes live.
Every subreddit participating in the program can create a “special membership”, which users can purchase with their points. These memberships unlock features such as badges, GIFs, and animated emojis.
The plan will also introduce a “weighted voting” feature, which will provide users with more community points with a greater voice, and therefore are active contributors in subreddit.
new website Explain: “Community points are a measure of the reputation of your community. In subreddit, they are displayed next to your username, so the biggest contributors stand out from the crowd.”
The tokens will be stored on their personal “Vault” chain, where they can view, send and use their community points in the Reddit app. Since the points are on the blockchain, users can embed their “reputation” anywhere on the Internet.
related: According to reports, Reddit will mark karma points and add 500 million new users
Reddit hosted a “Scaling Bake-Off” competition In August 2020, the Ethereum scaling solution was selected for this plan. Arbitrum was selected as the first choice in July 2021.
Reddit has not yet provided a timetable for the project.Social media platforms are also working hard to establish a NFT market.